By adopting these 5 ways, you can take advantage of your tax, deduction

The last date for filing Income Tax Return (ITR) is now near. If you have not filed ITR yet, complete it soon. It is necessary to file ITR if the annual gross income exceeds Rs 2.5 lakh. The last date for filing income tax return is July 31. The government has made it clear that the deadline will not be extended. There are provisions for many such deductions for taxpayers, by claiming which you can save tax.

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Income Tax Return (ITR)

If you have invested in the plan of any insurance company to get pension in the financial year 2021-22, then you can claim for deduction. Section 80ccc allows deduction up to Rs 1.5 lakh on purchase of a pension policy. Both resident Indians and NRIs can claim deduction on this contribution. An additional deduction of Rs 50,000 can be claimed for contribution towards NPS. This claim can be made under 80CCD.

Income up to Rs 10,000 as interest on a savings account in a financial year is out of the tax slab. If the income is earned in the form of interest from a savings account with a cooperative bank or a savings scheme of a post office, then you can claim deduction up to the specified limit. If the income is more than 10 thousand then tax is levied on the additional amount. Earnings from savings account interest are added to your total income.

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Purchased  medical policy

If you have purchased a medical policy for your family (wife and children), you can claim for deduction under section 80D. The deduction limit on the policy is Rs 25,000. Apart from this, separate deduction can be claimed for parents. If the age of the parents is more than 60 years, then deduction up to Rs 25,000 can be claimed.

If you pay house rent to your parents, you can claim deduction on this also. This deduction under house rent allowance can be made under section 10 (13A). Keep in mind that you can claim this deduction only if your salary structure includes part of HRA.

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If you have purchased an electric vehicle, then you can claim deduction on the interest paid for it. The claim for this is made under section 80EEB. Maximum deduction of Rs 1.5 lakh is allowed in a financial year. This was announced in the budget of 2019.

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