InvestorQ : What are the other deductions that can be claimed other than section 80C?
Anusha Savla made post

What are the other deductions that can be claimed other than section 80C?

Answer
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Anisha Awate answered.
1 year ago


If you think that deduction under the Income Tax Act is limited to section 80C, then probably you have some wrong idea about the Act. There are several other sections under which deduction can be claimed such as:
Section 80D: Any premium that is paid for medical insurance towards securing your or your family members’ health is eligible for tax deductions under Section 80D of the Income Tax Act.
Section 80G: If you prepare yourself for charitable donations, the GOI allows you to benefit from tax deductions under Section 80G of the Income Tax Act. The deduction can be claimed by the stamped receipt from the organization as proof of your donation.
Section 80GG: For employees who are salaried and live in a rented house but do not receive HRA can claim deduction under Section 80 GG.
Section 80CCD(1B): If you choose to invest in the National Pension System (NPS) launched by the Government of India (GOI) in 2009, you become eligible for additional tax deduction under sub-section 80 CCD(1B) for investment up to Rs 50,000. This is over and above the deduction of Rs1.5 lakh already available under Section 80C of the Income Tax Act.
Section 80TTA: Under this section interest received from saving banks is also eligible for deduction up to Rs.10,000. As per latest union budget announced the limit has been increased to Rs 30,000/-.
Deduction is not just limited to abovementioned sections, there are several other deductions which can be claimed by the assessee.