One of the most popular section when it comes to income tax saving is 80C. People are enlightened of 80C and use this section fully when it comes to Income tax deductions. But many times taxpayer forgot other misogynist income tax deductions which can reduce their tax burden. In this post, we will take a squint at less known income tax deductions which can be used to save increasingly tax.
Section 80GG Deduction on Rent Paid
Under section 80GG, an individual can requirement a deduction for the rent paid. This is workable only if you are not getting HRA from your employer. This section is workable only for self-employed or salaried. You will be unliable to requirement up to Rs.5000 per month or 25% of total income or very rent paid in glut of 10% of total income (whichever is less).
Section 80TTA and 80TTB for wall interest
Section 80TTA of the income tax act offers a tax deduction on interest income earned from deposits or saving wall account. Interest income earned from savings worth up to Rs.10000 is deductible from the gross income. A new section 80TTB is introduced this year. The new section is workable to senior citizen. As per 80TTB up to Rs.50000 is unliable to be deducted from the gross income of senior citizen.
Download And Prepare At a Time 100 Employees Automated Income Tax Form 16 Part A&B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form16 Part A&B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
1) Prepare At time 100 Employees Excel Based Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
2) All the Amended Income Tax Section have in this utility as per Budget 2019
3) You can print individual Form 16 Part Part A&B
4) Most easy to install just like an Excel File
5) Easy to Fill the all column
6) Automatic Convert the Amount to the In-Words
Section 80G for Charitable Deduction
Suppose you have made a donation to the charitable organization or to the unrepeatable relief fund in last financial year. You can requirement the deduction of this value under section 80G and save increasingly tax. There are a unrepeatable set of organizations/institutions donation to them offers 100% deduction. You can take wholesomeness of this section.
Interest on Loan taken for higher education under 80E
Income tax section 80E allows you to requirement goody on interest paid for education loan. If you have taken education loan don’t forget to make requirement for interest deduction. This deduction is unliable for maximum eight years or till the interest is fully paid.
Section 80DDB for Medical Treatment
An expense incurred for the treatment of specified diseases such as AIDS, Cancer, Thalassemia etc can be personal for income tax deduction under section 80 DDB. The maximum value permissible under this section is Rs.40000. The limit for 80DDB for the senior resider is Rs.60000. You will need document Form 10-I from a qualified medical practitioner for this.
Interest payment for Home Loan of Second House
If you have taken a home loan for ownership a second house you can requirement up to 2 Lakh per year towards interest payment. This as per income tax section 24b. If you have rented a second house you need to declare income from that. If second house is rented or not rented you need to declare one house as deemed rented and other as self-occupied.
Download And Prepare At a Time 100 Employees Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At atime 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
7) Prepare At time 100 Employees Excel Based Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
8) All the Amended Income Tax Section have in this utility as per Budget 2019
9) You can print individual Form 16 Part B
10) Most easy to install just like an Excel File
11) Easy to Fill the all column
12) Automatic Convert the Amount to the In-Words
Premium for Health Insurance under 80D
You can requirement deduction up to Rs.25000 for health insurance premium paid (for self, spouse, and children). If health insurance is taken for senior resider payment you can requirement deduction up to Rs.30000.
Amount Invested in NPS under section 80CCD
Most of the people are not enlightened of section 80CCD of NPS. You can invest up to 1.5 in NPS under section 80C to avail tax benefits. Apart from this you can invest spare Rs.50000 in NPS and get income tax deduction under section 80CCD. This goody is misogynist for investment in NPS only.
