Tax Benefits: People also get many opportunities for tax exemption while filing income tax returns. People also get some relief through tax exemption. In such a situation, people should keep in mind how they can save tax. Let us know about it…
Income Tax Return Benefits: Two tax regimes are used in the country for filing income tax returns. In these tax regimes, one includes the old tax regime and the other includes the new tax regime. Many people also want to avail tax benefits while filing income tax returns. In such a situation, these people get tax benefits under the old tax regime. People should keep in mind how they can avail tax exemption under the old tax regime. Let us know about some benefits through which taxpayers get tax benefits…
80C
You can avail tax benefits under Section 80C of the Income Tax Act. If a person invests in EPF, PPF, ELSS, Life Insurance Premium, Home Loan Payment, Sukanya Samriddhi Yojana, NSC and SCSS, then the taxpayer will get tax benefits under 80C. Under this, people can avail tax benefits of up to Rs 1.5 lakh in the financial year.
80CCD
Under Section 80CCD (1B), people can get exemption up to Rs 50,000. Under this, additional rebate of up to Rs 50,000 can be availed on deposit in NPS account.
80TTA
If there is income from interest on savings accounts of banks, co-operative societies and post-offices, then a maximum exemption of Rs 10,000 can be availed individually or on behalf of HUF under Section 80TTA.
80D
Under Section 80D, people can get rebate on health insurance premium. Health insurance premium should be for yourself or your dependent parents.
80G
If you have donated somewhere, you can avail tax benefits under section 80G. However, it should be kept in mind that tax benefits can be availed under this section if donations are made to valid trusts and charities.
