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In addition to 80C, you also have the option to save taxes. You can save thousands of rupees in these 4 ways.

Sagar Patel

By Sagar Patel

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Saving money when filing income tax is the taxpayer’s main objective. When it comes to saving taxes, Section 80C is the most talked about section, but did you know that there are many other sections that can help taxpayers save their hard-earned money? Let us know what are those options with the help of which you can save more money.

1. Section 80CCD

Section 80CCD provides tax benefits to people who contribute to the National Pension Scheme (NPS) or Atal Pension Yojana (APY). There are two subsections below this.

to. 80CCD(1)

This subsection allows a taxpayer to claim a deduction on the amount contributed to his NPS account. The deduction limit under this is part of the total limit of Rs 1.5 lakh under section 80C. Additionally, for employees, contributions made by their employer to the NPS account are also eligible for deduction under this section, up to 10 percent of their salary (basic salary plus dearness allowance) or 20 percent of gross income for self-employed people. It’s up to percent.

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b. 80CCD(1B)

This sub-section allows additional deduction of up to Rs 50,000 over and above the amount prescribed under section 80CCD(1). This deduction is available only for contributions made by individual taxpayers to their NPS accounts. Therefore, the maximum deduction available under section 80CCD is Rs 2 lakh (Rs 1,50,000 + Rs 50,000).

2. Section 80D

Section 80D allows taxpayers to claim deductions on the health insurance premiums of their spouse, children and parents.

  • Exemption of up to Rs 25,000 for individual + family (including children and spouse)
  • Exemption of up to Rs 50,000 for individual + family + parents
  • Exemption of up to Rs 75,000 for individual + family (60 years or less) + parents (over 60 years)
  • Exemption up to Rs 1,00,000 for individuals + family members (above 60 years of age) + elderly parents

3.80E

Section 80E allows taxpayers to claim a deduction for interest paid on loans taken for higher education for their spouse or children.

4. Section 80GG

Section 80GG is especially beneficial for self-employed or salaried individuals who do not receive Housing Rent Allowance (HRA) from their employer. It allows them to claim a deduction for the rent paid for their accommodation, subject to certain conditions.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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