Income Tax Returns: From home hire to donations; key tax deductions which will be availed

Income Tax Return Filing 2022 Last Date Extension: We are within the final week of July which basically implies that only some days are left for submitting our earnings tax returns (ITRs) for the monetary yr 2021-22 (FY22). The final date for submitting ITRs is July 31, and the federal government has already made it clear that it isn’t contemplating extending the final date because it expects most returns to come back in by the due date.

As per the most recent information shared by the Income Tax (I-T) Department, over 3 crore ITRs have been filed by taxpayers for Assessment Year (AY) 2022-23 to date until July 25, 2022.

More than 3 crore ITRs for AY 2022-23 have been filed on e-Filing portal until twenty fifth July, 2022.
The due date to file ITR for AY 2022-23 is thirty first July, 2022.
We urge you to file your ITR on the earliest, if not filed as but. #FileNow!
Pl go to: https://t.co/GYvO3n9wMf #ITD pic.twitter.com/Kd5GVaeGb2

— Income Tax India (@IncomeTaxIndia) July 25, 2022

The I-T Department has urged all remaining taxpayers and issued reminders by a number of platforms resembling SMS, emails, social media, and so on, to file their ITRs on the earliest and never look ahead to the final date. Generally, ITR filers wait until the final day to file returns.

Earlier this month, we instructed you concerning the record of paperwork which are required for submitting your ITR, and final week we instructed you how one can file earnings tax returns on-line.

Today we’ll check out some lesser-known tax deductions which will be availed by taxpayers.

House hire

A self-employed or salaried particular person with out a housing hire allowance (HRA) is allowed to say a tax rebate underneath Section 80GG on the hire paid for his or her home property. Such a deduction will be claimed by a declaration in Form 10BA by the e-filing portal.

Interest on training mortgage

Deduction will be claimed for the curiosity paid in your self, partner, or youngsters’s training mortgage underneath Section 80E. The tax rebate will be claimed for as much as 8 years from the beginning of training mortgage. But it have to be famous that the deduction is simply out there for the curiosity and never on the precept quantity.

Donations

Tax deduction will be claimed underneath Section 80G for contributions made to sure aid funds and charitable establishments. All donations, nevertheless, aren’t eligible for deductions underneath 80G. Only donations made to prescribed funds qualify as a deduction.

Preventive well being check-up

Section 80D permits tax deductions upto Rs 25,000 for folks shopping for a medical insurance coverage beneath the age of 60 and for senior residents, this quantity goes as much as Rs 50,000. Apart from this, you may declare tax deductions on preventive well being check-ups amounting as much as Rs 5,000 in a yr.