Under the faceless assessment system, a taxpayer or an assessee is not required to visit an I-T department office or meet a department official for income tax-related businesses.
Tax deduction on home loan interest: If you have taken a home loan on a self-occupied home, you get tax exemption on the interest paid under section 24(b) of Income Tax. According to the IT rules, you can get tax exemption on interest payments up to 2 lakhs.
Financial experts advise you to start saving early. For many individuals, home buying is the common goal. One should start planning as early as possible to buy the house. One must decide the timing for buying the home.
LIC premium, PF and PPF: Under section 80C you can claim a tax deduction for LIC premium, provident fund, PPF, children’s tuition fees, national savings certificate, home loan Annuity plan of LIC, or any other insurance company that can be claimed under section 80CC.
Health Insurance Premium: You can save income tax on health insurance and health checkup under section 80D. For health insurance policy taken for yourself, spouse, children, and parents, you can claim exemption of up to Rs 25,000 and Rs 50,000 if parents are above 60yrs.
Treatment and Maintenance of Disabled Dependents: The cost of treating and caring for disabled dependents can also be claimed up to Rs 75,000 in a year. A tax deduction of Rs 1.25 lakh can be claimed on medical expenses for a dependent with a disability of 80% or more.
House Rent Payment: If HRA is not a part of your salary, you can claim house rent paid under section 80GG. Yes, if your company gives HRA then you cannot claim house rent under 80 GG.
Tax Exemption on Education Loan Interest: The tax claim starts from the same year in which the loan repayment starts. Tax exemption is available on the education loan of two children simultaneously.
