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Some of the less known Tax Deduction to be Claimed for maximum Returns

Discover Overlooked Tax Deductions for Maximizing Your Returns.

It is always advisable to start the process of filing for ITR as early as possible, even though there are well over 2 months before the last date of filing ITR. One of the main reasons for doing so is that it will give you an ample amount of time for proper evaluation of all the deductions be they small or big.

Filing your ITR with TheTaxHeaven ensures that maximum benefits are claimed while Filing your ITR, Being one of the best ITR filing companies in Jaipur our professional CA are well versed in these Tax Deductions and are seasoned experts.

Setting aside all the sought-after deductions under section 80C and Section 80D there are a lot of lesser-known deductions that taxpayers generally miss out on.

Preventive Health Check-ups: Very few taxpayers claim returns for preventive health check-ups and most of them don’t even know about this deduction. One claim up to Rs. 5000 on preventive health check-ups for self, Spouse, Dependent Children, and Parents Below 60 Yrs. Of age and for parents 60 Yrs. And above Rs. 7000 can be claimed. These Check-ups include medical tests to detect and screen for any possible disease.

Medical Expense of Senior Citizens: For parents of age 60 and above tax deduction on money spent for medical bills can be claimed up to 50,000. Most people can easily spend more than 50,000 on medical expenses and yet very few claim the tax deduction due to lack of awareness.

One thing to keep in mind though is that these transactions can be claimed for deduction only if the mode of transaction is other than cash.

The cash transaction can also be claimed as long as one justifies the transaction made in cash for example due to some unavoidable circumstances like the day being the last date of the payment and no other payment mode being available.

Section 80C Fine Print: Very few taxpayers are aware of the host of tax deductions available under the 1.5 Lac category of Section 80C.

Those taxpayers who are servicing a home loan may be aware that the interest on a home loan is eligible for deductions but very few are aware that the deductions can be claimed on the principal component as well. One condition to fulfill for this deduction to be claimed is that the taxpayer does not sell the property within five years of the possession.

The Stamp duty paid for house registration is also eligible for deductions under section 80C.

Donations: As we are all aware of the situation of CoVid-19 which has been tormenting people all around the world for well over a year now. A lot of people may have made donations and these are all eligible for deductions.

Donations made to a fund backed by the central government are eligible for 100% deduction whereas donations made to private institutions are eligible for 50% deduction.

Frequently Asked Questions

​​It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.​

In the Online ITR Form under 'General Information' Tab, Choose the 'Return Filing Section' as 'Revised return under Page 3 section 139(5)' and 'Return filing type' as 'Revised'. 6. Enter the 'Acknowledgement Number' and 'Date of filing' of the Original Return filed.

Belated return of income is furnished under section 139(4). - at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. However, a belated return attracts late filing fees under section 234F. As per section 234F, late filing fees of Rs. 1000

Yes, you can claim a refund when excess TDS has been deducted during the financial year.

Yes, certain expenses incurred during a foreign business trip can be claimed as deductions under Section 37(1) of the Income Tax Act.


The Tax Heaven

Mr.Vishwas Agarwal✍📊, a seasoned Chartered Accountant 📈💼 and the co-founder & CEO of THE TAX HEAVEN, brings 10 years of expertise in financial management and taxation. Specializing in ITR filing 📑🗃, GST returns 📈💼, and income tax advisory. He offers astute financial guidance and compliance solutions to individuals and businesses alike. Their passion for simplifying complex financial concepts into actionable insights empowers readers with valuable knowledge for informed decision-making. Through insightful blog content, he aims to demystify financial complexities, offering practical advice and tips to navigate the intricate world of finance and taxation.

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