ITR Filing: CBDT Chairman Nitin Gupta said that so far more than four crore Income Tax Returns (ITR) have been filed for the financial year 2022-23. About 7 percent of these are new or first time filers.
Income Tax Return: Only a few days are left for the last date for filing Income Tax Return (ITR) for the financial year 2023. Tax payers are being urged by the Income Tax Department to file returns as soon as possible. The department also said that do not wait for the last day to file the return. CBDT Chairman Nitin Gupta said that so far more than four crore Income Tax Returns (ITR) have been filed for the financial year 2022-23. About 7 percent of these are new or first time filers.
You can also take advantage apart from 80C
If you file advance ITR, it gives you time to calculate all the deductions that you can claim. Various tax saving benefits under the Income Tax Act of 1961 reduce your tax liability. Almost everyone knows about tax saving such as standard deduction under section 80C of the Income Tax Act.
There are many more deductions available under different sections of the Income Tax Act, by claiming which you can reduce your taxable income. You get the benefit of this in the form of tax liability. So when you file ITR 2023, do not forget to claim the following tax deductions at all.
National pension scheme
You can claim tax benefits over and above the limit of Rs 1.5 lakh by investing in the National Pension Scheme (NPS). A maximum investment of up to Rs 50,000 can be made in this. This benefit is available to the tax payer under section 80CCD (1B).
Savings account interest
Section 80TTA of the Income Tax Act makes income up to Rs 10,000 a year on savings account tax-free for taxpayers.
Interest deduction on education loan
Under section 80E, you can claim a deduction on the interest paid on education loan. You can avail this loan for higher education of your spouse, children or any child of whom you are the legal guardian. This deduction can be availed for a period of 8 years from the year you start repaying the loan.
Charitable deduction
You can claim full tax exemption on donations made to funds supported by the central government. For example, if you donate to Prime Minister’s Relief Fund, Chief Minister’s Relief Fund, etc., you can claim 100% deduction. However in case of others you are eligible for 50% deduction.
Preventive Health Check-up
Under Section 80D, an individual can avail a benefit of up to Rs 5,000 on preventive health checkup for self, dependent children, spouse or parents below the age of 60 years. For parents of 60 years or more, this limit is Rs 7,000.
