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. 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.
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