Dont miss Tax breaks, while filing IT return

FILING INCOME TAX RETURN? DON'T MISS THESE 9 TAX BREAKS Income tax return filing is a process that is often completed mechanically. However, investing a little time and thought into it can allow you to claim deductions you might have failed to while submitting your investment declarations. Read on to see how you can maximise your tax breaks. 1. Savings account interest The balance in your savings account earns interest every quarter, which is considered part of your total income. However, the income tax (I-T) department, under Section 80TTA, allows exemption of up to Rs 10,000 on this interest. Interest earned on post office savings will also fetch a similar benefit. 2. Rent exemption without HRA Many taxpayers shell out house rent but can’t claim deductions due to the absence of the house rent allowance (HRA) component in their salary. Under Section 80GG, you can avail of the benefit for the rent even if your salary package does not include HRA, provided you are not eligible for any housing benefit. You will not qualify for this break if you, your spouse or child owns the house you live in. The exemption is limited to the least of: rent paid less 10% of total income; or Rs 5,000 a month; or 25% of total income. 3. Breaks for specified illnesses Keeping in mind the fact that treatment of ailments like cancer, kidney failure or AIDS entails huge expenses, the income tax rules allow relief under Section 80DDB to tax-payers suffering from such diseases. http://starhealthdevarajan.com/news/532 for Insurance Related Services call 98401 77017 Devaraqjan www.licdevarajan.com