Sunday, August 14, 2022

Income Tax Return: Make these 4 claims while filing the income tax return, otherwise you’ll face a big loss

To Watch This News in Hindi, Click Here – Income Tax Return: इनकम टैक्स रिटर्न फाइल करते समय जरूर करें ये 4 दावे, नहीं तो बड़ा नुकसान

The last date for filing an income tax return is approaching. Income Tax Department says that income tax return or ITR filing can be done by visiting the official website incometax.gov.in. You can save tax by making these 4 claims while filing income tax.

If you have not yet filed your Income Tax Return, file the return immediately. The last date for filing an income tax return is approaching. You can file your income tax return by 31st December. Your income tax return can be filed by visiting the e-filing portal of the Income Tax Department. The Income Tax Department has appealed to the taxpayers to file ITR by accessing the e-filing portal.

Income Tax Department says that income tax return or ITR filing can be done by visiting the official website incometax.gov.in. You can save tax by making these 4 claims while filing income tax.

1. Exemption on house rent without HRA

If you want income tax exemption on the amount given as house rent, then the first condition is to be salaried. Your salary includes House Rate Allowance (HRA), which is tax-exempt up to a certain limit under Section 10(13A) of Income Tax.

2. Deduction on Savings Account Interest

Interest earned on the savings account of a bank, post office, or co-operative society carrying on banking business is added to the total income and taxed at slab rates. Taxpayers can claim deduction up to ₹10,000 on the interest income from savings account under section 80TTA of the IT Act. If the total amount falls below the limit, the entire amount will be tax-free. Note that this deduction is not allowed on the interest income from fixed, recurring, or fixed deposits.

Read More: LIC Policy: LIC’s awesome plan! 17 lakh will be available on investment of Rs 233, tax exemption also

3. Deduction on Medical Bills of Uninsured Parent

Most people are aware of sections 80C and 80D to get tax exemption, but apart from this, there are many sections in the Income Tax Act, with the help of which you can earn income tax. Can get discount. Insurance not only helps in dealing with medical emergencies but also gives tax exemption. However, if your parents are senior citizens who are not covered under the insurance policy but have taken medical treatment during the year, you can still claim a deduction on their medical bills.

Section 80D is for a deduction on medical expenses. Under this, one can save tax on health insurance premiums paid for the health of self, family, and dependent parents. Section 80D deduction limit for a premium paid for self/family is Rs.25 thousand. Senior citizens can claim a deduction of up to Rs 50,000 on the premium paid.

4. Deduction on donation 

There is a provision to get tax benefits on donations and donations made under Section 80G, 80GGA, and 80GGC of the Income Tax Act. Section 80G of the Income Tax Act provides an option to avail tax deduction by making donations or donations to certain relief funds and charitable institutions. Individual income taxpayers, companies, HUFs, and NRIs can also take advantage of this. Donations or donations made to foreign institutions and political parties do not come under its purview. The deduction claim can be up to 100 percent in some cases, up to 50 percent in some, or without limit in some. Donations can be made by cheque/draft or in cash.

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Income Tax Return: Make these 4 claims while filing the income tax return, otherwise you’ll face a big loss

To Watch This News in Hindi, Click Here – Income Tax Return: इनकम टैक्स रिटर्न फाइल करते समय जरूर करें ये 4 दावे, नहीं तो बड़ा नुकसान

The last date for filing an income tax return is approaching. Income Tax Department says that income tax return or ITR filing can be done by visiting the official website incometax.gov.in. You can save tax by making these 4 claims while filing income tax.

If you have not yet filed your Income Tax Return, file the return immediately. The last date for filing an income tax return is approaching. You can file your income tax return by 31st December. Your income tax return can be filed by visiting the e-filing portal of the Income Tax Department. The Income Tax Department has appealed to the taxpayers to file ITR by accessing the e-filing portal.

Income Tax Department says that income tax return or ITR filing can be done by visiting the official website incometax.gov.in. You can save tax by making these 4 claims while filing income tax.

1. Exemption on house rent without HRA

If you want income tax exemption on the amount given as house rent, then the first condition is to be salaried. Your salary includes House Rate Allowance (HRA), which is tax-exempt up to a certain limit under Section 10(13A) of Income Tax.

2. Deduction on Savings Account Interest

Interest earned on the savings account of a bank, post office, or co-operative society carrying on banking business is added to the total income and taxed at slab rates. Taxpayers can claim deduction up to ₹10,000 on the interest income from savings account under section 80TTA of the IT Act. If the total amount falls below the limit, the entire amount will be tax-free. Note that this deduction is not allowed on the interest income from fixed, recurring, or fixed deposits.

Read More: LIC Policy: LIC’s awesome plan! 17 lakh will be available on investment of Rs 233, tax exemption also

3. Deduction on Medical Bills of Uninsured Parent

Most people are aware of sections 80C and 80D to get tax exemption, but apart from this, there are many sections in the Income Tax Act, with the help of which you can earn income tax. Can get discount. Insurance not only helps in dealing with medical emergencies but also gives tax exemption. However, if your parents are senior citizens who are not covered under the insurance policy but have taken medical treatment during the year, you can still claim a deduction on their medical bills.

Section 80D is for a deduction on medical expenses. Under this, one can save tax on health insurance premiums paid for the health of self, family, and dependent parents. Section 80D deduction limit for a premium paid for self/family is Rs.25 thousand. Senior citizens can claim a deduction of up to Rs 50,000 on the premium paid.

4. Deduction on donation 

There is a provision to get tax benefits on donations and donations made under Section 80G, 80GGA, and 80GGC of the Income Tax Act. Section 80G of the Income Tax Act provides an option to avail tax deduction by making donations or donations to certain relief funds and charitable institutions. Individual income taxpayers, companies, HUFs, and NRIs can also take advantage of this. Donations or donations made to foreign institutions and political parties do not come under its purview. The deduction claim can be up to 100 percent in some cases, up to 50 percent in some, or without limit in some. Donations can be made by cheque/draft or in cash.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Most Popular

spot_img

Latest

Income Tax Return: Not everyone is aware of the four main advantages of submitting an ITR, but you will do so right away.

Income Tax Return: The deadline for submitting your Income Tax Return (ITR) is quickly approaching. You are urged to submit your ITR before the...

Income Tax Return: How to choose the right form for filing ITR? Know its ABCD here

Income Tax Return Filing: While filing Income Tax Return, first of all, people are confused about which form they should choose. Experts are telling...

Income Tax Return: Not eligible for Income Tax? Still, you should file a tax return, Know Why?

Income Tax Return: If your income falls below the tax exemption limit, then by law you are not required to file ITR, but by...

Income Tax Return: Although income tax is not worth earning, it is necessary to file a tax return in order to reap the benefits

If your income is below the tax exemption limit, you are not obligated to file an ITR by law, but you will miss out...

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