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Monday, November 26, 2018

My travelogue to Hampi


I enjoyed a sight seeing trip to  HAMPI  for  three days from 21.11.18 to 23.11.18 with my wife,son and his friend . Hampi in the South Indian state of Karnataka, is dotted with numerous ruined temple complexes from the Vijayanagara Empire. 

All the pictures in this article are taken by me and  my son.

ABOUT HAMPI

Hampi, also referred to as the Group of Monuments at Hampi, is a UNESCO World Heritage Site located in east-central Karnataka, India. It became the centre of the Hindu Vijayanagara Empire capital in the 14th century. Chronicles left by Persian and European travellers, particularly the Portuguese, state Hampi was a prosperous, wealthy and grand city near the Tungabhadra River, with numerous temples, farms and trading markets. By 1500 CE, Hampi-Vijayanagara was the world's second-largest medieval-era city after Beijing, and probably India's richest at that time, attracting traders from Persia and Portugal.The Vijayanagara Empire was defeated by a coalition of Muslim sultanates; its capital was conquered, pillaged and destroyed by sultanate armies in 1565, after which Hampi remained in ruins.

Located in Karnataka near the modern-era city of Hosapete(Hospet), Hampi's ruins are spread over 4,100 hectares (16 sq mi) and it has been described by UNESCO as an "austere, grandiose site" of more than 1,600 surviving remains of the last great Hindu kingdom in South India that includes "forts, riverside features, royal and sacred complexes, temples, shrines, pillared halls, mandapas, memorial structures, water structures and others"

The details of my trip are given below:


TRAVEL FROM BENGALURU TO HAMPI ON 21.11.18
We  started the travel from my son's apartment in Bengaluru in his car on 21.11.18 at 7.30 am. Hampi is 352 killometers from Bengaluru. As guided by Google Map we took the route via Chitradurga. The road up to Chitradurga is very good.since it is a National Highway. But once we took  a deviation from Chitradurga towards Hospet/Hampi the road condition was  deteriorating and the journey was horrible with very rough road all the way upto Hampi. Further since there were no restaurants en route we had to skip our lunch at usual time. After undergoing the strenuous  journey of  nearly 7 hours we could reach Hampi around 3 pm.  We stayed in Heritage Resort,Hampi which is near most of the monuments.



After taking some food and rest we went for sight seeing around 6 pm but could not see much since it was very dark by that time and there were no lights near the monuments to see them clearly in nights. 

SIGHT SEEING ON 22.11.18

VIRUPAKSHA TEMPLE

After having breakfast at the resort we started for sight seeing by fixing Auto for taking us to all the important places. First we went to Virupakasha temple which  is the oldest shrine, the principal destination for pilgrims and tourists, and remains an active Hindu worship site. Virupaksha is the only temple that continued to be a gathering place of Hindus and frequented by pilgrims after the destruction of Hampi in 1565. The main deity of the temple is Shivalinga.







Inside and outside the temple there were many monkeys and the visitors must take precautions to protect their valuables which might be snatched by the monkeys.

SHIV LINGA IN WATER AND LAKSHMI NARASIMHAR MONOLITHIC STATUES

Our next visit was to a place having two big statues of Shiva linga and Lakshmi Narasimhar. Both are large monolithic statues.(Made of single block stone). Lakshmi Narasimha statue is of 22 ft height. Due to passage of time many parts of the statue are in broken condition. On the left side of Narasimhar initially there was the statue of Lakshmi which is now missing. So the Statue is now called as Uggira Narasimhar.


Within a short distance we could see the huge Shiv Linga statue of 9.8 ft height. It is immersed in water  and has three eyes sketched on its top

UNDERGROUND SHIVA TEMPLE

The next place visited by us was  Prasanna Virupaksha temple which is also known as the underground Shiva Temple.An interesting fact about the Prasanna Virupaksha temple is that it is located a few metres below the ground level. 

The roof of the temple is at par with the present ground level while the main structure of the temple stands on a low lying area. We have to climb down the steep stairs to go inside the temple .The place is infested with a lot of bats. A Shivalinga is there inside the Garbagraha. A Nandhi  with mutilated face is facing Shivalinga.

ELEPHANT STABLES AND ZENANA ENCLOSURE

Next place visited by us contained the famous elephant stables and Zenana Enclosure. Entry fees for the place is Rs.40 per head and we were told that the same entry fee ticket can be used for entry to Vithala temple also.

