Previous year, due to CORONA Pandemic, many of you might be struggling with financial strains due to pay cuts or job losses and consequently might not have surplus cash to purchase tax-saving investments.
March 31 is the deadline for doing investments for tax-saving concerned with the financial year 2020-21. Till date, many individuals might haven’t made tax-saving investments for the present year. Now they might be planning to do it now as only a couple of days are left. However, it is not planning an apt idea to borrow money for the purpose of saving taxes.
Here is a guide to list some of the expenses that you have incurred can be claimed as expenses and consequently may not need to make any additional investment if and only if you have exhausted Section 80 C 
Get to know about how to save tax under section 80C for some other miscellaneous expenses. Also, find the concerned section 80C based deductions within the article. Read more deduction after these expenses.
Tuition Fees: As per Section 80C, one can claim up to ₹1.5 lakh against tuition fees deduction excluding development and donations fees for up to two children during the current financial year.
Read Also: Tax Benefit on Home Loan Interest & Principle F.Y. 2019-20 (A.Y. 2020-21) 
To understand the key tax benefit on a home loan, we are bifurcating the repayment techniques into four major elements- tax benefits on principal repaid, tax benefits on interest paid. Read more
The fees can be paid to any college, university, school, or any other educational institution situated in India. It is worth mentioning here that this deduction can’t be claimed for fees paid for coaching classes or mess expenses or hostel.
For Instance, if you are paying tuition fees of Rs 50,000 for each of your three children, you can claim a deduction of Rs 1,00,000 under Section 80C.
Repayment of Principal of Home Loan: If you have taken a home loan 
The tax payers can claim income tax benefits on home loan by claiming certain deductions. Know the easy ways to takeaway the benefits as per the Budget. Read more , then you are allowed to claim a deduction of up to ₹1.5 lakh under Section 80 C against the principal that is repaid during the financial year.
However, if you are planning to claim, just keep in mind that you cannot sell the property within 5 years of possession of the same. So if you sell the property within the forthcoming 5 years, then the deduction that has been claimed shall be added back to the income of the year in which the sale is made.
Furthermore, you can also claim stamp duty and registration charges within the limit of Rs 1.5 lakh limit.
“This year, if you have opted for EMI (equated monthly instalment) moratorium, the principal repaid will be less as you didn’t pay any EMI during this period. Therefore, one needs to remember that deduction can be claimed against the actual principal paid and not what was due at the beginning of the year,” said Prakash Hegde, a Bengaluru-based chartered accountant.
Last but not least if you have been paying a premium of life insurance for yourself or your spouse, you can claim a deduction of up to Rs 1.5 lakhs under Section 80C.
