How can I get tax benefit other than 80C?

How to save tax other than section 80C?

1. 80D- for medical insurance premium for self, spouse & dependent parents.
2. Section 80EE – Deduction for interest payment of home loan for first home owners.
3. Section 24- Interest deduction for housing loan upto Rs 2 lakh.

Which method is best for reducing tax liability?

As of right now, here are 15 ways to reduce how much you owe for the 2020 tax year:

• Contribute to a Retirement Account.
• Open a Health Savings Account.
• Use Your Side Hustle to Claim Business Deductions.
• Claim a Home Office Deduction.
• Write Off Business Travel Expenses, Even While on Vacation.

Is PPF part of 80C?

PPF contributions made every year are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. PPF accounts also have a maximum deposit limit of Rs. 1.5 lakhs per year, therefore, all deposits made to your PPF account can be claimed as deductions u/s 80C.

Will HRA come under 80C?

Is HRA part of 80C? No. HRA exemptions can be claimed under Section 10(13A) or Section 80GG.

How do you avoid tax liability?

The key to minimizing your tax liability is reducing the amount of your gross income that is subject to taxes. Consider increasing your retirement contributions. Putting pre-tax dollars into an employer-sponsored retirement plan like a 401(k) is one easy way to reduce your taxable income for the year.

How is 80C calculated?

Let us understand how to calculate tax savings using Section 80C. For example, your gross taxable income is Rs 9,00,000 per annum. You have the standard deduction of Rs 50,000 per year. You will then have to deduct the eligible expenses and investments under Section 80C.

Does HRA come under 80C?

What is the difference between Section 80C and 80CCC?

Section 80C includes mutual funds, insurance premium tax saver FDs, PPF and several other schemes. 80CCC governs contributions to specific policies which pay a pension or annuity. 80CCD covers contributions to India’s National Pension System (NPS) The maximum limit for tax saving under Section 80C is Rs 1.5 lakh.

How to save tax under Section 80C of Income Tax Act?

Here are the various investments you can make to save tax under Section 80C of the Income Tax Act: Provident Fund: Provident Fund is automatically subtracted from your monthly salary. Public Provident Fund: Public Provident Fund is a popular investment instrument as it offers assured returns.

What is the CTC amount for medical treatment?

Getting reimbursement of 15,000/- for Medical Treatment. Rs. CTC means cost to the company. This includes all payment made by your company either directly to you or for and on your behalf viz. company’s contribution to your provident fund, superannuation fund, Leave travel concession, free furnished accommodation etc. or HRA payable to you.

Can I claim the principal amount in repayment under Section 80C?

While the interest part of the repayment cannot be claimed as deduction under Section 80C of the Income Tax Act, the repayment of the principal amount certainly is.