ITR Filing: Those five measures by which you can easily get exemption in Income Tax, this way you will be benefited

The last date for filing ITR on behalf of Income Tax has been fixed as 31st July. Everyone knows about standard deduction etc. along with 80C to get an exemption in income tax. In our report, we are going to tell about those tax exemptions which are less popular. 

Wed, 26 Jul 2023 09:17 AM (IST)
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ITR Filing: Those five measures by which you can easily get exemption in Income Tax, this way you will be benefited

The last date for filing ITR for the financial year 2022-23 is near. The Income Tax Department has also appealed to the people to fulfill their income tax liability as soon as possible, otherwise, you may have to face fines. Even after knowing all these things, some people do not fill out ITR to avoid income tax.
Many such provisions have been made by the government, with the help of which you can reduce your tax burden. Of these, everyone knows about 80C and Standard Deduction. Today we will tell about those deductions, about which you do not know much.
If you are a regular investor in NPS, you can claim an exemption of Rs 1.5 lakh in taxable income in a financial year. Apart from this, under section 80CCD (1B) of income tax, you can claim an additional exemption of Rs 50,000.
Under Section 80TTA of Income Tax, interest on savings accounts of Rs 10,000 is tax-free, on which you can claim tax exemption in ITR.
You can get tax exemption on the interest being given on the education loan under Section 80E of Income Tax. This exemption can be availed up to eight years after the commencement of loan repayment.
If you donate to the Prime Minister's Relief Fund or the Chief Minister's Relief Fund, etc., you can claim tax exemption on 100 percent of the amount donated by you. Apart from this, if you do this to any organization etc., then you can get an exemption on 50 percent of the amount donated.
If a person gets a health checkup done for himself and his family or parents below the age of 60 years, then he can get a rebate of up to Rs 5,000 under Section 80D of Income Tax. Whereas, for 60 years, this limit increases to Rs 7,000.

Muskan Kumawat Journalist & Writer