10 Tax Saving Options Other than Section 80C

There are 10 other options that can help you save taxes most used tax-saving section --80C. Just use them appropriately

Feb 23, 2023

80D: Health insurance premiums

Claim deduction up to Rs 25,000 for self-insurance, spouse, and dependent children

80DD: Handicapped Dependent

For disability up to 80% you can claim a fixed deduction of Rs 75,000 and fixed deduction of Rs 1.25 lakh for severe disabilities

80E: Education loan interest payment

For higher education loan, deduction upon the loan interest is allowed without any upper limit for deduction

80EE: Home loan interest payment

This option is available only for individual tax payers and not for HUF, AOP, company

80G: Donations to charitable institutes

Claim deduction till 50% or 100% like the National Defence Fund, Prime Minister's National Relief Fund, National Children's Fund

80GG: Rent paid by employees not having HRA

It has to be lower of --25% of total income or Rs 5000 per month or rent paid exceeding 10% of total income

80TTA: Benefits under Saving account interest

Claim maximum deduction of Rs 10,000 if you have account with any bank, post office, or co-operative society

80U: Handicapped tax-payers

Claim deduction of Rs 75,000 is fixed while for severe disabilities Rs 1.25 lakh is fixed

80DDB: Treatment of specified illnesses

For age up to 60 years you can claim deduction up to Rs 40,000 while for senior and super senior citizens this is allowed upto Rs 1 lakh

80GGB and 80GGC: Funds to political party

Deductions can be claimed for contributions made to a political party by companies and individuals respectively

VIEW ALL

Read Next Story