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Tax Saving Options In India Other Than Section 80C and 80D

Sections 80C and 80D are the most common sections under which people can save taxes*, but there are caps on deductions. So, there are other tax-saving options that people can utilise to maximise tax savings.

Tax* saving is an essential element of a financial plan. It helps you maximise your savings and utilise the money for other important financial goals in life. Under the Income Tax Act, Sections 80C and 80D are the most popular sections under which people avail tax deductions and tax savings. But, the amount that can be claimed under these sections is capped at a certain limit.
 

Under the provisions of the Income Tax Act, there are other sections and tax-saving methods that you can utilise to save on taxes. Section 80C investments that can help you get tax deductions include life insurance, ELSS, PPF, etc., but these are capped at ₹1.5 lakhs. 80D investment options include health insurance plans and that amount is also capped.
 

Read on to find out tax-saving options other than 80C and 80D in India.

Tax Saving Schemes Other Than 80C and 80D

There are many tax-saving investments other than 80C and 80D. Here is an exhaustive list that may help you save on taxes in India:
 

  • Section 80DD

    This is another section under which tax deduction can be claimed by the family of a handicapped individual. The deduction applies to HUFs and individuals on the amount that has been spent to rehabilitate a handicapped person. 
     

    This deduction applies to:
     

    • Medical costs include nursing, rehabilitation, and training of a relative who is handicapped.

    • The amount that has been paid to a specified scheme for taking care of the handicapped individual.
       

    The deductions that are applicable under this section are also capped up to a certain limit. These are:

    • In the case of 70% to 80% disability - ₹75,000

    • In the case of more than 80% disability - ₹1.25 lakhs
       

    Furthermore, to claim this deduction you require a certificate of disability from the concerned medical authority. 

  • Section 80DDB

    Under this section, you can claim a deduction on medical expenditure on yourself or a dependent family member under certain conditions:
     

    • HUF or an individual can claim a deduction of up to ₹40,000 for the amount spent on the treatment of a certain medical condition.

    • There is a deduction limit of ₹1 lakh for expenses borne on the treatment of a senior citizen.

    • Medical costs claimed from an employer or an insurance policy are reduced prior to the application of these deductions.

    • To make a claim, you need a valid prescription from a medical practitioner.

  • Section 80TTA

    One of the sections for tax deductions other than 80C is Section 80TTA. You can claim up to ₹10,000 as a deduction on the interest that you have earned by maintaining a savings account with a post office, cooperative, or bank. 

  • Section 80GG

    If there is no HRA (House Rent Allowance) provided by your employer, you can claim a deduction on the house rent under specific conditions. 
     

    The maximum tax deduction that you can claim has to be the lesser of:

    • ₹5000 per month

    • 10% of the adjusted GTA (Gross Total Income) subtracted from the rent

    • 25% of your adjusted TI (Total Income)

  • Section 80E

    You can also claim a tax deduction if you have availed of a study loan for yourself, your child, legal ward, or spouse. The deduction can be claimed till:
     

    • Either 8 years from the year in which the repayment of the loan began;

    • Or, until you have paid off the entire interest amount.

  • Section 80U

    If you suffer from any physical disability, you can claim a deduction up to a maximum of ₹75,000 and if you suffer from severe physical disabilities, the amount that you can claim is up to ₹1.25 lakhs. 
     

    Note that Section 80U is different from Section 80DD as under Section 80U, a handicapped person can claim a tax deduction for themselves, while under Section 80DD, their family can avail of tax deductions.

  • Section 80G

    Under Section 80G, you can claim deductions for donating money to social causes. The amount of deduction can range from 50% to 100%, depending on the institution where you have donated the money. This list includes charities like the National Children’s Fund, PM National Relief Fund, etc.



  • Section 80GGB

    If any Indian company donates money to an electoral trust or a political party, the amount is eligible for a 100% deduction. But, to be eligible for this deduction, cash is not acceptable and some other mode of payment has to be chosen.

  • Section 80GGC

    If any individual donates money to an electoral trust or a political party, the amount is eligible for a 100% deduction. But, to be eligible for this deduction cash is not acceptable and some other mode of payment has to be chosen.

  • Section 80TTB

    If you are a senior citizen, you can claim up to ₹40,000 as a deduction on the interest that you have earned by maintaining a savings account with a post office, cooperative, or bank. 

  • Section 80RRB

    If you are a patentee, you can claim a deduction up to a maximum of ₹3 lakhs on the income that you earn on any patent that you have registered under the Indian Patents Act 1907, on or after 1st April 2003.

Conclusion

These are some of the tax-saving methods that you can use. You can also get tax deductions on tax-saving investments other than 80C. It is always advisable that you read all the sections carefully so that you understand whether you are eligible for tax benefits other than 80C. 
 

Apart from the sections mentioned above, there might be other sections other than section 80C and section 80D under which you can save your taxes and utilise your hard-earned money in other ways. It is advisable to consult a tax expert to fully understand the latest tax saving options available to you.

Want to Keep More of Your Hard-Earned Money? Speak to out expert

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Frequently Asked Questions (FAQs)

What are the sections other than 80C and 80D under which I can save taxes?

You can save taxes under Sections 80DD, 80DDB, 80TTA, 80TTB, 80RRB, 80GC, 80GGB, etc., depending on the applicable terms and conditions.

Can I save tax under Section 80EE?

Yes, under Section 80EE, you can get a tax deduction on the interest that you pay on your home loan. The maximum amount that you can claim as a deduction is 50,000.

What is the capped amount that can be claimed as a deduction under Section 80C?

The maximum amount that you can claim as deductions under 80C is 1.5 lakhs. This includes all the investments that you make under this section.

What are the investments eligible for tax deduction under Section 80C?

The investments that are eligible include PPF, ELSS, 5-year tax-saving FDs, life insurance plans, etc.

Disclaimers

  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  • Tax: *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.