Income Tax Payers Big News: Taxpayers get 19 formulas to save tax in just one section, where have you invested?

ITR Latest Update: The last date for filing ITR is now very close. ITR for the year 2022-23 under review can be filed up to July 31 without any additional charges. In such a situation, salaried citizens are adopting various tactics for tax exemption. Under the Income Tax Act, many provisions have been made to give tax exemption to the income tax payers. Today we will talk about one such article.

There are several sub-sections under section 80 falling under Chapter 6A of the Income Tax Act, on the basis of which general tax exemption can be claimed. Let us know about these parts in detail and see how you can save tax through them.

  • Section 80C- You can claim tax exemption under this on life insurance premium, PF contribution, investment in certain equity shares and debentures, etc. In this you can get a discount of up to 1.5 lakh rupees.
  • 80CCC- You can take tax exemption on investment in certain pension funds under this.
  • 80CCD(1)- Tax exemption on investment in Central Pension Scheme. Let us tell you that under section 80C, 80CCC and 80CCD(1), a total tax exemption of up to Rs 1.5 lakh can be claimed.
  • 80CCD (1B) – Rebate up to Rs.50,000 on investment in National Pension Scheme.
  • 80CCD(2) – Exemption in respect of pension scheme of the Central Government. If the Center has invested in it as an employer, then the contribution of 14 percent will get tax exemption. At the same time, if the employer is someone else, then the exemption will be available on the contribution of 10 percent.
  • 80D – Rebate on health insurance premium up to Rs.25,000. For senior citizens it is up to Rs 50,000. The total exemption under this section can be up to Rs 1 lakh.
  • 80DD- Tax exemption on expenditure incurred on medical treatment of a dependent (Divyang). There can be a discount of up to Rs 75,000 in this.
  • 80DDB- Tax exemption on the amount spent on treatment done by a specialist doctor. This discount will be available on expenditure up to Rs 40,000.
  • 80E- Tax exemption on loan taken for higher education. It has no upper limit.
  • 80EE- Tax exemption on interest up to Rs.50,000 for residential house property.
  • 80EEA- Tax exemption on interest up to 1.5 lakh on home loan.
  • 80EEB- Tax exemption on interest up to Rs.1,50,000 on loan taken for purchase of EV.
  • 80G- Tax exemption on donations to certain funds and charitable institutions. Sometimes this discount is also available on the total amount of donation. Usually this discount is given on 50 percent of the donation amount.
  • 80GG- Tax exemption on paying house rent by non-salaried people. In this, a deduction of Rs 5,000 per month or 25% of the total annual salary, whichever is less, is available.
  • 80GGA – No tax is levied on donations made for some scientific research and rural development.
  • 80 GGC – Full exemption for donating to any national party. However, this donation does not have to be cash.
  • 80TTA- Tax exemption on interest up to Rs 10,000 earned on savings account.
  • 80TTB- Tax exemption on interest up to Rs.50,000 on deposits made by senior citizens.
  • 80U – Tax exemption for the differently-abled. This exemption depends on the category of disability. In this, a maximum exemption of up to Rs 1.25 lakh can be claimed.