 The Zenana enclosure contains the Lotus Mahal, the latter being a two-storeyed pavilion in the royal centre.

                                                               
Gajashala, or elephant stables, which consist of eleven square chambers aligned north-south. The openings to the stables are arched; above ten chambers are alternating fluted and plain domes. In the middle of the stables are stairs to reach the roof.


    

QUEEN'S BATH

After leaving Zenana Enclosure we went to see  the structure called as Queen's bath .Though named as the Queen’s Bath, it was in all probability used as the private bathing chamber of the king and his queens. The Queen’s Bath is a rectangular building. The structure has an area of 30 square metres. A large sunken bath constructed in the centre of the structure .

After visiting Queens bath we went to Tamarind tree restaurant  on the way to our next place of visit and took lunch. Quality of the food was not bad but the hygienic condition was not satisfactory.
Image result for tamarind tree restaurant hampi

VITHALA TEMPLE

Since Vithala temple is about one and half kilo meters from the road they have arranged battery operated vehicles to pick up about 12 persons at a time for which they charge Rs.20 per person.

The Vithala Temple is also known as Shri Vijaya Vitthala Temple. It is dedicated to Lord Vitthala, an incarnation of Lord VishnuVithala temple as such is a very big complex with many independent mantaps  with beautiful and delicate  images carved on the pillars. 





The temple has also an amazing stone structures of a stone chariot with four stone wheels which look very realistic.

There is a mantap with Musical pillars inside the temple complex which we could not visit since it was under maintenance.

Though there were many other interesting monuments to be visited we restricted our tour by visiting Vithala Temple due to shortage of time. It will be ideal to spend minimum two days to cover all the interesting places in Hampi.

After completing our visit to the monuments we checked in Evolve Back Kamalapura Palace resort. Evolve Back is located just 4 km from the UNESCO World Heritage Site of Hampi. The resort  is inspired by the architectural splendour and magnificence of the Vijayanagara Empire. The resort features all the charms of the bygone era like the fort like entrances, stone-paved boulevards, arched hallways and regal chambers. 



To know more about Evolveback resort,Hampi and for booking click the link below:


RETURN JOURNEY TO BENGALURU ON 23.11.18
After enjoying the facilities of the resort and taking rest in the night we left Hampi next day around 12.30 pm. Since we did not want to undergo the horrible journey in the route through Chitradurga we took the other route via Bellary and Anathapur which was really very good. After taking lunch in a restaurant in Bellary and tea  break in Ananthapur we reached Bengaluru around 8.30 pm.

The trip to Hampi was a memorable experience  for me which gave an opportunity of  seeing the ruined monuments which reflect the glory and splendour of Vijayanagara Empire. 
























Sunday, April 8, 2018

Income Tax Slabs / Rates for Individuals for Financial Year 2018-19 (AY 2019-20)

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The income tax is calculated differently for individuals based on various factors such as the type of income, amount of income, age, etc. In order to calculate the income tax from salary, an individual will require declaring the total amount of earning and the total amount of deductions. The government allows the individual to draw exemption on particular types of investment.

For salaried individuals, no changes have been made to the income tax rates proposed in 2017. However, the 3% Education Cess from the previous year has been replaced with a 4% “Health and Education Cess”. 

Furthermore, a standard deduction of Rs 40,000 has been introduced for all salaried individuals for transportation or medical reimbursement purposes.

For Income Tax slabs/rates for the Individuals for Financial Year 2017-18(AY 2018-19) Click the Link:https://svsaibaba.blogspot.in/2017/05/income-tax-for-individuals-for-annual.html

Income Tax slabs/rates for the Individuals for Financial Year 2018-19(AY 2019-20) are given below:

Individual resident aged below 60 years (i.e. born on or after 1st April 1959)
Income SlabsTax Rates
i.Where the taxable income does not exceed ₹ 2,50,000/-.NIL
ii.Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-.5% of amount by which the taxable income exceeds ₹ 2,50,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing ₹ 3,50,000/-, income tax chargeable on the income or ₹ 2,500/-, whichever is less.
iii.Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-.₹ 12,500/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv.Where the taxable income exceeds ₹ 10,00,000/-.₹ 112,500/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1939 but before 1st April 1959)

