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.
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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.