Income tax

Key Dates and Deadlines for ITR Filing in FY 2024-2025

This blog post offers a concise overview of how to reduce your tax bill for the 2024-2025 financial year (FY) in India. It clarifies the difference between deductions and exemptions, highlighting popular options like Section 80C (investments) and Section 80D (health insurance). It also mentions other helpful sections and reminds readers to keep documentation organized. The synopsis emphasizes that strategic use of deductions and exemptions can save taxpayers money.

Less Tax, More Money! How to Claim Deductions and Exemptions to Reduce Your Tax Liability (FY 2024-2025)
Tax season is on the horizon for the 2024-2025 financial year (AY 2025-2026). While filing your Income Tax Return (ITR) might not be the most exciting activity, there's a silver lining: deductions and exemptions! These are your weapons to reduce your taxable income and ultimately, lessen your tax burden.

Let's dive into some key ways to claim deductions and exemptions for FY 2024-2025:

Understanding Deductions vs. Exemptions:

Deductions: These allow you to subtract specific expenses from your gross total income, thereby reducing the taxable amount.
Exemptions: These are fixed amounts deducted from your taxable income before tax rates are applied.
Popular Deductions to Leverage:

Section 80C: This is a powerhouse deduction offering tax benefit on investments up to Rs. 1.5 lakh in various instruments like Public Provident Fund (PPF), Equity Linked Savings Schemes (ELSS), National Pension System (NPS), and more.

Section 80D: Health is wealth, and this section acknowledges that! Claim deductions for health insurance premiums paid for yourself, spouse, parents, and dependent children (up to specified limits).

House Rent Allowance (HRA): If you pay rent and receive HRA as part of your salary, you can claim an exemption on this amount subject to certain conditions.

Leave Travel Concession (LTC): For salaried individuals, expenses incurred on travel for yourself and family during leave can be exempted under this section.

Don't Forget Other Helpful Sections:

Section 80TTA: Get a deduction on interest income earned up to Rs. 10,000 on your savings account.
Section 80G: Donations made to certain charitable organizations qualify for deductions under this section.

Remember:

Keep all receipts, proofs, and investment documents handy for verification purposes.
Choose the tax regime (old or new) that offers you the most benefits based on your income and deductions.
Consult a tax advisor for personalized guidance if your tax situation is complex.
By strategically claiming deductions and exemptions, you can significantly reduce your tax liability. Make the most of these tax benefits and keep more of your hard-earned money in your pocket!

FILING YOUR INCOME TAX RETURN F.Y 2023-24 (A.Y. 2024-2025) WITH MYITRONLINE

Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)

If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting

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Upload Salary Individual Form-16

If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886,8130309886.

Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com

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Krishna Gopal Varshney

An editor at apnokaca

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Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.

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