Budget 2021: Looking for ways to save income tax other than 80C? Read here
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.
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.
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.
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.
Under section 80G, you can claim benefits under Donations to approved charitable institutes.
Under section 80GG, you can claim benefits under Rent paid by employees not having HRA.
Under section 80TTA, you can claim deduction up to Rs 10,000 under Saving account interest.
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.
Under this section, deductions can be claimed for contributions made to a political party.