Union Finance Minister Nirmala Sitharaman is scheduled to present Union Budget 2021 at 11 AM on Monday (February 1).
Union Finance Minister Nirmala Sitharaman is scheduled to present Union Budget 2021 at 11 AM on Monday (February 1). Sitharaman will present the Union Budget 2021 in Lok Sabha.
There is no denying the fact that lakhs of Indians are eagerly waiting to hear some relaxations on income tax. Here, take a look at some other options for tax saving purpose other than 80C. It is to be noted that the total amount of deduction admissible under 80C, 80CCC AND 80CCD (1) is Rs 1.5 lakh. However, there are some other options will can help you save tax.
1. Section 80D
)
Under section 80D, you can claim deduction up to Rs 25,000 under Health insurance premiums. You can claim deduction for self-insurance, spouse, and dependent children. Extra deduction of Rs 25,000 is allowed for parents aged below 60. You can also claim upto Rs 1 lakh for you and your parents aged above 60.
2. Section 80DD
)
Under section 80DD, you can claim benefits under Expenses on a handicapped dependent. You can claim a fixed deduction of Rs 75,000 for disability up to 80%, while the deduction for severe disabilities is up to Rs 1.25 lakh.
3. Section 80E
)
Under section 80E, you can claim benefits under Education loan interest payment.
4. Section 80EE
)
Under section 80EE, you can claim benefits under Home loan interest payment. This option is available only for individual tax payers and not for HUF, AOP, company. Under this section, uou can claim deduction up to Rs 50,000 over and above the Rs 2 lakh limit under section 24 of the income tax act.
5. Section 80G
)
Under section 80G, you can claim benefits under Donations to approved charitable institutes.
6. Section 80GG
)
Under section 80GG, you can claim benefits under Rent paid by employees not having HRA.
7. Section 80TTA
)
Under section 80TTA, you can claim deduction up to Rs 10,000 under Saving account interest.
8. Section 80U
)
Under section 80U, Handicapped tax-payers can claim deduction up to Rs 1.25 lakh.
9. Section 80DDB
)
Under section 80DDB, you can claim benefits for treatment of illnesses. For age up to 60 years, the maximum deduction allowed is Rs 40,000 while for senior and super senior citizens this is allowed upto Rs 1 lakh.
10. Section 80GGB and 80GGC
)
Under this section, deductions can be claimed for contributions made to a political party.
