Income Tax: 10 ways to save taxes other than Section 80C

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₹1.5 lakh deduction under Section 80C is prominently advertised and straightforward, causing many to assume it’s the sole option available. The complexity of tax laws often complicates the process for many individuals. The intricacies of the Income Tax Act can be challenging to navigate, and understanding its various sections and deductions can be intimidating for some.

Additionally, many people perceive tax filing as a mandatory task rather than a chance to save money. Nevertheless, by being aware of numerous other tax-saving opportunities available, taxpayers can further minimise the taxes they owe. Below is a list of 10 methods to help you save on taxes besides Section 80C.

You can invest up to ₹1.5 lakh in the National Pension Scheme (NPS) and avail a deduction for this amount from your taxable income under Section 80C. This benefit applies to all, irrespective of your tax bracket. Additionally, this section offers an additional deduction of up to ₹50,000 exclusively for NPS contributions.

This is an excellent advantage, particularly for individuals in higher tax brackets. Section 80D offers a significant tax advantage to encourage health insurance coverage in India. For those unfamiliar, Section 80D of the Income Tax Act permits taxpayers to subtract a portion of the health insurance premiums they pay from their taxable income.

This deduction applies to premiums paid for health insurance covering oneself, spouse, dependent children, and parents. The deduction limit is determined by your age: Additionally, there is an extra deduction of ₹5,000 for preventive health check-ups. It’s crucial to verify your specific health insurance policy document to ensure that the premiums are eligible for deduction under Section 80D,