North India Statesman
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The time has come to file income tax returns (ITR). If you have chosen the old tax regime to save tax this year too, then this news is very important for you. The benefit of the old system is only when you use all the tax exemption available in it. If you forget to claim some special deductions, then you may have to pay more tax.
Let’s know about the 5 important tax deals that you should not forget at all:
1. Section 80C (biggest discount on investment and expenditure)
This is the most popular section to save tax. Under this, you on your investment and some important expenses ₹ 1.5 Lakh Can get discounts up to. This includes:
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Public Provident Fund (PPF)
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Employee Provident Fund (EPF)
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Life insurance (LIC) premium
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Children’s tuition fees
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Payment of Principal of Home Loan
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Sukanya Samriddhi Yojana
2. Section 80D (Health Insurance Premium)
Health insurance is very important in today’s time. The government also gives tax exemption to promote it. You can save tax on health insurance premium for yourself, your family and parents.
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For myself and family: Up to ₹ 25,000.
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For senior citizen parents: Up to ₹ 50,000.
This exemption gives you two benefits – security of health and also saving tax.
3. HRRA – House Rent Allowance (Rebate at rented home)
If you are employed and live in a rented house, you can claim tax exemption on house rent allowance (HRA) found in your salary. How much this exemption will be found, there is a fixed formula, but if you do not claim it, then your taxable income will increase.
4. Section 80G (tax exemption on donation)
If you have donated in a registered charitable institution or government fund (eg Prime Minister’s National Relief Fund), then you can also get a tax exemption on that amount. This discount is given at 50% or 100% of the amount donated, which depends on the institution.
5. Section 80TTA
This is a discount that many people ignore. In a year on the total interest from all your savings accounts Rs10,000 Get up to exemption. It is a small but easy savings that should not forget to claim.
