How to get deducted Income tax Refund? Know, all details
By Lokmat English Desk | Published: November 1, 2021 09:04 PM2021-11-01T21:04:23+5:302021-11-01T21:04:23+5:30
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There are two options available this year when filing an income tax return. The first option is to get a tax return if there is no taxable income and the second option is concessional tax. Which option have you chosen?
If you have filed your income tax return as per the old tax system, then you have to file the details related to tax deduction under sections 80C to 80U of the Income Tax Act.
If you have filled in the details of these savings so that your employer can deduct less tax on your salary, then you should ask the employer for Form No. 16 in this regard.
If you have not provided this information to the employer, you can fill in the information of these deductions while filing the income tax return. ITR-1 application is available for this.
80C, 80CCC, 80CCD (1), 80CCD (1B) and 80CCD (2) are often claimed for tax savings under Section 80C.
Tax savings can also be made under 80 CCC and 80 CCD (1). Tax savings can be made by investing in the National Pension System, Atal Pension Scheme. It is necessary to save up to Rs. 1.5 lakhs per annum.
If the premium is paid on a health insurance plan of up to Rs 25,000 in a financial year, this amount can be deducted from the tax by applying Section 80D of the Income Tax Act.
Taxpayers can also claim a tax deduction of up to Rs 5,000 on preventive health check-ups.
Loans for higher education, if there is a lease agreement, home loan, loan for purchase of electric vehicle.
If there is a person with a disability in the home, the cost of caring for them can also be saved. There is a similar provision under section 80DD. However, if a person with a disability is willing to save tax on his own, there is a provision under section 80U.