Income SlabsTax Rates
i.Where the taxable income does not exceed ₹ 3,00,000/-NIL
ii.Where the taxable income exceeds ₹ 3,00,000/- but does not exceed ₹ 5,00,000/-5% of the amount by which the taxable income exceeds ₹ 3,00,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing ₹ 3,50,000/-, income tax chargeable on the income or ₹ 2,500/-, whichever is less.
iii.Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-₹ 10,000/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv.Where the taxable income exceeds ₹ 10,00,000/-₹ 110,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
Health & Education Cess : 4% of the total of Income Tax and Surcharge.
Very Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1939)
Income SlabsTax Rates
i.Where the taxable income does not exceed ₹ 5,00,000/-.NIL
ii.Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iii.Where the taxable income exceeds ₹ 10,00,000/-₹ 100,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
Health & Education Cess : 4% of the total of Income Tax and Surcharge.
Any NRI or HUF or AOP or BOI or AJP
Income SlabsTax Rates
i.Where the taxable income does not exceed ₹ 2,50,000/-.NIL
ii.Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-.5% of amount by which the taxable income exceeds ₹ 2,50,000/-.
iii.Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-.₹ 12,500/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv.Where the taxable income exceeds ₹ 10,00,000/-.₹ 112,500/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
Health & Education Cess : 4% of the total of Income Tax and Surcharge.
Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

Source: https://finotax.com/income-tax/slabs-1920


Tuesday, February 20, 2018

Is Settling in USA worth it for Indians?

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With so many Indians taking up jobs in USA and settling there to enjoy better life, we can see in any major Airport in India not less than 100 persons travelling to USA daily. We can see both younger persons who are going to study or to take up a new job in USA or returning after a brief vacation in India and also senior citizens who are travelling to the country for a brief stay with their wards.
Image result for passengers in Indian airports

But how many of us know if all the persons who have moved to USA and settled there with Green cards are living happily or regretting their decision of settling there.  Here is an interesting article by Mr. Venkat Ankam( Lives in Fairfax VA)  posted  QUORA Q & A

QUOTE
Let me portray the typical life cycle of Indians in the USA with their living conditions and then I will let you decide whether settling in the USA is worth or not.

As an Indian immigrant in the USA, I have been asking myself this question for a quite long time. The reality is 95% of the Indian immigrants are settling in the US and only 5% of the immigrants are going back to India. I wondered if the “Major chunk(95%) of people settling in the US are making a wise decision or the small chunk(5%) of people going back are making a bad decision?” So I asked this question to my friends and colleagues from the 95% category but I could not get any subtle or profound answers. It looked like people are just following the crowd or falling into the trap, and not be able to go back later in life. So I did my own research asking specific set of survey questions to different age people. So let me share my findings.

First of all, why do Indians migrate to the US? One single answer for this question is scope for higher income, savings, low stress and a happy life without any common issues we experience in India. Now let's see how these objectives are met during the life cycle of these Indian immigrants. Let me use the word NRI to describe them better.

My survey was limited to NRIs in the field of science and technology who are mostly in working class and also to a few business class NRIs as well. I took ratings on a scale of 0 to 10 (0 is low and 10 is high) for earnings, savings, stress levels, family relationships and happiness from different age categories with their typical activities in their life cycle. I realized that not every NRI in the US opens up because of ‘private space’ concept. So I chose people I have good relationship with and who are really open and can share feelings of their life. The Survey was conducted with a casual talk/discussion rather than a professional way of conducting surveys.

Based on the survey results and experiences shared by participants, I categorized the life cycle of immigrants into four different generic phases (Transform, Settle, Growth and Suffer) as shown in the graph below. Every person’s life is different so the depicted life cycle or living conditions may not apply to every NRI. It may vary for few people and life events may overlap between phases. This might be totally different for the new NRIs coming to the US because of longer green card wait time and ever changing immigration policies.

Now let me describe these phases with typical life events.

Transform Phase (21 to 28 years): 
This an excitement phase which starts right from India after getting the US visa. One tries to get to know the culture of the US, what to do before and after entering the US and starts living the American Dream. Parents feel proud of this great achievement by their kids and start making big expectations and hopes. Starts sharing this news to neighbors and relatives and throw a big party as if their kid already succeeded in life. Arrives in the US without the awareness that he/she broke generations of living together and unity in their families. Typically nobody think or care about how life will be in the US after 40s, 50s or 60s in this stage. One gets really amazed with the best infrastructure of America and starts loving it. Gets used to American life style with few hiccups. Starts making some money and will have parties, shopping, vacation trips and realizes that life is very comfortable in the US. Transfers money to India to support family and talks to relatives and friends and shares the greatness of America. Parents will start looking for a bride/groom. Starts green card process to continue living in American dream.

