Need to know if I can utilise any other part apart from 80C, HRA, medical insurance

You can still have exemption to claim under

- 80D Preventive Medical Expenses

- 80D Expenses for the Dependent seionr citizen for whom mediclaim can not taken

- 80E Education loan if any

- 80G Donations

- 80GGB Donation to political party

- 80C - NPS Additional Rs. 50,000/-

- Standard Deduction on Salary of Rs. 50,000/- from 01.04.2020

Plus other deduction can be claimed and planned based on your source of income and its breakup

Hi,

Hope you are doing well !!

Broadly/Practically, there are following Income tax sections under which we can claim the tax exemptions - 

80C-Section 80C comprises of various investments and expenses that are eligible for tax deductions. A taxpayer can claim maximum tax deductions of Rs 1.5 lakh for a particular financial year (FY) from his/her taxable income through investments made by him/her under section 80C of the Income Tax Act, 1961.

 1. NPS

2. PPF

3. LIC

4. ELSS

5. Term deposits

etc.

It is advisable to claim maximum tax deductions of Rs 1.5 lakh by investment specified u/s 80C. 

80CCD-To encourage the investors to invest for retirement in Nation Pension Scheme, the government allowed addition tax deduction of Rs 50,000 under section 80CCDD.

It is over and above Rs. 1.5 lakh limit.

80D-Deduction for the premium paid for Medical Insurance up to Rs. 50000 subject to conditions.

80G-The various donations specified in u/s 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in section 80G.

Thanks & Regards,

Payal Chhajed

There is NPS in which you can invest 50000 and save additional 15000 tax u/s 80CCD

Other than this there is no additional tax saving investment.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement

Thank you

Hello,

Other than mentioned by you, NPS deduction u/s. 80C, Medical Expenditure(through banking channel) u/s. 80D, Preventive Health Checkup (allowed in cash) u/s. 80D, Donations, Education Loan, etc.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Hi,

You can deposit 50k in Nps and get deduction which is over and above 80C deduction of 1.5 lac.

Further, you can also claim 80G deduction if you have given any donation for the purpose of COVID 19 or any other eligible donation

- You can invest additionally 50K in NPS u/s 80CCD (1B), donation u/s 80G. 

- From next year onwards, you can check which option is better i.e. new or old tax regime.

Hii 

you can use following if not already availed 

1 NPS 

2 interest on education loan (on your education or child education if looking for this )
3 donation under sec 80G 

4 helper allowance if your employer agree