Section 80C of Income Tax Act allows tax payers to claim deductions from their taxable income (up to Rs 1 Lakh) by investing in certain instruments. However, many tax payers are not aware that, there are other sections of the Income Tax Act that allows tax payers to claim further deductions from their taxable income, beyond the 80C limit of Rs 1 lakh. In this article, we will discuss ways to save taxes beyond the Rs 1 lakh of Section 80C.
However in order to avail of this benefit, the tax payer should satisfy three conditions:-
Conclusion
In this article, we have discussed various tax-saving opportunities beyond the 80C limit of Rs 1 lakh. You should ensure that you understand the different provisions of tax saving in the Income Tax Act, and see if these provisions apply to you. If the Government announces new tax benefits in the upcoming Budget, you should go through them carefully, so that you can maximize your tax savings. Maximising tax savings puts more cash in our hands that we can use to invest in our future. However, we should be careful in interpreting the various provisions under the different sections of the Income Tax Act and in case of any confusion consult a chartered accountant or tax consultant.
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