New Delhi. If you have not yet filed your Income Tax Return, file the return immediately. The last date for filing income tax return is approaching. You can file your income tax return till 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 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 interest income from savings account under section 80TTA of the I-T Act. If the total amount falls below the limit, the entire amount will be tax-free. Note that this deduction is not allowed on interest income from fixed, recurring or fixed deposits.
3. Deduction on Medical Bills of the Uninsured Parent
Most people are aware of section 80C and 80D to get tax exemption, but apart from this, there are many such sections in the Income Tax Act, with the help of which you can get income tax exemption. 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 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 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 Donations
There is a provision to get tax benefits on donations and donations made under sections 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 tax payers, 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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