You must have made appropriate investments to save taxes under Section 80C of Income Tax Act, 1961, but before you make future investments have a look at this piece by All India ITR.
As soon as, the season of filing IT Return arrives, we all get busy in pondering how to save the maximum amount of taxes. Section 80C is certainly a major aid, but there are more ways to save taxes, other than 80C. So, here are a few options you can consider while filing your ITR and filling Form 16 part B and you can use these techniques when you are filing online ITR.
Here’s How you can save taxes, other than 80C
You can claim Tax deductions while filing ITR on your accommodation expenses. If you stay in a rented apartment in one city and have a house property for which you have taken housing loan, you can claim a deduction on the Home Loan interest.
If you have not taken a home loan, then fret not, as you can claim deductions for the premium you pay for your Medical Insurance. If the premium amount goes up to Rs. 25,000 in case of self, spouse or dependent children, then you are eligible for tax deductions and this limit exceeds to Rs. 30,000 in case of Senior Citizen parents.
You can also get deductions if you are paying the interest on Educational Loan for the higher education of the self, spouse or dependent children. Deductions can be claimed till eight years or till the loan is paid, whichever is less.
Other than these situations, if an individual has made any kind of donations to an organization/ fund, then he/she can claim deductions up to 50% to 100%, while filing ITR, depending on the type of organization/ Fund.
An individual can also save taxes up to Rs. 50,000 by making a contribution towards National Pension Scheme. That’s how you can save taxes other than 80C. You can find more information on topics like e filing, refund status, income tax calculator, income tax refund, etc. on our blog.
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