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The Rs 1.5 lakh investment limit under Section 80C is quickly exhausted. If you want to save more tax, there are a number of deductions available under various sections that help in lowering the taxable income apart from Section 80C. Here's a list of those
The last date to save tax for the financial year 2022-23 is March 31, 2023. With a little more than two months from completing your tax planning exercise, you should get going if you haven’t yet started the tax saving process. There are several deductions available under various sections that help in lowering taxable income. Most of us try to make maximum use of the Section 80C limit by investing in popular schemes such as PPF, ELSS, and NSCs. However, as the upper limit is Rs 1.5 lakh per FY, most taxpayers exhaust this limit and yet need to bring taxes lower.
So, here we list 10 tax-saving options other than Section 80C to help you save some additional tax:
Health Insurance for children, parents or spouse
For tax savings, you can put your money into health insurance and avail of income tax exemption under Section 80. However, it's important to know that you can also save taxes by buying health insurance for children, parents or spouse.