Look beyond Section 80C: Have you missed out on any of these tax breaks?

Most of us are aware of the concept of deductions from gross total income available to a taxpayer. One can claim deductions from one's gross total income by investing in avenues specified by the government. These deductions are available under different sections of the Income Tax Act, 1961. The most popular deduction is under Section 80C, but there are other deductions also which may be available to you but you might miss out on them due to lack of knowledge. 

Also Read: 14 investments you can claim as tax break under Section 80C 

Here's a list of deductions that you can claim under different sections of Income Tax Act. Make the most of it and reduce your taxable income to the maximum possible. 

Section 80D: Payment of medical insurance premium 
A mediclaim policy is a must nowadays because if you or your family fall sick or, meet with an accident, your medical bills could wipe out your savings. The amount paid as medical insurance premium (mediclaim) is eligible for deduction under this section. One can take the policy in his or spouse's name, dependent parents and children. If you are a Hindu Undivided Family (HUF), then the policy can be taken in the name of any family member. 

To claim deduction, you have to first pay the premium by any mode other than cash. Also, the insurer should be approved by either the central government, or the Insurance Regulatory and Development Authority of India (IRDAI). 

The maximum deduction amount that can be claimed under this section by an individual or HUF is Rs 60000, but there are many sub-limits that one has to take care of. 

An individual can avail a maximum deduction of Rs 25000 for the premium paid for himself, spouse or dependent children. He can get an additional deduction of Rs 25000 for the premium paid for his parents. If the person in whose name the policy has been taken is a senior citizen ( 60 years or more), then the limit of Rs 25000 in each case would be increased to Rs 30000. 

As an HUF, you can get a maximum deduction of Rs 25000 for the premium paid for any member. If the insured person is a senior citizen then the above maximum limit of Rs 25000 will be increased to Rs 30000. One can claim a maximum deduction of Rs 5000 for preventive health check-up and the same can be paid in cash too.