Filing Income Tax Return can be a tiresome task, there are chances that while providing your investment details Yu forgot to mention a few of them. Well in that case here’s how you can reduce your Tax saving liability by claiming a deduction for the investments that you made but forgot to mention.
Interest from Savings account
The balance in a taxpayer’s savings account gains some interest every quarter and this interest is considered as a part of your income and it is taxed according, but the Income Tax Department has provided relief to the taxpayers in form of section 80TTA of Income Tax Act, under which a taxpayer can claim exemptions on interest income from savings account as well as interest from post office savings.
Tax saving under HRA
There are many taxpayers who pay a lot of money for their accommodation, but they cannot claim any deduction for the same as they don’t have HRA component in their salary. Under Section 80GG, you can avail of the benefit for the rent even if your salary package does not include HRA, provided you are not eligible for any housing benefit. A taxpayer will not be eligible for this exemption if he, his spouse or his child owns the house you live in.
Save taxes by paying donations
Generally, deductions under section 80G that are claimed for the donations paid by the taxpayer does not reflect in Form 16 because of which a taxpayer can claim this exemption while filing his/her Income Tax saving. Depending on where you have contributed, you can claim a deduction of 50-100% of the donation that you have paid. However, it cannot exceed 10% of your total income.