Income Tax Return: Last date to file ITR today, know how you can save tax

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Sunday is the last day for filing Income Tax Return (ITR) for the financial year 2021-22. More than 5 crore people have filed ITR till 8.36 pm on Saturday night. For the financial year 2020-21, 5.89 crore ITRs were filed. However, then its limit was extended till December 21.

Now only a few hours are left for its last date to end, so if you have not filed your return then you should file it without wasting any time. Let us know how you can file ITR yourself:-

If you have not filed your ITR yet, then for this you have to first visit the official link https://www.incometax.gov.in/iec/foportal.
Then go to ‘e-File’ and click on ‘Income Tax Return’ option. Now select the year and if you want to fill the original then select it. But if filling Revised, then select ‘Revised Return’.
Then click on the option ‘Prepare and Submit Online’. Now go to the verification page and click on Verify. Finally click on ‘Preview and Submit’.

may be fined

If you are a taxpayer, it becomes necessary for you to file Income Tax Return. But if you are not able to do so even by the last date, then you can be fined as per the income tax provisions. At the same time, you may also get a notice.

tax deduction facility
Tax deduction is available under many provisions coming under income tax, but the most popular of these is 80C. Employed people get the most benefit from this. Apart from this, home loans, education loans and insurance policies under subsection 80CCD(1B) can help you save tax. Let us know how we should make our strategy to save tax.

Standard deduction (Rs 5 lakh)
First of all, it is important to know that under section 87A of Income Tax, no tax is liable to be paid on income up to Rs 5 lakh. In such a situation, if your income is 10 lakh rupees, then first of all, as per the relief under 87A, deduct five lakh rupees from 10 lakh, then the tax liability on you will be made only on the income of five lakh rupees. Apart from this, salaried people and pensioners get the facility of standard deduction of Rs 50,000. On this basis, Rs 50,000 is further reduced and the tax liability on you comes to an income of Rs 4.5 lakh.

80C Deduction (Rs 1.5 lakh)
Under Section 80C of the Income Tax Act, income tax exemption can be availed on investments up to Rs 1.5 lakh per annum. In case of availing income tax exemption under 80C, out of Rs 4.5 lakh, Rs 1.5 lakh will be further reduced, thus saving you the tax liability on income of only Rs 3 lakh. Under 80C, you can get the facility of income tax exemption on any investment made for more than five years.

NPS Deduction (Rs 50,000)
If you have invested under the National Pension Scheme, then you can get an additional income tax exemption of Rs 50,000 under 80CCD (1B). That is, after deducting 50 thousand rupees from the income of three lakh rupees, you will be liable to tax on 2.5 lakh rupees only.

Home Loan Discount (Rs 2 lakh)
If you have taken a home loan, then this can prove to be the most important link in saving income tax. You can get tax relief of up to Rs 2 lakh on home loan interest. In this way two lakh rupees will be reduced in 2.5 lakh rupees and you will have to pay income tax on 50 thousand rupees only.

Health insurance can also save tax (75 thousand rupees)
If your income is Rs 10 lakh per annum and you are able to save tax on Rs 9.5 lakh by fulfilling all the above-mentioned qualifications then you have almost won the battle to save tax. Now you can avoid paying tax on the remaining 50 thousand rupees also, if you have taken health insurance. Those taking health insurance also get a deduction of up to Rs 75,000 in income tax. If you have got health insurance for yourself and your family members, then you can get tax exemption on the premium of Rs 25000 per annum. If you have got health insurance for your parents too, then you can also get an additional discount of up to Rs 50,000. In such a situation, fulfilling all the conditions given above, even a single rupee of income tax can be saved from paying income tax of ten lakh rupees.

Expansion

Now only a few hours are left for its last date to end, so if you have not filed your return then you should file it without wasting any time. Let us know how you can file ITR yourself:-

If you have not filed your ITR yet, then for this you have to first visit the official link https://www.incometax.gov.in/iec/foportal.
Then go to ‘e-File’ and click on ‘Income Tax Return’ option. Now select the year and if you want to fill the original then select it. But if filling Revised, then select ‘Revised Return’.
Then click on the option ‘Prepare and Submit Online’. Now go to the verification page and click on Verify. Finally click on ‘Preview and Submit’.

may be fined

If you are a taxpayer, it becomes necessary for you to file Income Tax Return. But if you are not able to do so even by the last date, then you can be fined as per the income tax provisions. At the same time, you may also get a notice.

tax deduction facility

Tax deduction is available under many provisions coming under income tax, but the most popular of these is 80C. Employed people get the most benefit from this. Apart from this, home loans, education loans and insurance policies under subsection 80CCD(1B) can help you save tax. Let us know how we should make our strategy to save tax.

Standard deduction (Rs 5 lakh)

First of all, it is important to know that under section 87A of Income Tax, no tax is liable to be paid on income up to Rs 5 lakh. In such a situation, if your income is 10 lakh rupees, then first of all, as per the relief under 87A, deduct five lakh rupees from 10 lakh, then the tax liability on you will be made only on the income of five lakh rupees. Apart from this, salaried people and pensioners get the facility of standard deduction of Rs 50,000. On this basis, Rs 50,000 is further reduced and the tax liability on you comes to an income of Rs 4.5 lakh.

80C Deduction (Rs 1.5 lakh)

Under Section 80C of the Income Tax Act, income tax exemption can be availed on investments up to Rs 1.5 lakh per annum. In case of availing income tax exemption under 80C, out of Rs 4.5 lakh, Rs 1.5 lakh will be further reduced, thus saving you the tax liability on income of only Rs 3 lakh. Under 80C, you can get the facility of income tax exemption on any investment made for more than five years.

NPS Deduction (Rs 50,000)

If you have invested under the National Pension Scheme, then you can get an additional income tax exemption of Rs 50,000 under 80CCD (1B). That is, after deducting 50 thousand rupees from the income of three lakh rupees, you will be liable to tax on 2.5 lakh rupees only.

Home Loan Discount (Rs 2 lakh)

If you have taken a home loan, then this can prove to be the most important link in saving income tax. You can get tax relief of up to Rs 2 lakh on home loan interest. In this way two lakh rupees will be reduced in 2.5 lakh rupees and you will have to pay income tax on 50 thousand rupees only.

Health insurance can also save tax (75 thousand rupees)

If your income is Rs 10 lakh per annum and you are able to save tax on Rs 9.5 lakh by fulfilling all the above-mentioned qualifications then you have almost won the battle to save tax. Now you can avoid paying tax on the remaining 50 thousand rupees also, if you have taken health insurance. Those taking health insurance also get a deduction of up to Rs 75,000 in income tax. If you have got health insurance for yourself and your family members, then you can get tax exemption on the premium of Rs 25000 per annum. If you have got health insurance for your parents too, then you can also get an additional discount of up to Rs 50,000. In such a situation, fulfilling all the conditions given above, even a single rupee of income tax can be saved from paying income tax of ten lakh rupees.

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