NRIs are very happy in this phase with lots of excitement and joy that American life brings in.

Settle Phase (28 to 40 years): 
After a couple of trips to India, gets married and spouse arrives in the US. Couple is very happy in the beginning with vacation trips and parties. Realizes that expenses are higher than living as a bachelor. First baby arrives and parents and in-laws visit America. Advances in green card process, switches jobs and moves to new locations. Second baby arrives and then visits India with kids. Realizes that their parents are not quite happy staying alone in India. Also realizes that India has changed a lot and quite expensive than ever. Thinks that they may not be able to fit in India and also India is not a right fit for the kids. NRIs usually decides to go on the path of settling down in the US with a backup plan of going back. Buys Town Home/Condo and switches to luxury cars. Realizes that single income is not really sustainable in the US. Wife decides to do a job instead of getting bored at home. So Income doubles, savings doubles but stress levels go up.. Green card arrives and they feel relaxed of immigration issues. Vacation trips becomes hard with little kids so no big vacations.

Happiness level comes down due to missing family relationships and not able to take care of ageing parents.

Growth Phase (40 to 50 years): 
Moves on career ladder and starts making big bucks and also start making big bucks from secondary sources of income like stocks. Some might start a startup company or any business. Usually pretty busy with kids school and extra curricular activities. Buys a single family home and moves to a bigger home. Kids are grown up now so vacations are back. Parents are not able to visit because they don’t like to stay in the US. Also parent’s health will become a big concern. Makes few arrangements for parents in India but they are always temporary. Few realize that their friends in India have made more money in India than them. Realizes that they need to focus more on health aspects so starts some physical activities to keep their body fit.

Higher income, higher savings and most successful phase (professionally) for most people but happiness level further comes down because of lack of relationships.

Suffer Phase (Above 50 years): 
Kids usually finish their high school and go to a college.. All savings will vanish in kids college education. Kids finish their education and start their job at a different place in the US. The couple is alone at big home away from parents and away from kids. They cannot think of going back because of kids and setting up everything from scratch in India would be a daunting task. Whenever they visit India they clearly see that family relationships are faded away because of settling in US. Most people thought that early in growth phase would have been an ideal situation to go back to India before kids enters middle school with a mind set of going back in settle phase.

Most people expressed that “We got everything we wanted in life, but we lost all relationships”. Some people expressed concern like “I wish I knew the downsides or effects of immigration later in the life”.

Starts indulging deeply in social and charity activities to keep them busy and also for social recognition. Usually takes up American citizenship in this phase while some takes up in growth phase only.

Works until 65 years of age to pay off mortgage and retires at the age of 65. After 65 years they start getting social security and healthcare benefits from government. But they continue to work in some retirement jobs to keep them busy or to earn some extra income for unknown expenses.

Just to summarize, life is happy in the beginning but happiness tends to fade away and brings suffering to life after 50s. Materialistic culture of America makes you a successful person professionally and materialistically, but deserts your life. 

One interesting observation during this study — most of the people who immigrated to America had no plans to settle in the US and most of the settled ones said, “We are not sure we might go back”.

Every NRI looks like a happy person from outside but everyone has a dark side story to tell from inside of their heart.

Life in the US rotates around profession, immigration process and kids. NRIs tend to “sacrifice their life for kids of next generation.” Kids seems to be happy with no complaints about life as they are in young age; the second generation, Indian-Americans, will have friends but might not have family relationships too? So they might end up in the same boat after 50 years age? Needs further research…

Thanks to my friends, colleagues and elders from community who humbly shared their deep thoughts from life for this small write-up and also helping me to make a strong decision to go back to India.

Hope this helps. Everybody’s requirements are different. So just a make a firm decision to settle here or to go back based on your own requirements and priorities, not based on what other NRIs are doing.

People who expressed negative sentiment are still in transform phase in US or few youngsters in India (Probably with American dream)
Interestingly this was found to be true for other immigrants/expats too, not just Indians.

Most of them expressed a feeling that this is a problem for the first generation of immigrants. Later generations will not have such problems. Need to research this further.

