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July 8, 2022

10 Hidden Deductions that Salaried Taxpayers miss while their filing Tax Returns

by CA Shivam Jaiswal in Income Tax

10 Hidden Deductions that Salaried Taxpayers miss while their filing Tax Returns

1) Exemption on medical bills of uninsured parents – If you have senior citizen parents who are not covered under any insurance policy but took medical treatment, taxpayers can claim a deduction on their medical bills u/s Section 80D up to Rs 50,000.

2)  Preventive health check-up limit of Rs. 5000 for self, spouse and dependent children section 80D.

3) Not receiving HRA from Employer? Can still claim rent paid deduction u/s 80GG – maximum Rs 60,000/-.

4) Taxpayer claim a deduction of Rs 40,000 if dependent who suffers from any of the ailments specified u/s 80DDB, like dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and Parkinson’s disease, etc.

5) If a taxpayer suffers from a disability, he can claim deduction of Rs 75,000 to Rs 1,25,000 under Sec 80U. If he has a disabled dependent, he can claim the deduction under Sec 80DD.

6) Open a NPS account and Claim additional Rs 50,000/-

7) Joint home loan borrowers can claim the maximum tax benefits individually. It means each holder can get a tax rebate of Rs. 1,50,000 for principal repayment under Sec 80C and Rs. 2,00,000 for interest payment under Sec 24.

8) HUF is a separate entity, and can claim deductions under various Sections of Income Tax.

9) If you make frequent donations to registered charitable organisations or NGO’s, you can claim tax deductions from 50%  depending upon the organisation, under Section 80G.

10) Taxpayer pays taxes on short term or long term capital gains, not many are aware of the fact that capital losses, if any, can be balanced off against gains.

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