Best Tax Savings Plans There Are Measures Other Than Section 80c Of Incometax Act

With the end of the financial year (FY23) coming closer, the exercise of saving income tax has also intensified. Now the taxpayers have only time till March 31 to save income tax. By the way, Section 80C of the Income Tax Act (Income Tax Act Section 80C) is the most popular section of tax saving, under which tax can be saved by taking advantage of Income Tax Deductions on investment up to Rs 1.5 lakh. However, apart from this, there are many options to save tax.

Other options are necessary for such people.

Knowing the options other than section 80C of the Income Tax Act becomes necessary for many people. In fact, the limit of deduction of up to Rs 1.50 lakh under Section 80C is met only by EPF contribution and insurance premium in the case of many people. Such people have other options to save tax. For such people, it becomes necessary to know other options for this reason.

Benefits under 80CCD

Under Section 80CCD of the Income Tax Act, an additional deduction of Rs 50,000 is available for investing in the National Pension System (NPS), which is different from Section 80C. Apart from this, if you take a home loan to buy a house, you can claim a deduction of up to Rs 2 lakh on its interest. Similarly, it is possible to claim a deduction of up to Rs 1.50 lakh on the principal amount of the home loan.

Mediclaim benefit under 80D

In today’s world, it has become necessary for everyone to take medical insurance. In such a situation, exemption of Mediclaim has been given in section 80D. If you take Mediclaim for yourself, then you get a discount of Rs 25,000. If you are a senior citizen then you get a discount of 50 thousand rupees. If your parents are senior citizens, then a rebate of Rs 50,000 is available separately.

This exemption under 80TTB

Many people get FD done in the bank or keep money in savings account. For ordinary taxpayers, interest up to Rs 10,000 per year on savings account remains tax free. At the same time, through section 80TTB, senior citizens can claim a deduction of up to Rs 50,000 from the total interest earned in a financial year. Similarly, the interest on the education loan taken for the post-secondary education of the children is tax exempted under section 80E.