18 Post-Budget Tips to Save Your Taxes

9. Section 80U

For most number of people having a disability could be a major setback. But income tax Act has introduced section 80U for people who are suffering from disability.

This is very much like Section 80DD which we discussed earlier. But what makes Section 80U different from Section 80DD is that, the benefits could only be claimed by the assessee himself who is suffering from a disability.

If it is a normal disability the deduction limit is Rs.50, 000 and if the disability is severe the tax deduction limit is Rs.75, 000.

Here are some of the disabilities that come under this section: 

a) Blindness
b) Low vision
C) Leprosy-cured
d) Hearing impairment
e) Locomotor disability
f) Mental retardation

10. Section 24(1) (VI)

This section is meant for tax deduction on home loans interests. Having a home loan is the most convenient way to cut down on tax payments.

If you are taking a home loan property worth up to Rs.25 lakh, you will get a tax deduction of Rs.1 lakh.

11. Superannuation

Superannuation is a retirement plan that is laid down by your company to help you save money for your retirement. The best thing about Superannuation is that, you can touch that money till you get 55 years old which will help your money grow every year so that you don’t have to worry once you are retired.

Whichever contributions the company makes to superannuation fund up to Rs 1, 00,000 is tax free in the hands of their employee.

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