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5 Common Tax Breaks You Don’t Want To Miss | ITR FY 2017-18
Are you filing income tax return for FY 2017-18?
Then you surely are in a rush because the deadline is already on head i.e. 31st July, 2018.
But as the wise one's said, Relax! Take a break & recharge yourself.
That's why we are here, to recharge & introduce you with some common income tax breaks 2017 which will help in saving taxes.
Many of us, in a hurry to file ITR, forget about various income tax benefits which we all are eligible for. But we just don't know about them.
So buckle-up your seat-belts, hold tight coz it's gonna be a fun-ride!
Do you have life insurance?
We know, it's a very stupid question especially in this day & age of uncertainty.
But sometimes we gotta ask stupid questions to Help You!
As per Sec 80C of the Income Tax Act, you are eligible to claim deduction of amount paid on life insurance premium.
This amount of deduction varies depending upon the time you've taken the life insurance.
|Policy Taken/ Issued||Amount of Deduction|
|On or before 31/3/2012||20% of Capital Sum Assured|
|On or after 1/4/2012||10% of Capital Sum Assured|
On or after 1/4/2013, for person
||15% of Capital Sum Assured|
There are many other ways to claim deduction u/s 80C & maximum deduction is up to ?1,50,000. Refer our blog to know more.
Are you paying house rent?
We all know about deduction on House Rent Allowance.
But what about those people who don't receive HRA in their salary? Are they not in need of tax breaks 2018?
A good news for all such salaried individuals out there. As per Sec 80GG, if you do not receive HRA then you can still claim deduction of House Rent paid.
Amount of deduction will be least of following:
- Excess of rent paid over 10% of Adjusted Total Income
- 25% of the Adjusted Total Income
- ?5,000 per month
To know more, refer to our guide.
Have you got health insurance?
No one knows what the future holds.
That's why people like you & me buy health insurance.
As per Sec 80D, the premium amount paid by you to keep health insurance active is eligible for income tax break.
The amount of deduction can be ?25,000 or ?30,000 (for senior citizen).
For detailed discussion, refer our blog.
Have you missed any deduction in Form 16?
Form 16 is issued to all the employees whose income is liable for tax deduction.
Now, sometime it happens that employees may have made some investments, expenses etc during the year which are eligible for tax break explained above & have forgotten to inform their employers.
Due to which, employers deduct TDS on higher income. But relax! You still have the time to claim those tax breaks.
While filing your ITR for FY 2017-18, simply declare all such investments, expenses etc & claim the deduction.
But yeah, a word of caution, keep all the receipts in handy if in case ITR is picked up for scrutiny by the assessing officer.
Got any loss from previous years?
Can you say, this year I will make only profit & no loss? No one can.
And whether you are doing business or trading in share market, suffering loss is a pretty obvious thing.
So what to do? Should we stop and sit at home? Obviously not.
You have the option to set-off loss suffered in a year with income earned in the same year subject to some conditions.
If the loss is not completely set-off, then you can carry forward it to next year & adjust it against income from the same head.
For e.g. current year's long term loss can be set-off against short-term as well as long-term capital gain. But bought forward LTCL can be set-off only against LTCG.
Similarly, any brought forward loss under house property can be set-off only against income from house property.
It is important to note that, to claim & c/f losses, the ITR must be filed before the due date.
It's never late
Many of us feel, oh damn! the deadline to file ITR is so near that I can't do anything now.
Nothing is lost my friend, with some patience & smartness, saving income tax is very easy.
That's the reason we brought you some common tax break examples which most of us become eligible for unknowingly.
Take advantage of them.
If you are facing any trouble in filing ITR or need any assistance, get in touch with our eCAs.
Keep following our blog & social media pages for regular updates on e filing tips. Happy Filing ????