ITR filing last date extended from July 31, 2025, for FY 2024-25 (AY 2025-26)
Most Important Tax Saving Options
TAX SAVING OPTIONS
Under the Indian Income Tax Act, there are various Tax Saving Options and deductions available to taxpayers under Section 80C to Section 80U. These deductions help taxpayers reduce their taxable income, thereby reducing their tax liability.
| Sno | Video Links |
|---|---|
| 1 | Special Tax Savings | Section 80 C | Special Provisions of section 80C | How to Save Tax | Tax ITR |
Donation to Charitable Trust - Section 80G
1. Applicable: All Persons.
2. Deduction: 50% of Donated Amount.
3. Max. Deduction: No Limit.
4. Donation Limit: 10% of Adjusted Gross Total Income.
Donation to Political Party - Section 80GGA
1. Applicable: All Persons.
2. Deduction: 100% of Donated Amount.
3. Max. Deduction: No Limit.
4. Donation Amount: Infinite.
Interest On Home Loan - Section 80EEA
1. Applicable: All Individual Persons.
2. Deduction: Actual Interest Due.
3. Max. Deduction: INR 1,50,000/-.
Medical Insurance Premium - Section 80D
SELF - NON SENIOR CITIZEN
1. Applicable: All Individual Persons.
2. Deduction: Actual Medical Insurance Premium Paid.
3. Max. Deduction: INR 25,000/- p.a.
SELF - SENIOR CITIZEN
1. Deduction: Actual Medical Insurance Premium Paid.
2. Max. Deduction: INR 50,000/- p.a. PARENTS - SENIOR CITIZEN
1. Deduction: Max. INR 50,000/- p.a.
NOTE
a) If Self and Parents Both are senior Citizens, Than max. Rs. 1 lac Income Tax Deduction can be Claim for maximum tax savings.
b) Insurance Premium Payments must go through Banking Channel.
Watch Detail Video
Interest on Saving Bank - Section 80TTA
1. Applicable for Non Senior Citizens.
2. Available for all Individual and HUF.
3. Max. Rs. 10,000/- Deduction can be claim.
4. Saving Interest must be from Bank, Post office.
Interest on Fixed Deposit and Saving Bank - Section 80TTB
1. Applicable for ONLY Senior Citizens.
2. Available for all Individuals.
3. Max. Rs. 50,000/- Deduction can be claim.
4. FD and Saving Interest must be from Bank, Post office.
House Rent Allowance - Section 10(13A)
Can Save a Substantial Amount
Standard Deductions - Section 16 ii
INR 50,000/- Allowed in Both Tax Regimes
Various Investments - Section 80 C
1. Applicable: All Individual and HUF.
2. Deduction: Actual Investment PAID.
3. Max. Deduction: INR 1,50,000/- p.a.
