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Don't Miss Out! 5 Tax-Saving Options Beyond Section 80C for FY 2023-24

Max out your tax savings! This article explores 5 effective tax-deduction options besides Section 80C for the current financial year (FY) 2023-24. From National Pension Scheme (NPS) to preventive health check-ups, discover ways to reduce your tax burden and invest for a secure future.

Don't Miss Out! 5 Tax-Saving Options Beyond Section 80C for FY 2023-24

While Section 80C remains a popular choice for tax deductions, it's not the only game in town! Let's explore some fantastic alternatives to maximize your tax savings in the current financial year (FY) 2023-24. Remember, the deadline for these investments to claim deductions for FY 2023-24 is March 31, 2024. So, let's dive in and explore these hidden gems!

 

1. Invest in Your Retirement with NPS and Get Additional Tax Benefit:

The National Pension Scheme (NPS) offers a fantastic way to secure your golden years while reaping tax benefits. Under Section 80CCD(1), you can claim a tax deduction of up to Rs. 50,000 on your NPS contributions. This is fantastic because it's in addition to the Rs. 1.5 lakh limit under Section 80C. NPS contributions not only reduce your taxable income but also help build a substantial retirement corpus.

 

2. Prioritize Health with Tax-Deductible Health Insurance Premiums:

Investing in health insurance is crucial, and the good news is, the government incentivizes it with tax benefits! Under Section 80D, you can claim deductions for health insurance premiums paid for yourself, spouse, and dependent children. Here's a breakdown of the deduction limits:

  • Up to Rs. 25,000 for self, spouse, and children
  • Up to Rs. 25,000 for parents below 60 years
  • Up to Rs. 50,000 for senior citizen parents (above 60 years)

 

3. Proactive Healthcare Gets Rewarded with Tax Deductions:

Did you know preventive health check-ups can fetch you tax benefits? Under Section 80D, you can claim a deduction of up to Rs. 5,000 for preventive health check-ups for yourself and your dependents. This amount is included within the overall limit of Rs. 75,000 under Section 80D.

 

4. Earn Interest and Save Tax with Section 80TTA:

Section 80TTA provides a tax deduction of up to Rs. 10,000 on interest income earned from savings accounts held with banks, post offices, or cooperative societies. This is a great way to get some tax relief while still earning some returns on your savings.

 

5. Give Back and Save Tax with Donations under Section 80G:

Contributing to worthy causes not only benefits society but also offers tax advantages. Donations made to certain funds or institutions notified by the government under Section 80G are eligible for tax deductions. These can include donations for:

  • Renovation of government-approved temples, mosques, and churches.
  • Scientific research institutions.
  • Universities or colleges approved by the government.

Remember, the deduction for donations under Section 80G cannot exceed 10% of your adjusted gross total income.

 

Conclusion:

By exploring these alternatives beyond Section 80C, you can significantly reduce your tax burden for FY 2023-24. Remember, the deadline to invest and claim deductions is March 31, 2024. So, don't miss out on these valuable opportunities! Consult a tax advisor for personalized guidance and make the most of your tax-saving options!

 


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