Did you examine these ideal income tax saving choices besides 80C section? Have you tried your 100% income tax limitation and searching for how to protect more tax aside from section 80C?
All of us understand that section 80C is one of the most popular section to obtain income tax advantage. People usually depend on target investments or savings choices associated with section 80C only. However aside from section 80C certainly there are some more sections under that one could conserve more income tax. Within this article, we will discuss four income tax saving choices which one can think about other than section 80C.
80D- Health Insurance Premium Paid
Medical insurance is an essential instrument which offers you and your families member financial security on time of requirement. Hence, whether an emergency situation or a planned hospitalization, a medical insurance policy assures umbrella protection by assisting you to spend for the protected medical expenses in the event of hospitalization because of injury or illness.
What’s much more, apart from protecting your finances from hospitalization costs, you could obtain tax advantages on the superiors paid for your health insurance below the income tax act Section 80D, based on terms and conditions. It creates a Medical Insurance plan a useful tax-planning device which includes a wing to the hat on your investments.
80DDB- Treatment of Critical Illness
It may not be a regular income tax saving choice together could only get it facility below specific conditions. Should some of your dependents is enduring from some diseases like Parkinson, Neurological, AIDS, Malignant Cancers, Chronic Renal Failure, thalassemia, Hemophilia you could claim the therapy amount below the section of 80DDB. The max permitted limitation is 40,000 in a regular case and highest 60,000 for seniors. However, keep in mind if you utilize your medical insurance plan to pay hospital spending then you cannot use this income tax saving choice.
80E- Interest of Education Loan
The reduction is permitted only on the interest settlement part, out the principal volume of the educational loan. That means only interest repayment is provided for a tax deduction when submitting a tax return. This reduction is more than the 80C limitation, and there is no max restriction on claiming reduction under 80E. Very few are conscious of the plan, and one has to educate people much more on this section and its advantages.
80CCG- Rajiv Gandhi Equity Savings Scheme
Below this scheme people can invest around Rs 50,000 in authorized stocks. The depletion allowance is offered under section 80CCG. Only very first-time investors are permitted to invest in this type of scheme to claim tax advantages. This scheme has not removed, because being launched during the UPA program.
There were records which there may be an upgrade of the scheme. However, nothing has achieved. A scheme which has dangers connected with stock market investment. This scheme is being introduced has never removed, and one is uncertain of the factors of the same.