Wondering how to save tax other than 80C? Apart from Section 80C, which is the most commonly utilized section for tax-saving investments, there are several other provisions under the Income Tax Act that individuals can leverage to save income tax in India.
How to Save Income Tax Other than 80C?
Here are some options regarding apart from 80C how to save tax:
Premiums paid towards health insurance for self, family, and parents are eligible for deduction under Section 80D. The maximum deduction available is Rs. 25,000 for individuals below 60 years of age (Rs. 50,000 if parents are senior citizens).
An additional deduction of Rs. 5,000 is available for preventive health check-ups.
Interest paid on education loans for higher studies, taken for self, spouse, or children, qualifies for deduction under Section 80E.
There is no upper limit on the deduction amount, and it can be claimed for a maximum of 8 years or until the interest is fully repaid, whichever is earlier.
Interest paid on a home loan for a self-occupied property is eligible for deduction under Section 24(b). The maximum deduction available is Rs. 2 lakhs per financial year. Additionally, if the property is let-out, there is no upper limit on the interest deduction.
Donations made to eligible charitable institutions and certain relief funds qualify for deduction under Section 80G. The deduction amount varies depending on the type of institution and is subject to specific limits and conditions.
Contributions to NPS are eligible for deductions under Section 80CCD. Apart from the contribution under Section 80CCD(1) within the overall limit of Rs. 1.5 lakhs under Section 80C, an additional deduction of up to Rs. 50,000 is available under Section 80CCD(1B).
Interest earned on savings accounts with banks, cooperative societies, or post offices is eligible for deduction up to Rs. 10,000 under Section 80TTA.
If you receive HRA as part of your salary and pay rent, you can claim exemption for HRA under Section 10(13A) subject to certain conditions.
Senior citizens can claim a deduction of up to Rs. 50,000 on interest income from fixed deposits, savings accounts, and recurring deposits under Section 80TTB.
Expenses incurred on medical treatment, training, rehabilitation, or nursing of a disabled dependent relative are eligible for deduction under Section 80DD.
Individuals with a physical disability are eligible for a flat deduction of Rs. 75,000 under Section 80U. In case of severe disability, the deduction limit is Rs. 1.25 lakhs.
I hope this helps you understand how to save tax other than 80C.
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How to Save Income Tax Other than 80c?
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2024-05-26T18:08:05+00:00 2024-05-30T23:38:18+00:00Comment
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