How to reduce your Tax? Income tax deductions for the F.Y 2021-22: You may demand
the following exemptions in the F.Y.2021-22
Income Tax Reduction for A.Y 2021-22: Income Tax Return (ITR) filing season has started. Faced with the second wave of the Kovid-19 pandemic epidemic and the subsequent problems of the taxpayers, the central government has recently extended the deadline for filing ITRs for the assessment year 2021-22 from July 1 to September-September 2021. Since you now have more time to file a tax return, see the following list of tax deductions that you can claim on various payments, income and investments.
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You can claim the below-given exemptions on payments and
investments made for the F.Y.2021-22 only in the previous financial year (F.Y
2020-21). Also, these deductions will not be available for those who have opted
for the new tax system.
Under section 24 (b), the interest payable on housing loans
and housing improvement loans is deducted from the income from the house
property. According to the Income Tax Rules, the maximum interest deduction
limit on housing loans is Rs 2 lakh for a self-acquired property.
For those who choose to file a return under the new tax
system, this exemption from income from the home property will not be available
from this year.
2. Payment for LIC Premium, Provident Fund, PPF, Pension
Scheme
Under Section 80C, the deduction may be demanded on
investment/payment for life insurance premium, provident fund, PPF,
subscription to certain equity shares, tuition fee, National Savings
Certificate, Housing Loan Principal etc.
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Under Section 80CCC, a claim may be made against LIC or other
insurers for payment of money paid in an annual plan to the pension scheme.
Under Section 80 CCD (1), a claim can be made for payment of
money paid under the Central Government Pension Scheme.
Note: Under Section 80C, Section 80CCC, Section 80 CCD (1)
only a total deduction of Rs 1.5 lakh can be claimed.
3. Payment for Central Government Pension Scheme
Under Section 80CCD (1B), a waiver of up to Rs 50,000 maybe
claimed for payment of pension scheme of the Central Government, excluding the waiver
claimed under 80CCD (1).
Under Section 80 CCD2, a waiver may be claimed for the
contribution made by an employer in the pension scheme of the Central
Government. However, there are two conditions:
If the employer is PSU, State Government or others, the
deduction limit is 10 per cent of the salary.
For Central Govt Employees deduction 14% of the salary.
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4. Pay for health insurance premiums
Under Section 80D, deductions may be claimed on health
insurance premiums and fees payable for preventive health check-ups. However,
there are several limitations:
For self/spouse or dependent children or patent: Rs. 25,000
discount can be claimed. Only senior citizens Max Limit Rs.50,000/-along with a
discount of Rs 5,000 is allowed for preventive health check-ups. However, this
amount is not above the overall limit of paid health insurance premiums.
Insurance Even if premiums are not paid on health insurance
coverage, deductions can be claimed for the medical expenses of a senior
citizen. In this case, the discount limit is Rs 50,000.
5. Pay for maintenance/treatment of disabled dependents
In addition, a rebate of up to Rs. However, in the case of
severely disabled persons (80 or more), the exemption limit is Rs 1.25 lakh.
6. Pay for treatment
Under Section 80DD (1B), deductions of up to Rs. If a person
is a senior citizen, the limit of this discount is Rs. 1 lakh.
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7. Pay interest on education loan
Under Section 80E, the total amount paid for interest
payments can be deducted from one's own or a relative's higher education loan.
8. Pay interest on home loan
Under Section 80EE, a waiver of up to Rs. However, this deduction is only available for approved loans between 1 April 2016 and 31
March 2017.
Under 80EEA, a rebate of up to Rs.
9. House Rent Paid who are not getting the House Rent from
their employer
If the HRA is not part of your salary, a deduction can be
claimed on the rent paid for a house under section 80G. However, only at least
one of the following is allowed as a discount:
10 % of total income is deducted before rent is paid
5,000 per month
25 per cent of the total income before this deduction.
The due date for submission of ITR for the assessment year
2021-22 is 31st December 2021
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