Lifestyle

ITR filing checklist: How to save money on taxes?

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Income Tax Return

Filing your Income Tax Return (ITR) may be onerous, but it has a significant benefit as it reduces your tax burden.  

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Income Tax Return

One way to accomplish this is to claim deductions under various provisions of the Income Tax Act. 

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Income Tax Return

These deductions allow you to deduct certain expenses from your taxable income, lowering the overall amount taxed by the government. 

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Section 24-b

Interest paid on housing and housing improvement loans is deducted from house property income. 

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Section 24-b

In self-occupied property, the maximum deduction for interest paid on a housing loan is Rs 2 lakh. However, this deduction is not available to those who choose the new tax regime.

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80CCC

Annuity plan of LIC or other insurer toward pension scheme.

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80CCD (1)

Pension program of the central government.

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80CCD (1B)

Deduction limit of Rs 50,000. Deduction for payments paid to the central government's pension program, excluding deductions claimed under 80CCD (1).

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80CCD (2)

Employer contributions to the federal government's pension program can be deducted up to 10% of their pay.

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