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Here are some less-known tax deductions to help you axe your income tax March 27 2021Tax deductions, How to reduce your income tax

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Income Tax deductions

We often try to save up on taxes by investing in different schemes and options. The tax-savings season is nearly coming to an end. Often, we consider well-known options like insurance (endowment or moneyback policies), equity-linked savings schemes (ELSS), or small-saving instruments like National Savings Certificates (NSC). However, you might be unaware of a number of other choices that provide you with tax benefits.

What Are Tax Benefits?

Section 80C: for all savings and expenditures.

Many investments qualify for the Rs 1.5 lakh deduction under Section 80C. Even some of the most important expenses are eligible for tax deductions. Tuition fees for your children, stamp duty charged on the registration of a home, and principal repayment on a home loan are just a few of the significant expenses that can be deducted under the same section. You must make some investments before March 31 if you have not completely utilized the Section 80C limit. Alternatively, include the qualifying expenses in your estimates.

Preventive wellness checkups are eligible for a deduction in taxes.

Section 80D provides you income-tax deduction when you buy health insurance policies. Did you know, that it even covers preventive health checks? These, too, are qualified for an 80D deduction. A limit of Rs 5,000 can be claimed by each taxpayer. This is under Section 80D''''s total limit. If you spent money on a health check-up, you can demand it or schedule one before March 31. However, one cannot use cash for the payment, any other form of payment can be done.

Additional Investments in new pension scheme.

Section 80C income-tax exemptions are available if you participate in the National Pension Scheme (NPS). Only the NPS is exempt from section 80CCD (1B) of the income tax act, which provides for a deduction for investment. This segment allows for an additional deduction of Rs 50,000. This is in addition to the Rs 1.5 lakh limit set by section 80C of the Income Tax Act.

NPS investors can seek benefits of up to 10% of their salary (basic + DA; this increases to 20% of gross total income for self-employed individuals) under Sec 80 CCD (1), up to a limit of Rs 1.5 lakh under Sec 80 C.

LTA's cash voucher scheme

Many citizens who would have been availing the Leave Travel Concession (LTC) Scheme would have been unable to do so due to the lockdown and restrictions on movement. Other options for claiming the allowance were announced by the government.

The incentive is applicable to taxpayers who purchased products and services with a GST rate of 12 percent or higher. You can use your bills to demand the LTA scheme if you purchased appliances or household products.

Deduction for rent paid.

Self-employed or salaried individuals who do not receiving any home rent allowance can claim deduction of rent paid. Section 80GG incentives are also available to people who live with their parents in a residence owned by their parents. This clause provides for a maximum deduction of Rs 60,000 per year. The assesses must file Form 10BA in order to assert the benefit of this provision.

Make sure to submit the proof to your employer.

If you are a salaried employee, apart form making investments and incurring additional expenses, it is essential to submit the proof of your investments and expenses to your employer. “Normally, all salaried persons file Form 12BB at the start of the fiscal year, specifying the investments they plan to make during the year. Employers subtract tax at the source after accounting for investment-related tax deductions. If you haven't yet submitted proofs, your employer can calculate your total income without accounting for deductions and subtract tax at source from your March salary.

However, you can also account for your investments and expenditures by July 31 when you file your income tax return.

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