The tax benefit on interest paid in an educational loan qualifies for an income tax deduction when the loan is for higher education. Education loan repayment – Avail tax benefit under Section 80E Such taxpayers can avail tax deduction on the rent paid for their accommodation, subject to a cap of Rs 5,000 per month or 25% of one’s total income for a year or actual rent paid in excess of 10% of one’s total income, whichever is lower. Self-employed and salaried individuals who do not get HRA as part of their salary but are staying on rent are allowed tax benefit under Section 80GG. Paying Rent – Avail tax benefit under Section 80GG Any payment made towards preventive health check-ups up to Rs 5,000 also qualifies for tax benefit but it has to be within the overall limit. If both the individual taxpayer and the parent are more than 60 years, the deduction can be availed up to Rs 1 lakh. the premium paid towards any of these schemes gets deducted from the gross income under section 80D.įor those who are above age 60, the limit is Rs 50,000. This includes self, spouse and children and the health cover could be a Mediclaim, Family Floater, Critical Illness etc. Currently, for those who are below age 60, the limit stands at Rs 25,000. The premium that you pay even for parents qualifies for deduction. Having health insurance coverage through an individual plan or Family Floater is a must for all members of the family. Health insurance premium – Avail tax benefit under Section 80 D Although, the same amount cannot be claimed both under both the sections, the deduction under Section 80CCD(1B) is over and above the deduction availed under Section 80CCD(1) i.e. An additional deduction of up to Rs 50,000 is allowed for those who are either employed or self-employed taxpayers. If you already have the NPS account or you may open one to save tax under section 80CCD(1B). Here are a few tax savers other than Section 80C to help you save more tax: NPS Account – Avail tax benefit under Section 80CCD(1B) However, as the upper limit is Rs 1.5 lakh per FY, most taxpayers exhaust this limit and yet want to bring taxes lower. Some tax savers or expenses such as investment in PPF, NSC, ELSS, Life insurance including tuition fees for children or principal payments of home loan EMI are the tax deductions that you can avail of. It does not store any personal data.Meanwhile, if you are sticking with the old or the existing tax regime, the most common tax saving options fall under Section 80C of the Income Tax Act. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly.
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