ITR Filing: Before filing ITR, know which deductions you can claim..

The last date for filing an Income Tax Return is approaching. In such a situation, taxpayers should file their returns as soon as possible. However, they should not rush while filing returns. Taxpayers face the problem of deduction while filing ITR. They do not understand which deductions they can claim under which section.

Today we will tell you which deductions you can avail of under which section. Let us tell you that if you have selected the New Tax Regime, then you will not get much deduction. At the same time, those who select the Old Tax Regime can avail of the maximum deduction.

Salaried persons must have already received proof of tax-saving investment through the employer. This will give information about all the deductions in their Form-16. He can check his deduction from there.

Income Tax Act 80C
A tax deduction is also available under Section 80C of the Income Tax Act. Taxpayers can claim a maximum deduction of Rs 1.5 lakh in this.

The deduction can be claimed under-investment in this section.

Taxpayers can also avail of deductions on tax schemes like PPF, EPF, NSC, and Mutual Funds.

The highest deduction under 80C is available in the tax savings scheme of mutual funds.

The deduction can be claimed on the premium of life insurance.

The deduction is also available on the principal of the home loan.

The deduction can also be claimed on tuition fees of up to two children.

Income Tax Act 80D

Deduction can be claimed under Section 80D on the premium of health policy.
You can claim a deduction of up to Rs 25,000 per annum on the premium of the health policy.

You can claim a deduction of up to Rs 50,000 per annum on the premium of the senior citizen's health policy.

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