Save Tax Beyond Section 80C

By: DoYouKnow.IN | Views: 1055 | Date: 12-Dec-2012

You can save tax beyond 80C under section 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGC, 80U, 80 CCF etc.

Save Tax

Section    Quick Description and DeductionLimit
80DPremium Paid on Medical InsuranceMaximum upto Rs.15000 or Rs.20000  in case of Senior Citizen
80DD Maintainance including Medical Treatment of a Handicappped Dependent  who is a person with disabilityRs.50000 irrespective of the amount 
80DDBExpenditure Incurred in respect of
 Medical Treatment
Actual Incurred with a ceiling of upto Rs.40000 or
 Rs.60000 in case senior Citizen whichever is lower
80ERepayment of loan taken for pursuing
 higher education
Maximum deduction for interest paid for a maximum 
of 8 years ot till such interest paid which ever is earlier
80GDonations of certain funds and charitable InstitutionsMaximum deduction allowed can be 50% or 100% 
of the donation subject to the stated limits as provided under this section
80GGRent paid in respect of property occupied for 
residential use
Maximum deduction allowed is least of the following: Rs.2000 per month; 
25% of total income;excess of rent paid over 10% of total income
80GGCContribution made to any political parties or
 electoral trust
Amount donated to Political parties is full exempt
80UPerson suffering from Specific disabilityRs.50000 irrespective of the amount incurred or deposited.
However incase of disability of more than 80% higher deduction of Flat Rs.100000 is allowed
80CCFInvestment in long term infrastructure fundsMaximum Deduction allowed is Rs.20000

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