ITR filing FY 2019-2020: 10 options to save income tax other than 80C –Know how to be a smart tax saver
New Delhi: Filing of earnings tax return is an annual monetary activity and requires just a little little bit of smartness if you wish to save further on submitting returns.
The mixture quantity of deduction admissible underneath 80C, 80CCC AND 80CCD (1) is restricted to most restrict of Rs 1.5 lakh. However, there are 10 different choices, which if used appropriately, might help you save taxes most used tax-saving part –80C.
These different sections will present you the window for extra tax-saving exemptions apart from.
Check out 10 choices to avoid wasting earnings tax apart from Section 80C
80D
Under part 80D, you may declare advantages underneath Health insurance coverage premiums. You can declare deduction as much as Rs 25,000 for self-insurance, partner, and dependent youngsters. Extra deduction of Rs 25,000 is allowed for folks aged under 60. Furthermore, you may declare upto Rs 1 lakh for you and your mother and father aged above 60.
80DD
Under part 80DD, you may declare advantages underneath Expenses on a handicapped dependent. For incapacity as much as 80% you may declare a set deduction of Rs 75,000 and stuck deduction of Rs 1.25 lakh for extreme disabilities.
80E
Under part 80E, you may declare advantages underneath Education mortgage curiosity fee. For increased schooling mortgage, deduction upon the mortgage curiosity is allowed with none higher restrict for deduction.
80EE
Under part 80EE, you may declare advantages underneath Home mortgage curiosity fee for first time home-owners. This choice is on the market just for particular person tax payers and never for HUF, AOP, firm. You can declare deduction as much as Rs 50,000 over and above the Rs 2 lakh restrict underneath part 24 of the earnings tax act.
80G
Under part 80G, you may declare advantages underneath Donations to permitted charitable institutes. For donations to sure specified social organisations you may declare deduction until 50% or 100% just like the National Defence Fund, Prime Minister’s National Relief Fund, National Children’s Fund.
80GG
Under part 80GG, you may declare advantages underneath Rent paid by staff not having HRA. It must be decrease of –25% of complete earnings or Rs 5000 monthly or lease paid exceeding 10 % of complete earnings.
80TTA
Under part 80TTA, you may declare advantages underneath Saving account curiosity. You can declare most deduction of Rs 10,000 in case you have account with any financial institution, put up workplace, or co-operative society.
80U
Under part 80U, Handicapped tax-payers can declare deduction. Rs 75,000 is mounted whereas for extreme disabilities Rs 1.25 lakh is mounted.
80DDB
Under part 80DDB, you may declare advantages for therapy of specified sicknesses. For age as much as 60 years you may declare deduction as much as Rs 40,000 whereas for senior and tremendous senior residents that is allowed upto Rs 1 lakh.
80GGB and 80GGC
Under this part, deductions might be claimed for contributions made to a political celebration by corporations and people respectively.
In the wake of the COVID-19 pandemic, the federal government has prolonged the due date of submitting all income-tax return for FY 2019-20 to 30th November, 2020. Tax payers can be submitting the Income Tax Return (ITR) for the FY 2019-20 (AY 2020-21).
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