Listed below is a comprehensive table on tax deductions and exemptions that you are entitled to on various financial products.
|80CCG||Resident individual (Not NRI)||New investors who invest under equity scheme if gross total income does not exceed Rs10 lakh||50% of amount invested in equity shares, restricted to Rs25,000|
|80D||Individual / HUF||Medical insurance premium paid for self, spouse, or dependent children||Maximum Rs15,000 and Rs20,000 in case of senior citizen|
|80DD||Resident individual / resident HUF||For maintenance, including treatment, or insurance of physically disabled dependent relatives||Rs75, 000 in case of normal disability and Rs1.5 lakh in case of a severe disability|
|80DDB||Resident individual / resident HUF||Medical treatment expenses for himself or dependent or a member of HUF (in case of HUF assessee)||Actual expense or Rs40,000 (Rs60,000 in case of senior citizen)|
|80E||Individual||For interest payment on loan taken for higher studies for self or education of spouse or children||Entire amount of interest (not principal) is deductible for a maximum of eight years and can avail a maximum deduction of Rs3 lakh|
|80G||All assessees||Donations to charitable institutions||100% or 50% of amount of donation made (Refer Income Tax Site for Detailed Info)|
|80GG||Individual (who does not get HRA)||For rent paid||
Least of the following:
Rs2,000 per month
25% of total income
Rent paid less 10% of total income
|80GGC||All assesses, other than Indian companies||Contribution given to political parties||Sum contributed to political parties|
|80TTA||Individual/HUF||Interest on savings account (Not time deposits or fixed deposits)||Maximum is Rs10,000|
|80U||Individual/HUF||Only for taxpayer and not for dependents i.e. spouse, children, etc.||Rs75,000 which goes to Rs1.25 lakh in case taxpayer is suffering from severe disability|
Hence, there are several sections apart from 80C that can help an individual benefit from tax exemptions. It is time you start looking beyond 80C for tax savings.
The writer is the CEO of IndianTaxUpdates.com.