New Delhi: As taxpayers get ready for ITR Filing 2024, and plan to pay tax under the old tax regime, there are multiple provisions under the Income Tax Act for saving your tax outgo. Section 80C is one of the major provisions of the I-T Act that is popular which allows deductions up to Rs 1.50 lakh. However, this may not be enough for some taxpayers. Know about tax saving options other than Section 80C to declare and claim deductions on all your investments and contributions so you can lower your net taxable income and pay lower taxes.
NPS and health insurance premium tax benefits
If you have a National Pension System (NPS) tier-1 account you can claim an income tax deduction of Rs 50,000 under Section 80CCD 1(B) of the I-Tax Act, and reduce your net taxable income. This is over and above the Rs 1.50 lakh deductions allowed on NPS contributions under Section 80C.
If you have a health insurance policy in your name you can claim a deduction of up to Rs 25,000 on the premium paid under Section 80D.
Home Loan and Education loan tax benefits
You can avail of home loan tax benefits during ITR Filing 2024 on an active home loan account in your name. Under Section 24 of the I-T Act. you can claim deductions on the interest paid up to Rs 2 lakh in a financial year.
Under Section 80E, taxpayers can avail of tax deductions on interest paid on education loan. Either of the parents or their children can avail of this deduction.
HRA and charity deductions
For ITR Filing 20204, taxpayers can claim deductions on money received as House Rent Allowance (HRA) from the organisation you are employed with. However, you can claim HRA deductions only if you reside in a rented accommodation.
If you have made contributions to select charitable trusts or government relief funds you qualify for tax deductions of 50-100 per cent of the donation amount under Section 80G of the I-T Act.
ITR Filing 2024: All you need to know about tax saving options other than Section 80C under the the Income Tax Act, 1961. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
