Know which deductions you can claim before filing ITR.

ITR Filing All taxpayers will have to file income tax returns by 31 July 2024. If he does not file the return by this date, he will have to pay the penalty later. While filing ITR, many taxpayers do not know under which section for which tax deduction they can claim. Let us know in this article.

Features

The last date to file ITR is 31st July.

Many tax deductions are available in the old tax regime.

Form-16 contains information about tax deduction.

Business Desk, New Delhi. The last date to file Income Tax Return is approaching. In such a situation, taxpayers should file the return (ITR Filling) as soon as possible. However, they should not be in any hurry while filing returns. Taxpayers face the problem of tax deduction while filing ITR. They do not understand which deductions they can claim under which section.

Today we will tell you which deduction you can avail under which section. Let us tell you that if you have selected the New Tax Regime then you will not get much deduction. At the same time, those who select Old Tax Regime can avail maximum deduction.

The salaried person must have already received proof of tax-saving investment from the employer. This will give information about all the deductions in their Form-16. He can check his deduction from there.

Income Tax Act Section 80C

Tax deduction is also available under Section 80C of the Income Tax Act. Taxpayers can claim a maximum deduction of up to Rs 1.5 lakh.

Deduction can be claimed under investment in this section.

Taxpayers can also avail deduction on tax schemes like PPF, EPF, NSC, Mutual Funds.

The highest deduction under 80C is available in the tax savings scheme of mutual funds.

Deduction can be claimed on life insurance premium.

In this, deduction is also available on the principal of home loan.

Deduction can also be claimed on tuition fees of up to two children.