look news india
New Delhi: As taxpayers are all set to file their Income Tax Returns (ITR) for FY 2-23-2024 (AY 2024-2-25), the tax savings section is the most sought-after column. If you show a little wisdom in filing your returns, you can save a little extra on filing returns.
The total amount of deductions allowable under 80C, 80CCC and 80CCD (1) is limited to a maximum limit of Rs 1.5 lakh. However, there are 10 other options, which if used properly, can help you save tax. The most commonly used tax-saving section is 80C.
These other sections will provide you with opportunities for additional tax-saving exemptions.
Check out these 10 options to save income tax apart from Section 80C
80D: Under Section 80D, you can claim benefits under health insurance premium. You can claim a deduction of up to Rs 25,000 for self-insured, spouse and dependent children. An additional deduction of Rs 25,000 is allowed for parents below the age of 60. In addition, you can claim up to Rs 1 lakh for yourself and your parents above the age of 60.
80DD: Under Section 80DD, you can claim benefits under expenditure on a disabled dependent. You can claim a fixed deduction of Rs 75,000 for disability up to 80% and Rs 1.25 lakh for severe disability.
80E: Under Section 80E, you can claim benefits under education loan interest payment. For higher education loans, there is no upper limit on deduction on loan interest.
80EE: Under Section 80EE, you can claim benefits under home loan interest payment for first-time homebuyers. This option is available only for individual taxpayers, not for HUF, AOP, Company. You can claim a deduction of up to Rs 50,000 in addition to the limit of Rs 2 lakh under Section 24 of the Income Tax Act.
80G: Under Section 80G, you can claim benefits under donations to approved charitable institutions. You can claim up to 50% or 100% deduction for donations to certain specified social organisations such as National Defence Fund, Prime Minister's National Relief Fund, National Children's Fund.
80GG: Under Section 80GG, you can claim benefits under rent paid by employees not drawing HRA. It should be lower of -25% of total income or Rs 5,000 per month or rent paid in excess of 10 per cent of total income.
80TTA: Under Section 80TTA, you can claim benefits under savings account interest. If you have an account in a bank, post office or cooperative society, you can claim a maximum deduction of Rs 10,000.
80U: Under Section 80U, disabled taxpayers can claim deductions. The limit for this is Rs 75,000, while for severe disability, the limit is Rs 1.25 lakh.
80DDB: Under Section 80DDB, you can claim benefits for treatment of specified illnesses. For age up to 60 years you can claim a deduction of up to Rs 40,000, while for senior and super senior citizens it is allowed up to Rs 1 lakh.
80GGB and 80GGC: Under this section, deduction can be claimed for contributions made to a political party by companies and individuals respectively.