ITR Filing: People often make some mistakes in haste while filing their income tax returns. One such mistake is forgetting to claim a deduction. However, if you want this deduction, you will have to invest in it before 31st March. Keep in mind that if you forget to take these deductions in a financial year, you cannot take them the next year. Let us know which deductions you should not forget to take.
1- PPF deduction under 80C
Under the Income Tax Act, you can take a deduction of up to Rs 1.5 lakh in a year under 80C. You can also take this deduction by investing in Public Provident Fund i.e. PPF. The best thing about this is that there is no tax (exempt-exempt-exempt) on the investment made in it, the interest received on it and the money received on maturity. However, its benefit will be available only in the old tax system.
2- Deduction claim under EPF
You must not forget to claim deduction under 80C on the investment you have made in the Employees Provident Fund (EPF). Under this, it is necessary for every employee to invest 12 percent of his basic salary in EPF. Let us tell you that in this, you can also make additional investment up to a fixed limit as per your wish, which is called Voluntary Provident Fund (VPF). You can also take advantage of this only if you have chosen the old tax system.
3- Investment made under ELSS
If you have invested under Equity-linked savings schemes (ELSS), then you also get deduction on it under 80C. It is also necessary to claim this while filing ITR. If you forget to claim it, you will not be able to claim it next year and will not be able to get tax exemption. You will get the benefit of this only when you file income tax return under the old tax system.
4- Deduction of health insurance premium
Many people take health insurance, but while filing ITR, they often forget to take its deduction. This deduction is available under 80D. In this, people up to 60 years of age can claim a deduction of up to Rs 25,000. You get tax exemption on the premium you have paid for insurance. People who are above 60 years of age get tax exemption up to Rs 50,000. At the same time, you also get tax exemption on preventive checkup up to Rs 5000. If you have chosen the new tax system, then you will not be able to take advantage of it, but you will get its deduction in the old system.
5- Deduction of investment made under NPS
The tax exemption that any employee gets on NPS is available under 80CCD. There are two sub-sections in this too – 80CCD(1) and 80CCD(2). Another sub-section of 80CCD(1) is 80CCD(1B). In this, you get a rebate of Rs 1.5 lakh under 80CCD(1) and Rs 50,000 under 80CCD(1B), but under 80CCD(2) you will get rebate on the investment made by the employer in your NPS. Let us tell you that under all these three sections, tax rebate is available in the old tax system. Even if you have chosen the new tax system, you will get tax rebate on the investment made by the employer in your NPS under 80CCD(2).
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