Income Tax Return Filing Filing 2021-22: We are in the last week of July which essentially means that only a few days are left for filing our income tax returns (ITRs) for the financial year 2021-22 (FY22). The last date for filing ITRs is July 31, and the government has already made it clear that it is not considering extending the last date as it expects most returns to come in by the due date.
As per the latest data shared by the Income Tax (I-T) Department, over 3 crore ITRs have been filed by taxpayers for Assessment Year (AY) 2022-23 so far till July 25, 2022.
More than 3 crore ITRs for AY 2022-23 have been filed on e-Filing portal till 25th July, 2022.
The due date to file ITR for AY 2022-23 is 31st July, 2022.
We urge you to file your ITR at the earliest, if not filed as yet. #FileNow!
Pl visit: https://t.co/GYvO3n9wMf #ITD pic.twitter.com/Kd5GVaeGb2— Income Tax India (@IncomeTaxIndia) July 25, 2022
The I-T Department has urged all remaining taxpayers and issued reminders through multiple platforms such as SMS, emails, social media, etc, to file their ITRs at the earliest and not wait for the last date. Generally, ITR filers wait till the last day to file returns.
Earlier this month, we told you about the list of documents that are required for filing your ITR, and last week we told you how you can file income tax returns online.
Today we will take a look at some lesser-known tax deductions which can be availed by taxpayers.
A self-employed or salaried person without a housing rent allowance (HRA) is allowed to claim a tax rebate under Section 80GG on the rent paid for their house property. Such a deduction can be claimed by a declaration in Form 10BA through the e-filing portal.
Deduction can be claimed for the interest paid on your self, spouse, or children’s education loan under Section 80E. The tax rebate can be claimed for up to 8 years from the start of education loan. But it must be noted that the deduction is only available for the interest and not on the principle amount.
Tax deduction can be claimed under Section 80G for contributions made to certain relief funds and charitable institutions. All donations, however, are not eligible for deductions under 80G. Only donations made to prescribed funds qualify as a deduction.
Section 80D allows tax deductions upto Rs 25,000 for people buying a medical insurance below the age of 60 and for senior citizens, this amount goes up to Rs 50,000. Apart from this, you can claim tax deductions on preventive health check-ups amounting up to Rs 5,000 in a year.