It may be important to know some of the following lesser known deductions
which are available over and above Rs. 1,50,000totaxpayers:
1. Principal Repayment on housing loan -Additional deduction up to
Rs.150,000*is allowed if the specified conditions are fulfilled.
2. Mediclaim Insurance, Preventive Health Checkup (including routine
medical tests conducted by assessee and his family members) and
amount of medical expenses actually incurred during the year – Rs. 25,000
for members less than 60 years of age and Rs. 50,000 for other members.
3. Interest on loan taken for purchase of Electric Vehicle up to Rs.1,50,000.
4. Investment in National Pension Scheme to the tune of Rs. 50,000 is
permissible as additional deduction.
5. In absence of HRA, rental accommodation is eligible for deduction of lower
of Rs. 5000 per month or 25% of Total Income or Rent Paid in excess of 10%
of Total Income, when assessee do not own any residential property,
subject to filing declaration in Form 10BA.
For more information and conditions of aforementioned deductions, please
refer ensuing paras of our knowledge.
Deductions under Chapter VI of the Income Tax Act, 1961
Life Insurance Premium
You can submit Life insurance Premium paid receipts. These receipts can
be in the name of self/spouse/children. Life cover should be at least 10
times of premium paid.
Contributions by an individual to EPF,PPF,RPF