10 tax saving options other than Section 80C

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

August 13, 2013 4:02 IST | India Infoline News Service
Most of the taxpayers know only about the type of deductions and the limit of deduction under Section 80C but there are few more deductions which taxpayer can claim to lower the amount of tax payable. Listed below is a comprehensive picture of tax deductions and exemptions that you are entitled to in various financial products.

Section Eligible assessee Conditions Deduction
80CCG Resident individual (Not for NRI) New investors who invests under equity scheme if gross total income does not exceed Rs. 10 lakh 50% of amount invested in equity shares, restricted to Rs. 25,000
80D Individual /HUF Medical insurance premium paid for self, spouse or dependent children Maximum Rs.15,000 and Rs. 20,000 in case of senior citizen
80DD Resident individual / resident HUF For maintenance including treatment or insurance the lives of physical disable dependent relatives Rs 50,000 flat and Rs.1 lakh in case of 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 Rs. 40,000 (Rs. 60,000 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 maximum of 8 years
80G All assessees Donations to charitable institution 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:
1). Rs. 2000 per month
2). 25% of total income
3). Rent paid less 10% of total income
80GGC All assessee other than Indian companies Contribution give to political parties Sum contributed to political parties
80TTA  Individual/HUF Interest in savings account (Not time deposits or fixed deposits) Maximum is Rs. 10,000
80U Individual/HUF Only for taxpayer and not for any other i.e. spouse, children etc Rs. 50,000 which goes to Rs. 1 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 to start looking beyond 80C for tax savings.

The writer is the CEO of IndianTaxUpdates.com.

Read more:

Investment covered u/s 80C Income Tax

Income tax exemptions & deductions under various sections

Avail tax deductions & exemptions on stock investments

Tax provisions for investment in mutual funds

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