Tax Savings Options other than Section 80C
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Tax Saving Options other than Section 80C

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  • 28th Jan 2022
  • 371

Tax Saving Options other than Section 80C

The Indian Income Tax rules provide tax deduction options for all tax-paying individuals. Nonetheless, most of the citizens know and avail the deductions worth ₹1.5 lakh that is accessible under section 80C tax saving. However, there is no need to worry if you exhaust your limit of ₹1.5 lakhs. There are other options other than the tax benefits under 80C that you can go for as a tax-paying individual. Here are the top five options that you can make use of:

Tax saving with NPS under Section 80CCD (1B)

Tax-paying citizens can save an extra amount of up to ₹50,000 if they invest in the National Pension Scheme that can go over and above the ₹1.5 lakh tax benefits mentioned under Section 80C in Income Tax. This guarantees an exemption of ₹2 lakhs.

Tax reserve funds on Health protection expenses under Section 80D

Section 80D of the Income Tax Act, apart from the 80C exemption, provides deductions from an individual’s income towards the instalment payments of a health protection scheme.

Tax reserve funds on reimbursement of an Education loan under Section 80E

If your income falls under the tax bracket and the exemption under 80C is exhausted, this is another option for you. Getting education loans is normal these days and people who seek this after their schooling are given a tax deduction on the reimbursement under Section 80E. This deduction apart from the 80C tax-saving is additionally accessible by taking education loans from financial institutions and not from relatives or companions and family members.

Tax investment funds on the Interest part of the home loan under Section 24

Property holders with a home loan can guarantee deduction under Section 24 of the annual expense on a part of their home loan. On the off chance that the property for which the home credit has been taken is leased or considered to be leased, no higher cutoff for a deduction is mentioned. As a citizen, you can take an overall allowance interest sum under Section 24.

Tax investment funds on revenue reimbursement on home advance for first-time proprietors under Section 80EE

If you are a first-time mortgage holder and do not know what 80C in Income Tax is, you can try and have a look at this option. You are not ought to possess some other house property on the date of the assent of loan from a monetary establishment. This provides deductions under Section 80EE of up to ₹50,000.

Exemption under 80C is a common deduction availed by taxpayers, but fortunately, you have many other ways of getting additional exemptions under the above-mentioned sections if you overshoot the limit of ₹1.5 lakhs!

- A Consumer Education Initiative series by Kotak Life

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