- Date : 13/09/2023
- Read: 3 mins
Claiming income tax deductions is crucial in reducing your tax burden. Make sure you opt for these income tax deductions before the ITR filing on the last date.
Taxpayers can avail income tax deductions by investing in the National Pension Scheme, LIC Policies or PPF (Public Provident Fund). Taxpayers can also save taxes on the earnings from their savings account or from expenses incurred in preventive healthcare checkups.
Do you like to save money?
That sounds like a stupid question, right? Then I would like to ask you the right question.
Do you want to save money before the ITR Filing last date?
If yes, read on to learn more about the smart income tax deductions you can still claim to reduce your overall tax liability.
Highlights:
-
Don't forget to claim a deduction in ITR to save money.
-
Investing in NPS, LIC, PPF or making donations can help you reduce your tax burden
-
Taxpayers must file their ITR before the ITR Filing last date to avoid penalties and legal consequences
Smart income tax deductions – Invest in NPS
National Pension Scheme is an investment for your retirement. A taxpayer can invest up to Rs 50,000 in the scheme and avail deductions in ITR above the Rs 1.5 lakh limit. Invest in NPS and claim while filing ITR to avail of income tax deductions.
Smart income tax deductions – Savings account
A taxpayer can avail of deductions under income tax on the interest generated by their savings account. A claim of Rs 10,000 can be made by a taxpayer while filing the ITR. Your savings can reduce your taxes only before the ITR Filing last date.
Also Read:: Best Income Tax Saving Options for Salaried Women before ITR filing last date!
Smart income tax deductions – Donations
If you can’t save it, donate it!
A taxpayer can claim deductions under income tax for up to 100 per cent of the donations made before the ITR filing the last date.
Smart income tax deductions – Preventive Health Check-ups
With the ITR Filing's last date approaching, your stress may be high, so we suggest you book a preventive health check-up and claim deductions under income tax for up to Rs. 5000.
Also, Read Lesser-known tax deduction techniques to save money before the ITR filing last date!
Brilliant income tax deductions – LIC & PPF
Section 80C allows taxpayers to claim income tax deductions for any investments made in PPF or LIC. If you don’t have a LIC policy, you can easily purchase one before the ITR filing the last date and save up to Rs 50,000 while securing your family’s future.
Click here for the latest articles
Conclusion
Taxpayers can choose from these different ways of saving money by claiming income tax deductions before the ITR filing the last date. Even though these ways cannot reduce your tax liability to zero, they can impact your overall tax burden.
Taxpayers can avail income tax deductions by investing in the National Pension Scheme, LIC Policies or PPF (Public Provident Fund). Taxpayers can also save taxes on the earnings from their savings account or from expenses incurred in preventive healthcare checkups.
Do you like to save money?
That sounds like a stupid question, right? Then I would like to ask you the right question.
Do you want to save money before the ITR Filing last date?
If yes, read on to learn more about the smart income tax deductions you can still claim to reduce your overall tax liability.
Highlights:
-
Don't forget to claim a deduction in ITR to save money.
-
Investing in NPS, LIC, PPF or making donations can help you reduce your tax burden
-
Taxpayers must file their ITR before the ITR Filing last date to avoid penalties and legal consequences
Smart income tax deductions – Invest in NPS
National Pension Scheme is an investment for your retirement. A taxpayer can invest up to Rs 50,000 in the scheme and avail deductions in ITR above the Rs 1.5 lakh limit. Invest in NPS and claim while filing ITR to avail of income tax deductions.
Smart income tax deductions – Savings account
A taxpayer can avail of deductions under income tax on the interest generated by their savings account. A claim of Rs 10,000 can be made by a taxpayer while filing the ITR. Your savings can reduce your taxes only before the ITR Filing last date.
Also Read:: Best Income Tax Saving Options for Salaried Women before ITR filing last date!
Smart income tax deductions – Donations
If you can’t save it, donate it!
A taxpayer can claim deductions under income tax for up to 100 per cent of the donations made before the ITR filing the last date.
Smart income tax deductions – Preventive Health Check-ups
With the ITR Filing's last date approaching, your stress may be high, so we suggest you book a preventive health check-up and claim deductions under income tax for up to Rs. 5000.
Also, Read Lesser-known tax deduction techniques to save money before the ITR filing last date!
Brilliant income tax deductions – LIC & PPF
Section 80C allows taxpayers to claim income tax deductions for any investments made in PPF or LIC. If you don’t have a LIC policy, you can easily purchase one before the ITR filing the last date and save up to Rs 50,000 while securing your family’s future.
Click here for the latest articles
Conclusion
Taxpayers can choose from these different ways of saving money by claiming income tax deductions before the ITR filing the last date. Even though these ways cannot reduce your tax liability to zero, they can impact your overall tax burden.
