Our Top ways to save taxes this year! 🚨
Here’s additional information about the sections which were covered, and sections which might be useful for some individuals. 🤩
Section 80C: Up to ₹1.5 lakh can be claimed on investments in PPF, EPF, ELSS, NSC, 5-year fixed deposits, life insurance premiums, tuition fees, etc.
Section 80CCD(1B): An additional ₹50,000 can be claimed for investments in the National Pension System (NPS), over and above the ₹1.5 lakh limit under 80C.
Section 80D: Up to ₹25,000 on health insurance premiums for self, spouse, and children, and an additional ₹50,000 for parents (₹75,000 if the parents are senior citizens), totaling up to ₹1 lakh.
Section 80E: Interest paid on education loans for higher studies is deductible, with no upper limit, but conditions apply.
Section 80G: Deductions for donations to specified funds and charities, which can vary from 50% to 100% of the donation without any qualifying limit but subject to certain ceilings.
Section 80TTA: Up to ₹10,000 deduction on interest earned from savings accounts.
Section 80TTB: For senior citizens, a deduction of up to ₹50,000 on interest from deposits.
Section 24(b): Interest on a home loan for a self-occupied property can lead to a deduction of up to ₹2 lakh.
Section 80EE: First-time homeowners can claim an additional interest deduction of up to ₹50,000 on home loan interest, subject to certain conditions.
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