Yash Mehta

Yash Mehta

12-07-2022

12:20

If you are a #salaried person and #employee, then there are some hidden less known #Tax Deduction or Benefit that you can avail while filing Income Tax Returns. So let's each deduction one by one in this #Thread🧡. Like ❀️ and Retweet πŸ”„ this tweet for the benefit of others.

1. Taken a Home Loan: Interest Payment can be claimed as a deduction under Section 24.

2. Preventive Health Check-up Limit of Rs 5,000 for self, spouse and dependent children under Section 80D. 3. Health Insurance of Rs 25,000 for self and if parents are senior citizen, then total Rs 50,000 under section 80D.

4. Tax Exemption of Rs 1.5 Lakh can be availed under Section 80C. Rs 1.5 Lakh needs to be invested in following schemes: ELSS National Pension Scheme ULIP Public Provident Fund Sukanya Samriddhi Yojana Employee Provident Fund National Savings Certificate

5. Complete HRA can be claimed if you are living on rent. 6. Not Receiving HRA from Employer? Can still claim rent paid deduction under 80GG- maximum Rs 60,000.

7. If a taxpayer suffers from a disability, he can claim a deduction of Rs 75,000 to Rs 1,25,000 under Section 80U. If he has a disabled dependent, he can claim the deduction under Section 80DD. 8. Open a NPS account and claim addition Rs 50,000.

9. Joint Home Loan borrowers can claim the maximum tax benefit individually. It means each holder can get a tax rebate of Rs 1,50,000 for principal repayment under Section 80C and Rs 2,00,000 for interest payment under Section 24.

10. HUF is a separate entity and can claim deduction under various Sections of Income Tax. 11. If you make frequent donations to registered organisations or NGOs, you can claim tax deductions from 50% depending upon the organisation, under Section 80G.

12. Taxpayer pays taxes on short term or long-term capital gains, not many are aware of the fact that capital losses, if any, can be balanced off against current gains or carry forwarded for next year.

Note: Check with your CA or any friends about all this benefits and then use it properly.



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