How to Save Taxes Beyond Section 80C

The new financial year is just around the corner and it is time to think about tax planning. If you have opted for the old tax regime, you can reduce your taxable income by investing in certain avenues. 

This includes the popular provision of the Income Tax Act, 1961 which is Section 80C. You can save up to Rs. 1,50,000 by investing in options such as ELSS, PPF, Insurance policies, etc.

However, to be a clever tax-saver, it is time to look beyond just Section 80C.

Here are 15 options to help you reduce the amount of tax you’ll pay in 2023-24!

Save on Tax Beyond Sec 80C

Things to Keep in Mind

      • The above provisions are applicable only if you choose the old tax regime. The new tax regime does not allow these deductions.
      • While all of these provisions are available for most individual tax-payers, there are certain restrictions associated with them.
      • You do not have to opt for all of these rebates. Select the options that are feasible for your lifestyle and budget.

In Conclusion

Reducing your taxable income will have a significant impact on your finances. The good news is that there are many avenues available for this purpose. While most of us only rely on Sec 80C, there are so many more options that you should take advantage of.