10 tax saving options other than Section 80C

There are several sections apart from 80C that can help an individual benefit from tax exemptions

Jun 13, 2018 03:06 IST India Infoline News Service

Most taxpayers only of the tax-savings deductions that fall under Section 80C but there are few other deductions that one can claim to lower the amount of tax payable.
 
Listed below is a comprehensive table on tax deductions and exemptions that you are entitled to on various financial products.

Section Eligible assessee Conditions Deduction
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.

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