Income tax savings FY2023-24: 5 tax-savings options other than Section 80C

You can invest in the National Pension Scheme (NPS) and get a tax deduction of Rs 50,000 under Section 80CCD. This is over and above the limit of Section 80C.

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If you pay health insurance premiums for yourself or your family, you can claim tax deductions against them.

Under Section 80D, you can get a tax deduction of up to Rs 25,000 for paying the health insurance premium for yourself or your family which includes your spouse and children. If you pay health insurance premiums for your parents (below 60 years), you can get a claim for a tax deduction of up to Rs 25,000. For senior citizen parents, the tax deduction can go up to Rs 50,000 under Section 80D in a financial year.

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Did you know that you can get a tax deduction for preventive health check-ups? It qualifies for deduction under section 80D. Every taxpayer is allowed to claim a maximum of Rs 5,000. This is within the overall limit of Section 80D.

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Section 80TTA offers a tax deduction to individuals and HUFs (other than those covered under Section 80TTB) of up to Rs 10,000 in a financial year on the income earned from interest on savings accounts opened with a bank, post office, or cooperative society.

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If you have donated to a fund notified by the central government under Section 80G, then you would be eligible for a deduction of the amount donated. Do note that it should not exceed 10% of the adjusted gross total income.

This deduction is also available for donations given for the renovation of temples, mosques, and churches, which are approved by the central government.

If you have donated to an institution carrying on scientific research or to a university or college which is approved by the government (under sections 35(1)(ii), 35(1)(iii), 35CCA, 35CCB) for the time being, then the amount so contributed would be eligible for deduction under Section 80GGA.

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