ITR Filing Tips: 7 tax saving options other than mentioned in Section 80C that can help you save lakhs
Tax Saving Strategy: Contributions to an NPS Tier I account, health insurance premiums, and home loan interest are some of the tax saving options other than those mentioned in Section 80C of the Income Tax Act, 1961.
Tax saving strategy, tax saving options other than Section 80C: The income tax filing deadline of July 31, 2024, is just a week away. Taxpayers are filing their ITR under the new or the old tax regime. People following the old tax regime find Section 80C of the Income Tax Act, 1961, to be an effective tool to save income tax. Section 80C gives tax exemption up to Rs 1.50 lakh in a financial year, which is quite a substantial amount for somebody even in the Rs 12 lakh annual salary bracket. But Section 80C is not the only section that helps with tax saving. There are many other sections that help you reduce your income tax to a great deal. If used wisely, these sections can help you save tax worth lakhs in a financial year. We are discussing seven of them here-
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Interest on housing loan under Section 24(b)
![Interest on housing loan under Section 24(b) Interest on housing loan under Section 24(b)](https://cdn.zeebiz.com/sites/default/files/2024/07/22/305987-coin-pixabay-take.jpg)
NPS deduction under Section 80CCD (1B)
![NPS deduction under Section 80CCD (1B) NPS deduction under Section 80CCD (1B)](https://cdn.zeebiz.com/sites/default/files/2024/07/22/305988-coin-unsplash-take-1.jpg)
Health Insurance Premium under Section 80D
![Health Insurance Premium under Section 80D Health Insurance Premium under Section 80D](https://cdn.zeebiz.com/sites/default/files/2024/07/22/305989-currency-500-pixabay-new.jpg)
Rent payment under Section 80GG
![Rent payment under Section 80GG Rent payment under Section 80GG](https://cdn.zeebiz.com/sites/default/files/2024/07/22/305990-coin-unsplash-take.jpg)
Treatment of specified illnesses under Section 80DDB
![Treatment of specified illnesses under Section 80DDB Treatment of specified illnesses under Section 80DDB](https://cdn.zeebiz.com/sites/default/files/2024/07/22/305991-fd-interest-file.jpg)
Education loan interest payment under Section 80E
![Education loan interest payment under Section 80E Education loan interest payment under Section 80E](https://cdn.zeebiz.com/sites/default/files/2024/07/22/305992-income-tax-pixabay-3.jpg)