Claim deductions under section 80C & 80D:

Claim deductions under section 80C with no investments: Section 80C allows you to reduce Rs 1,50,000 from your taxable income. You can view the entire list of deductions allowed under section 80C here.

If you were not able to submit the details of your Section 80C deductions to your employer timely, you can claim them in your Income Tax Return.

You can claim them during return filing, even though they don’t appear on your Form 16 since you did not have the time to intimate your employer. Or you may have made those investments after the last date given by employer for proof submission (but you make investments for deductions before 31st March of the financial year).

Say you made some investments to claim Section 80C deduction – deposits to PPF, paid life insurance premium or purchased NSCs. You can easily claim them while filing your IT Return. Have the required details ready with you for e-filing and claim them.

You will notice that not all of the listed deductions require investment. Some of these are expenses which you may have done during the financial year. So if have not been able to fill up your cup with investments these expenses will come to your rescue. Claim them while filing your Return.

Claim these deductions under section 80C without making any additional investments. You can sum up all these expenses and add them to the deduction under Section 80C on ClearTax. Here is the list:

  • Your share of PF Contribution: this is the amount which gets deducted from your salary as your contribution in Employee’s Provident Fund Scheme or Recognized Provident Fund. If you know your basic salary this amount is 12% of your basic.
  • Children’s Tuition Fee Payment: Any tuition fees paid by you for the education of your children (maximum 2) is allowed under section 80C. This payment may have been made to any school, college, university or other educational institution situated within India for the purpose of full time education of your children. It includes payments for play school, pre nursery and nursery.
  • Principal Repayments on Loan for purchase of House Property:Payments made towards principal repayment of a loan taken for buying or constructing a residential house property is also allowed as a deduction.
  • Stamp duty & registration fees and other expenses: these expenses incurred for purpose of transfer of the property to the taxpayer can be claimed as a deduction. However, if you transfer the property before the end of 5 years from the year in which you took possession of the property, the deduction claimed will be added back to your income and you’ll have to pay tax on it.
  • Life Insurance premium paid: Any premium paid by you for life insurance of yourself, your spouse or any child (child may be dependent/independent, minor/major, or married/unmarried) can be claimed as a deduction. The 80C deduction is valid on insurance policies purchased after 1st April, 2012 only if the premium is less than 10% of sum assured. The deduction can be claimed for the full amount paid (premium including service tax & other charges).
  • Bills for preventive health check ups: If you have not yet exhausted your deduction limit under section 80D and you have a bill for a preventive health check up, you can claim this bill and get a maximum of Rs 5,000 as a deduction. Do remember this is included within the overall limit of Rs 15,000 of Section 80D (Rs 20,000 in case of senior citizens).

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