Tax season saal sabko thoda pareshan karne wala hota hai, but if aapko apne tax deductions ke baare mein achhi tarah se pata ho, then aap apna taxable income kam kar sakte hain aur apne return ko maximize kar sakte ho. India mein income tax laws mein kai deductions hain jo log aksar miss kar dete hain. Aaj hum aapko kuch aise important deductions ke baare mein batayenge jo aapke liye faidemand ho sakte hain.
1. Section 80C: Investment or Insurance for Deduction
Section 80C is a highly sought-after deduction, but not many utilize it. Through this section, you can claim a deduction of up to ₹1.5 lakh within a year, some of the most sought-after ones you can claim are:
Life insurance premiums: Agar aapne apne ya apne family members naam par life insurance policy li huyi hai, then uska premium aap 80C ke under deduct kar sakte hain.
Public Provident Fund (PPF): If you have invested in PPF, then its value is also tax deductible.
Employee Provident Fund (EPF): Jo contribution aapke EPF mein hoti hai, usi ko bhi aap claim kar sakte hain.
Home loan principal repayment: If you are availing home loan and purchasing your home, then home loan principal amount can be availed under 80C as well.
Tax-saving Fixed Deposits: If you are investing in a 5-year fixed deposit, then its value also qualifies under 80C.
When you utilize the full advantage of ₹1.5 lakh, then if you are in the 30% tax bracket, then you can save ₹46,800 in tax!
2. Section 80D: Premiums on Health Insurance
Health insurance ki premiums bhi deductible hoti hain under Section 80D. Agar aap aur aapke parivar ke log (wife, children) kuchh health insurance ke payee hain, to:
₹25,000 max aap can claim if aapki age 60 years se kam hai.
₹50,000 or above claim can be submitted if the age of you and your family members is 60 years or above (senior citizens).
If your parents are senior citizens, then you can also take deduction of ₹50,000 for them. In this way, you can take deduction of ₹1 lakh.
3. Section 80E: Educational Loan Par Interest
If you’ve borrowed loan for your or your children’s education, then you can even get the interest of that loan deducted. According to Section 80E, your entire interest that you pay as loan is allowable, and it is not for a maximum deduction. The facility of deduction is available for 8 years.
4. Section 24(b): Interest on Home Loan
If you have availed home loan to buy your home, then under Section 24(b) you can even deduct home loan interest. If you own a self-occupied house, then you can deduct up to a limit of ₹2 lakh of interest. If the house is rented out, then you can deduct the amount of interest in full.
5. Section 80G: Charitable Donations
If you are giving some contribution to some welfare association, then even that gets tax relief. As per Section 80G, whatever you are giving in donation, you can claim that as tax-exempt. There are some institutions which are tax-exempt with 100%, like PM CARES Fund, National Defence Fund, etc., and some institutions are tax-exempt with 50%.
6. Section 10(14) – House Rent Allowance (HRA)
If you are a tenant and you are being provided HRA, then you can claim deduction on your rent. HRA deduction is a bit complicated to calculate, but essentially it is the rent paid on which you are receiving deduction.
Calculations establish karte waqt, here these three factors are viewed:
Rent paid less than 10% of salary
50% of salary (if you are in a metro city) or 40% (if you are in a non-metro city)
HRA indeed received
7. Section 80TTA: Savings Account Interest
If interest is in your savings account, then tax is deducted on that interest, but under Section 80TTA you can claim deduction up to ₹10,000. This deduction can be claimed by individuals who are less than 60 years of age.
8. Section 80GGC: Donations to Political Parties
If you are making any donation to any political party, then tax benefit of its donation also accompanies you. Any amount under Section 80GGC can be donated by cheque or draft on which you won’t have to pay tax. But donation has to be made to registered parties only.
9. Long-Term Capital Gains (LTCG) Tax on Equity
If you have owned your equity shares or mutual funds for long-term (over 1 year) and have sold them, then they are liable to be taxed as capital gains. However, if you invest under Section 54EC, like REC (Rural Electrification Corporation) or NHAI bonds, then you can minimize LTCG tax.
10. Senior Citizen Tax Relief
Senior citizens ki pass mein kuch aur facilities hoti hain, jaise:
Higher exemption limit: Senior citizens for exemption limit is ₹3 lakh (and for super-senior citizens is ₹5 lakh).
80D Section: Ab health insurance prem ka deduction up to ₹50,000 hoga.
Conclusion: Apna Tax Return Maximize Karein
If you want to know about all these deductions in a good way, then you can reduce your taxable income and earn more tax refund. Planning is needed a lot in tax saving, and if you think that you are missing out on some good deductions, then you can consult a tax professional.
For you, it is all about tracking your spending and investments so that you can take advantage of your qualified deductions and enjoy your maximum tax refund! the latest notifications and instructions from the Income Tax Department. By following the prescribed procedures and maintaining accurate records, taxpayers like Rahul can successfully receive their income tax refunds, even if they exceed ₹50,000.
Remember, this blog post is for informational purposes only and should not be considered as legal or financial advice. For specific guidance regarding your income tax refund, it is recommended to consult a qualified tax professional like Legal Dalal or refer to the official resources provided by the Income Tax Department.
Disclaimer: The example and procedures mentioned in this blog post are fictional and intended for illustrative purposes only. Any resemblance to real persons or situations is purely coincidental.