Many people who expressed positive sentiment felt that situation might be similar in India as well. Need to research more in this area. 
UNQUOTE

Courtesy: Mr. Venkat Ankam( Lives in Fairfax VA)  posted  QUORA Q & A

Thursday, February 15, 2018

Income Tax-Saving Options Beyond Section 80C Limit

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Income tax deductions on life insurance premium, an employee's contribution towards EPF (Employee Provident Fund), PPF (Public Provident Fund), children's tuition fees, pension plans, principal repayment on home loans and a host of other investment options are covered under Section 80C of the Income Tax Act.
Under Section 80C, the maximum tax exemption limit is Rs 1.5 Lakhs per annum. The various investments that can be claimed as tax deductions under section 80C are listed below;
  • PPF (Public Provident Fund)
  • EPF (Employees’ Provident Fund)
  • 5 years Bank or Post office Tax saving Deposits
  • National Savings Certificates (NSC)
  • ELSS Mutual Funds (Equity Linked Saving Schemes)
  • Children’s Tuition Fees
  • Life Insurance Premium
  • Sukanya Samriddhi Account Deposit Scheme
  • SCSS (Post office Senior Citizen Savings Scheme)
  • Repayment of Home Loan (Principal only)
  • National Pension System
  • NABARD rural Bonds
  • Stamp duty charges for purchase of a new house
Many taxpayers exhaust the Rs 1.5 lakh tax deduction limit under Section 80C. Additional investment in the various options will not provide further tax benefits. Here are some of the sections under income tax laws, apart from Section 80C, that help in cutting down the income tax burden.

1) NPS ( National Pension Scheme )

Additional income tax deduction of Rs 50,000 is allowed for contribution to the National Pension Scheme (NPS) under Section 80CCD. This extra deduction of Rs. 50,000 on NPS increases the total deduction allowed under Section 80C and 80CCD to Rs. 2 lakh.

2) NPS Contribution Routed Through Employer.

Under the NPS corporate model, an employee can deposit the contribution directly or route the contribution through the employer he or she is working with. Employer's contribution to NPS up to 10 per cent of basic salary (plus DA) is allowed deduction under Section 80CCD (2). There is no cap for this deduction but the total deduction claimed for contribution by the employer should not exceed 10 per cent of the salary. 

3) Deduction of interest on housing loan.

Under Section 24B of the Income Tax Act, interest paid up to Rs. 2 lakh on housing loan is allowed as deduction from taxable income. On rented properties, the borrower can only claim deduction of up to Rs. 2 lakh per year after adjusting for the rental income. And the amount above Rs. 2 lakh can be carried forward for eight assessment years.

4) Deduction under Section 80EE

Under Section 80EE, an additional deduction of Rs. 50,000 is available over and above the limit of Section 24B on interest paid on home loans if the person is buying a house for the first time (the person must not own any other residential property on the date of sanction of loan).

5) Deduction under Section 80D

An individual can claim deduction of up to Rs. 25,000, if he or she is below 60 years of age, and Rs. 30,000 if above 60 years of age, towards medical insurance premium paid for self, spouse and children. Additional deduction of Rs. 25,000 is available if one has bought medical insurance for his parents. This deduction can go up to Rs. 30,000 if parents are above the age of 60.

6) Deduction under Section 80E

A taxpayer can claim deduction for interest paid on education loan for him, spouse or children. There is no upper limit on the amount of deduction.

7) Deduction under Section 80DD

If an individual has dependants who are differently-abled, he or she can claim deductions up to Rs. 75,000 for expenses on their maintenance and medical treatment under this section. This deduction can increase to Rs. 1.25 lakh in case of severe disability.

8) Deduction under Section 80DDB

An individual can claim deduction of up to Rs. 40,000 for treatment of certain diseases for self and dependants. The deduction can go up to Rs. 60,000 if the taxpayer is above 60 years and up to Rs 80,000 if above 80 years.

9) Section 80GG

If you don't receive HRA from employer and make payments towards rent, you can claim deduction under section 80GG towards rent that you pay. The deduction is lowest of the following:

(a) Rs 5,000 per month

or

(b) 25% of total income

or

(c) Rent paid less 10% of income

10) Section 80G Donations To Charity

Donations to charitable organisations are entitled to up to either 50 per cent or 100 per cent deduction but the highest deduction allowed is capped at 10 per cent of the donor's total income.