The deadline for submitting an Income Tax Return (ITR) for the fiscal year 2023 is approaching quickly. The Income Tax Department is advising taxpayers to file their taxes as soon as possible. The department advised against waiting until the very last minute to submit the return. More than four crore Income Tax Returns (ITR) have been submitted so far for the fiscal year 2022–2023, according to CBDT Chairman Nitin Gupta. Most of them (7%) are new or first-time filers.
ITR – In addition to 80C, you can benefit
You have time to compute all the deductions you are eligible to claim if you file an advance ITR. The Income Tax Act of 1961 provides a number of tax incentives that lower your tax obligation. Nearly everyone is aware of tax savings opportunities like the standard deduction provided by section 80C of the Income Tax Act. There are numerous other deductions that can be claimed under various parts of the Income Tax Act in order to lower your taxable income. The benefit of this is a tax obligation for you. Therefore, be sure to include the following tax deductions in your ITR 2023 filing.
The National Pension Plan
By contributing to the National Pension Scheme (NPS), you are able to obtain tax advantages beyond the maximum of Rs 1.5 lakh. This has a maximum investment limit of Rs. 50,000. The taxpayer may receive this benefit in accordance with 80CCD (1B).
Interest on Savings Accounts
Income from savings accounts up to Rs 10,000 per year is exempt from taxation for taxpayers under Section 80TTA of the Income Tax Act.
ITR – Interest on student loan deduction
You may deduct the interest paid on student loan debt under section 80E. For the higher education of your partner, children, or any other child over whom you have legal custody, you may apply for this loan. From the year that you begin repaying the loan, you have eight years to make use of this deduction.
Donations are tax-deductible
Donations made to organizations supported by the federal government are fully tax deductible. You can deduct 100% of your donations to the Prime Minister’s Relief Fund, the Chief Minister’s Relief Fund, etc. However, you are entitled to a 50% discount in the case of others.
Preventative medical examination
A person may receive a benefit of up to Rs 5,000 under section 80D for a preventative health checkup for themselves, their dependant children, their spouse, or their parents who are under the age of 60. This cap is Rs 7,000 for parents who are at least 60 years old.
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