ITR Filing: Tips to save IT other than 80C

Oct 20 2020 07:01 PM
ITR Filing: Tips to save IT other than 80C

The Income Tax is filed by people who earns above the slab rate fixed by the government and differs for person on the basis of their income range. The filing requires a bit of smartness to save some extra money. The total amount of deduction admissible under 80C, 80CCC AND 80CCD (1) is a maximum limit of Rs 1.5 lakh. 

There are few other ways by which amount paid as taxes can be saved. 

80 D: Benefiuts under Health insurance premiums can be claimed. Deduction of upto INR 25000 for self-insurance, spouse, and dependent children, extra INR 25000 for parents below 60 years and upto INR 1 lakh for the priomary beneficiary and parents above 60. 

80DD: Benefits under expenses on a handicapped dependent can be claimed. INR 75000 for 80% disability and fixed deduction of Rs 1.25 lakh for severe disabilities. 

80E: Benefits under Education loan interest payment can be claimed. 

80EE: Benefits under Home loan interest payment for first time home-owners can be claimed only for individual tax payers and not for HUF, AOP, company. Up to INR 50,000 over and above the Rs 2 lakh limit under section 24 of the income tax act. 

80G: Benefits under Donations to approved charitable institutes. 50% to some organisations and 100% towards National Defence Fund, Prime Minister's National Relief Fund, National Children's Fund.

80GG: Benefits under Rent paid by employees not having HRA.

80TTA: Benefits under Saving account interest. 

80U: Benefits under Handicapped tax-payers.

80DDB: Benefits for treatment of specified illnesses

80GGB and 80GGC: Benefits under the contributions made to a political party by companies and individuals. 

The government has extended the date of filing FY 2019-20 to November 30, 2020. 

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