Some More Income Tax Deduction Available While Filing IT Return

Income tax deductions assist the persons to lessen their taxable income and lastly diminish their tax liability towards the mentioned financial year. Put simply, tax deductions are investments made during an FY that is offset against the gross annual income when filing ITR via online or offline method as described by the CBDT department.

The effective examples of the income tax deductions consist of the investments furnished beneath Section 80 of the Income Tax Act, 1961, in ELSS funds, principal repayment of home loan, National Pension Scheme (NPS), Public Provident Fund (PPF), and others.

Medical Check-ups for Self, Spouse or Parents, Dependent Children

One can claim Rs 5000 upon the preventive check-up for self, dependent children, spouse, or parents below 60 years of age under income tax section 80D. Concerning parents 60 years or above, Rs. 7,000 can be availed.

Medical Expenses for Parents

If your parent’s age is 60 years or exceeding must not come beneath the medical insurance scheme you can avail of the deduction upon the money furnished upon their medical bills. 

Section 80D permits the deduction towards the money spent upon maintaining your health and health insurance and suppose that effective importance for your tax planning and personal finance. The deduction could be availed by the individual and Hindu undivided family through the taxable income beneath section 80D. An individual can avail of the deduction towards the health insurance premium and expense incurred towards preventive health checkup for self, spouse, dependent children and parents. It can be subjected to the situations provided under section 80D of the income tax act 1961.

Beneath section 80D the deduction will not avail if the payment towards the health insurance premium is executed through cash. The payment towards the medical expense could be furnished through cash if the payment is furnished upon the ground of the working children, siblings, grandparents, or any other relative and group health insurance premium built through the firm upon the grounds of the employee.

Deduction Under Income Tax Section 80C

From the end of the assessee, section 80C under income tax is called a popular section because it permits to lessen the income liable for the tax through making tax-saving investments or incurring the entitled expenses. It permits the highest deduction of Rs 1.5 lakh every year via income of the assessee totalled for the specific year. 

The advantages towards this deduction shall be claimed through the people and HUFs. companies, partnership firms, LLPs will not claim the advantage of this deduction. Section 80C under income tax act 1961 concedes a deduction for the investment under EPF, PPF, principal amount payment for a home loan, LIC premium, stamp duty and registration charges for the purchase of property, National saving certificate (NSC), Sukanya Smriddhi Yojana, Senior citizen savings scheme (SCSS), ULIP, tax saving FD for 5 years and much more.