ITR filing FY 2021-22 deadline ends in 5 days

The income tax return (ITR) filing deadline for FY 2021-2022 (AY 2022-23) is only five days away. If you have not yet filed your ITR return, you must do so by the deadline, which is July 31. ITR filing is an annual financial task that requires a bit of foresight if you want to save money on filing returns.

The total amount of deduction allowed under Sections 80C, 80CCC, and 80CCD (1) is limited to Rs 1.5 lakh. However, there are ten other options that, when used correctly, can help you save taxes. The most commonly used tax-saving section is 80C.

These other sections will open the door to additional tax-saving exemptions.

Check out these 10 ways to save income tax other than Section 80C:

1. 80D

Section 80D allows you to claim benefits for health insurance premiums. Self-insurance, spouse, and dependent children can all be deducted up to Rs 25,000. Parents under the age of 60 are eligible for an additional deduction of Rs 25,000. Furthermore, you can claim up to Rs 1 lakh for yourself and your parents who are over the age of 60.

2. 80DD

Section 80DD allows you to claim benefits for Expenses on a Disabled Dependent. You can claim a fixed deduction of Rs 75,000 for disabilities up to 80%, and a fixed deduction of Rs 1.25 lakh for severe disabilities.

3. 80E

Section 80E allows you to claim benefits for education loan interest payments. Deduction for loan interest on higher education loans is permitted, with no upper limit.

4.80EE

You can claim benefits under Home loan interest payment for first-time home-owners under section 80EE. This option is only available to individual taxpayers and not to HUFs, AOPs, or corporations. Section 24 of the Income Tax Act allows you to claim a deduction of up to Rs 50,000 in excess of the Rs 2 lakh limit.

5. 80G

Donations to approved charitable institutes can be claimed under section 80G. Donations to certain specified social organisations, such as the National Defence Fund, Prime Minister’s National Relief Fund, and National Children’s Fund, can be deducted up to 50% or 100%.

6. 80GG

Rent paid by employees who do not have HRA can be claimed under section 80GG. It must be less than –25% of total income or Rs 5000 per month, or it must exceed 10% of total income.

7. 80TTA

Savings account interest can be claimed under section 80TTA. If you have an account with a bank, post office, or co-operative society, you can claim a maximum deduction of Rs 10,000.

8. 80U

Handicapped taxpayers can claim a deduction under Section 80U. The fixed amount is Rs 75,000, while the fixed amount for severe disabilities is Rs 1.25 lakh.

9. 80DDB

Section 80DDB allows you to claim benefits for the treatment of specific illnesses. You can claim a deduction of up to Rs 40,000 if you are under the age of 60, and a deduction of up to Rs 1 lakh if you are over the age of 60.

10. Both 80GGB and 80GGC

Companies and individuals can claim deductions for contributions made to a political party under this section.