![]() For this, you do not need to either buy insurance or show any proof of investment. If someone is a pensioner, then they can also take advantage of this standard deduction. You do not have to submit any documents or investment proof to claim it. Under Section 16 of the Income Tax Act 1961, every salaried person can get a standard deduction on their taxable income. The maximum deduction available under this section is Rs 25,000, and for senior citizens, it is Rs 50,000. This section allows for deductions on health insurance premiums paid for self, spouse, children and parents. The second most common way to reduce your taxable income is through Section 80D. To e-File the ITR using the upload XML method, the user must download either of the following ITR utility: Excel Utility. Offline: Download the applicable ITR, fill the form offline, save the generated XML file and then upload it. It allows deductions up to Rs 1.5 lakh for investments made in various instruments such as Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), National Pension System (NPS), Tax-saving Fixed Deposits (FD) and others. The user can file the Income Tax Return (ITR) in two ways: 1. The most common way to reduce your taxable income is to claim the deductions provided under Section 80C. The income tax return forms will differ for taxpayers depending on their source of income. ![]() But, all the taxpayers can avail the standard deduction even without any investment. There are no major changes in the ITR forms notified by the government. Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for. ![]() Many of you might be aware of the various deductions provided under Sections 80C, 80D, 80DDB and other provisions of Income Tax Act. Download offline utilities related to Income tax returns/forms. Step 2: If you are a new user, click ‘Register.’ (To register, choose a user type, enter the required information, and validate the registration. ![]() Click on the ‘Register’ or ‘Login’ button on the income tax portal. Salaried individuals, pensioners and family pensioners can now avail of standard deductions under the new regime. Follow the steps listed below to download income tax return: Step 1: Go to the official income tax filing portal. As announced in the Union Budget 2023, the benefit of standard deduction for Income Tax payers has been extended to the new regime.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |