It’s ITR season. And if you’ve already maxed out your Section 80C limit, don’t worry. There are still smart ways to reduce your tax burden.
Here are 10 options to explore beyond 80C:
- NPS – Section 80CCD(1B)
Get an additional ₹50,000 deduction for contributions to the National Pension System.
- Health Insurance – Section 80D
Premiums paid for self, spouse, kids, or parents offer deductions up to ₹1 lakh, depending on age.
- Education Loan – Section 80E
Claim full interest paid on loans for higher education, no upper limit.
- Home Loan Interest – Section 24(b)
Get up to ₹2 lakh deduction on home loan interest for a self-occupied house.
- Savings Account Interest – Section 80TTA / 80TTB
Earn tax-free interest on savings accounts:
- Up to ₹10,000 for regular taxpayers
- Up to ₹50,000 for senior citizens
- Donations – Section 80G
Eligible donations can give you 50% to 100% tax deductions.
- Disability Deduction – Section 80U / 80DD
Claim up to ₹1.25 lakh if the taxpayer or dependent is disabled.
- Rent Paid – Section 80GG
If HRA isn't part of your salary, claim rent expenses separately.
- Electric Vehicle Loan – Section 80EEB
Up to ₹1.5 lakh deduction on interest paid for EV loans.
- Interest on Home Loan (First-time buyers) – Section 80EE
Extra ₹50,000 deduction on interest, over and above 24(b), for first-time homeowners.
Don’t wait till the last minute. Tax planning is best done year-round. At YFS, we help you pick the right mix of investments for maximum income protection and future growth.