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Tax Saving Options Other than Section 80C

In this article, we will discuss tax-saving options other than Section 80C that can help you reduce your tax liability and increase your disposable income.

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Tax Saving Options Other than Section 80C

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  1. Tax Saving Options Other than Section 80C Are you tired of hearing about Section 80C every time you plan your taxes? While this section provides several tax-saving options, it's not the only way to save taxes. In fact, there are several other tax-saving options available that you may not be aware of. In this article, we will explore some of the smart ways to save taxes beyond Section 80C. Section 80D: Health Insurance Premiums Under Section 80D, you can claim a deduction on the premium paid towards your health insurance policy. The deduction amount varies based on your age and the type of policy you hold. You can claim up to INR 25,000 for yourself, your spouse, and your dependent children. If you or your spouse is a senior citizen, the deduction amount increases to INR 50,000. Section 80E: Education Loan Interest If you have taken an education loan for yourself, your spouse, or your children, you can claim a deduction on the interest paid towards the loan under Section 80E. The deduction is available for a maximum of 8 years or until the loan is repaid, whichever is earlier. Section 80G: Donations to Charitable Causes If you have made donations to registered charitable trusts or organizations, you can claim a deduction under Section 80G. The deduction amount varies based on the type of donation and the organization you have donated to. You can claim a deduction of up to 50% or 100% of the donated amount. Section 80TTA: Savings Account Interest Under Section 80TTA, you can claim a deduction of up to INR 10,000 on the interest earned from your savings account. This deduction is available for individuals and HUFs (Hindu Undivided Families). National Pension System (NPS) The National Pension System (NPS) is a voluntary pension scheme offered by the Government of India. You can claim a deduction of up to 10% of your salary (basic pay + DA) under Section 80CCD(1) for contributions made towards NPS. Additionally, you can claim an extra deduction of up to INR 50,000 under Section 80CCD(1B). These are just a few of the many tax-saving options available beyond Section 80C. By exploring these options, you can save taxes and maximize your returns. However, it's important to note that the tax laws and rules are subject to change. Therefore, it's always advisable to consult a tax expert before making any investment decisions. In conclusion, while Section 80C is a popular and effective way to save taxes, it's not the only option available. By exploring other tax- saving options, you can save taxes and optimize your investments. So, go ahead and explore the different tax-saving options and make informed investment decisions. Read More: Tax Saving Options Other than Section 80C

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