Some of the less known Tax Deduction to be Claimed for maximum Returns

 It is always advisable to start the process of filing for ITR as early as possible, even though there is well over 2 months before the last date of filing ITR. One of the main reasons for doing so is that it will give you ample amount of time for proper evaluation of all the deductions be it small or big.

Best ITR Filing Company In Jaipur Will Help You In Easy Way: The Tax Heaven

Setting aside all the sought-after deduction under section 80C and Section 80D there are a lot of lesser known deduction that taxpayers generally miss out on.

Preventive Health Check-ups: Very few taxpayers claim return for preventive health check-ups and most of them don’t even know about this deduction. One claim up to Rs. 5000 on preventive health check-ups for self, Spouse, Dependent Children, and Parents Below 60 Yrs. Of age and for parent 60 Yrs. And above Rs. 7000 can be claimed. These Check-ups include medical test to detect and screen any possible disease.

Medical Expense of Senior Citizens: For parents of age 60 and above tax deduction on money spent for medical bills can be claimed up to 50,000. Most people can easily spend more than 50,000 on medical expenses and yet very few claim the tax deduction due to lack of awareness.

One thing to keep in mind though is that these transactions can be claimed for deduction only if the mode of transaction is other than cash.

The cash transaction can also be claimed as long as one justifies the transaction made in cash for example due to some unavoidable circumstances like the day being the last date of the payment and no other payment mode being available.

Section 80C Fine Print: Very few tax payers are aware of the host of tax deduction available under 1.5 Lac category of Section 80C.

Those taxpayers who are servicing a home loan may be aware that the interest on home loan are eligible for deductions but very few are aware that the deductions can be claimed on the principal component as well. One condition to fulfill for this deduction to be claimed is that the taxpayer does not sell the property within five years of the possession.

The Stamp duty paid for house registration is also eligible for deductions under section 80C.

Donations: As we are all aware about the situation of CoVid-19 which has been tormenting people all around the world for well over a year now. A lot of people may have made donation and these are all eligible for deductions.

Donation made to a fund backed by the central government are eligible for 100% deduction whereas donations made to private institutions are eligible for 50% deduction.

Source: https://www.thetaxheaven.com/blog/some-of-the-less-known-tax-deduction-to-be-claimed-for-maximum-returns-2/

Location: Jaipur, Rajasthan, India

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