ITR Filing AY2023–24: Check The List And Claim These 5 Deductions To Maximize Tax Refunds

Taxpayers have less than ten days left to submit their income tax returns (ITRs), since the deadline is July 31st, 2023, for the assessment year 2023–2024.

Once a year, taxpayers are required to file an income tax return with the government outlining their earnings, deductions, and tax obligations. Individuals may use a variety of strategies to maximize their tax returns after the ITR has been submitted. In this post, we’ll go through five old-system deductions that taxpayers should take advantage of to save money on taxes. These consist of:

Section 80C deductions for ITR filing

Investments made in provident funds like EPF and PPF, ELSS, payments made for life insurance premiums, the principal amount of a house loan, SSY, NSC, and SCSS are all covered under Section 80C.

Persons and HUFs may both claim the Section 80C deduction.

The greatest deduction permitted by section 80C?

From the entire yearly income of the taxpayer, Rs. 1.5 lakh. LLPs, corporations, and partnership businesses are not eligible for this deduction.

Section 80 CCD deduction for ITR filing

Contributions made by a person (employee or self-employed) to pension plans that have been announced by the central government are expressly covered under Section 80CCD(1B). In addition to the 80C limit of 1.5 lakh rupees, this clause allows for an extra deduction of rupees 50,000. This implies that a person who invests in 80C and makes payments to the National Pension Scheme in accordance with section 80CCD (1B) may deduct a total of Rs 2 lakh from their income.

Section 80TTA deduction for ITR filing
The Income Tax Act of 1961’s Section 80TTA allows for a deduction of up to Rs 10,000 on interest income on savings established in a bank, co-operative society, or post office. The interest received from fixed deposits is not deductible.

Section 80D deduction for ITR filing

Medical insurance premiums paid in any given year are deductible from total income for any person or HUF under Section 80D. Additionally, top-up health plans and critical sickness insurance are eligible for this deduction.

The insurance premium payments paid for the self, spouse, dependent children, and parents may be claimed by individual/HUF taxpayers.

Donation-related deductions

Contributions to certain relief funds and charity organizations are eligible for a tax deduction under Section 80G of the Indian Income Tax Act. As a result, in addition to Section 80C, you may claim tax deductions under Section 80G to minimize your tax liability.