Top 5 Income tax returns filing rebates that can save you money
While there is every need to file tax returns, do not forget to save as much of your money from the taxman as you can. Here are 5 tax rebates that you must claim while filing ITR:
Income tax returns filing season is at its peak and everyone is rushing to catalogue all their expenditure to avail sops as well as tabulating the investments that must be made or even exploring new options. While there is every need to file tax returns, do not forget to save as much of your money from the taxman as you can. Here are 5 tax rebates that you must claim while filing ITR:
Tax rebate on interest income: One can seek tax rebate on interest income that you earn in your savings account. As per section 80TTA of Income Tax Act, as much as Rs 10,000 tax rebate could be availed in a single financial year. This includes post office savings as well.
Tax rebate on house rent: If your salary does not have HRA component but you are living in a rented house, under section 80GG of I-T Act, you can claim tax rebate against the rent that you are paying.
Tax rebate on investment for specially-abled child: If you are making an investment for the future of your specially-abled child, you can claim tax rebate on the same. All you have to do is submit proof of the income you are generating on this investment.
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Tax rebate on specified diseases: As per section 80DDB of the I-T Act, deduction can be claimed if you yourself or any of your dependent is undergoing treatment for specified diseases like Neurological diseases, Malignant Cancers, AIDS, Hematological disorders, Chronic renal failure, etc. For individuals, the actual amount of treatment or Rs 40,000 (whichever is less) can be claimed, while the upper limit for senior citizens and super senior citizens is Rs 60,000 and Rs 80,000, respectively.
Tax rebate against incurred losses: If you incurred losses on your investment in share market, property, gold or debt fund, you can claim deduction against the losses. But you would require to produce all relevant documents, only then tax rebate could be claimed.
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