The due date of filing of Return of Income for the Assessment Year 2021-22, which was 30th November, 2021 under sub-area (1) of segment 139 of the Act, as stretched out to 31st December, 2021 and 28th February, 2022 .
In such a circumstance, citizens should do the computations connected with their pay, investments and reserve funds prior to filing ITR. 80C is the most well known and favored part of the Income Tax Act for citizens to save tax.
As a matter of fact, under 80C, citizens get the advantage of tax exemption on a portion of their costs and ventures. Assuming you plan your ventures well, you can guarantee a discount of up to Rs 1.5 lakh per annum. In such a circumstance, while making a case under it, citizens ought to keep away from five errors.
Focus on the lockin period
Certain derivations under area 80C are canvassed under the lock-in period. FDs have a lock-in time of 5 years and Equity Linked Savings Schemes have a lock-in time of 3 years. In the event that the citizen disregards the guidelines of the lock-in period, the pay is burdened as the pay of the citizen for that monetary year.
Calculate tuition or school charges
Assuming a citizen claims allowance for the everyday schedule taxes, he/she needs to initially comprehend specific arrangements. The citizen can guarantee the expenses paid for full time schooling for a limit of two kids. Just the educational expense piece of the total charge can be asserted. Along these lines, the tax cost should be determined prior to making a claim.
Try not to Invest Too Much in Endowment Plans
Endowment plans are great for tax saving and investment. Nonetheless, contributing an enormous piece of the profit in it won’t yield great returns. In this way, to save more, put resources into term plans, which are limited.
Home loan reimbursement
However, exception… Taxpayers can guarantee reimbursement of any sort of home loan under 80C, yet it should be perceived that the chief measure of individual loan (credit taken from companions family members) isn’t covered under 80C. For guarantee, it is important to take loan from bank, helpful bank, public lodging bank, and so on
Claim on enrollment stamp duty
Stamp duty, enlistment charge and certain different costs straightforwardly connected with move of private house property can be guaranteed under 80C. For business property, these costs can’t be asserted under 80C.
Try not to put cash in a rush
One ought not put resources into scramble in the covetousness of saving assessment. This expands the possibilities settling on some unacceptable investment choice. So contribute astutely and never contribute just to save tax.
