We'll focus on some of the ways of how to save tax apart from 80c? "A penny saved is a penny earned," as the old adage goes. One of the techniques for minimizing your taxes and improving your income is to use tax planning. Tax law permits a taxpayer to deduct certain assets, savings, and expenses made during a specific fiscal year.
Before learning about how to save tax apart from section 80c? Let us know an important fact that the Income-tax department allows a reduction in the taxpayer’s taxable income, only if the taxpayer made certain investments or the eligible expenditures that are allowed under Chapter VI A.
80C provides a deduction for the investment made in PPF, EPF, LIC premium, Equity-linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for the purchase of property, Sukanya Smriddhi Yojana (SSY), National saving certificate (NSC), Senior citizen savings scheme (SCSS), ULIP, tax saving FD for 5 years, Infrastructure bonds, etc.
If You want to buy or sell property, then visit the NoBroker home page. However, let us now focus on how to save income tax apart from 80c?Aside from Section 80C, the following provisions allow taxpayers to deduct expenses:
80D- for self, spouse, and dependent parents' medical insurance premiums.
Section 80EE — Interest paid on a house loan is deductible for first-time home buyers.
Section 24- Housing loan interest deduction up to Rs 2 lakh
interest on a car loan for the purchase of an electric vehicle is deductible under Section 80 EEB.
Donations to charitable organizations (80G).
If your income does not contain an HRA component, you can deduct your rent under Section 80GG.
Section 80TTA allows for a deduction of up to Rs 10,000 for interest earned on a savings account.
Section 54-54F — Exemption from capital gains taxes.
Hence this makes it clear about how to save tax apart from 80c.
Avail yourself with end-to-end legal assistance from NoBroker while buying and selling property. Hop on for a free consultation call with the experts from NoBroker.Read More:
How can I save income tax by investing with REIT? What is section 80D of income tax act?Your Feedback Matters! How was this Answer?
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How To Save Tax Apart From 80C?
Ashwin
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2022-02-18T10:10:48+00:00 2022-02-18T10:33:59+00:00Comment
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