Home BusinessITR Filing Last Date: 5 Tax Deductions That Could Save You Thousands
The deadline for filing income tax returns (ITRs) for the financial year 2022-23 is fast approaching. If you are still working on your ITR, be sure to claim these six lesser-known tax deductions.
New Delhi: The income tax department is ringing the alarm bells as the deadline for filing income tax returns (ITR) for FY 2023 is just a week away. With more than four crore ITRs already filed, the department is urging taxpayers to file their returns early and avoid the last-minute rush. Filing early will help taxpayers avoid penalties and claim their refunds sooner. The e-filing portal is user-friendly and can be accessed from anywhere. So there is no excuse for not filing your returns on time. The department has made it easy for taxpayers to file their returns online, so there is no need to wait until the last minute. Don’t forget to claim these six lesser-known tax deductions while filing your ITR 2023.
- Investments in the National Pension Scheme (NPS) – You can claim tax benefits over and above the Rs 1.5 lakh limit by investing in NPS. The maximum amount that can be invested is capped at Rs 50,000. The benefit is available under Section 80CCD (1B), as per the Mint.
- Interest Earned from Savings Accounts – Section 80TTA of the Income Tax Act makes an income of up to Rs 10,000 per annum earned from savings accounts tax-free for taxpayers.
- Deductions for Interest on Education Loan – You can claim a deduction of the interest paid on an education loan under Section 80E. The deduction is available for a period of eight years starting from the year you start paying the loan. The loan can be taken for the higher education of your spouse, children, or a student of whom you are a legal guardian.
- Deductions Made toward Donations – You can claim a deduction of up to 100% for donations made to a fund backed by the central government. For example, donations made to the Prime Minister’s Relief Fund, the Chief Minister’s Relief Fund, etc., can be fully claimed. In the case of other donations, you are eligible for a 50% deduction.
- Preventive Health Check-ups – You can claim a deduction of up to Rs 5,000 for preventive check-ups for yourself, your dependent children, spouse, or parents below 60 years of age under Section 80D. For parents, 60 years or above, Rs 7,000 can be claimed.
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