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3 More Ways To Save More Tax In Addition To Section 80C

It’s not that only Section 80C of the Income Tax Act provides for tax deductions; there are even other deductions under the Income Tax Act, 1961 which can help you save more tax.

Save more taxes in addition to 80c

Save more taxes in addition to 80c

Tax deduction section 80D for mediclaim policies can help you save tax. Under this section, premium, for medical insurance policy to protect from sudden medical expenses is included. An amount of Rs. 15,000 is allowed as an annual exemption for self, spouse and dependent parents/children. While for Senior citizens, the amount is up to Rs.20, 000.

Under Section 80E, the interest paid on loan taken for pursuing higher education of self or any dependent is exempted from tax. This deduction is applicable for a period of 8 years or till the interest is paid, whichever is earlier.

Under Section 80GG, if a salaried or self-employed person staying in a rented house does not receive any kind of HRA, then he can claim deduction of either 25% of the total income, Rs 2000 per month, or excess of rent paid over 10% of total income.

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