How To Get More Tax Refunds On Your ITR Filing?

Income Tax Return Filing’s last date is coming closer. While filing an ITR, it is important to know the methods through which one can save more on their taxes. Thus, the best practice is to educate yourself about the available benefits by the Income Tax Department for ITR filing. Those who know the tax refund methods get more tax savings and refunds in their account. We have shared below some of the sections under which you can also save taxes and get more tax refunds.

How To Get More Tax Refunds On Your ITR Filings?

Under Section 80C

1. PPF(Public Provident Fund): It is a long-term investment scheme by the Government of India. Anyone can open their PPF account in their banks where one gets more interest than the normal savings account. Starting with a minimum investment amount, one can get several loan benefits and also tax deductions with it.
2. Equity-Linked Savings Scheme: It is a type of mutual fund made for receiving tax benefits. Under this scheme, one receives higher returns than PPF. Equity-Linked Savings Scheme helps you claim a tax rebate of up to Rs. 1,50,000 per year with savings up to Rs. 46,800 as per the sources.
3. National Pension Scheme: By contributing some amount from your earnings to the National Pension Scheme, you can get benefits of tax deductions. The NPS scheme also helps in saving for your retirement. You just need to contribute some amount from your salary while working in NPS backed by the Government of India.
4. Children’s Academic Expenses: If you have children who are attending school or tuition, then you can also get tax benefits on the amount of tuition fees paid.
5. Life Insurance Premium: If you have taken a life insurance policy, its premium payment is also considered for tax deductions. Thus, it can include the premium amount for your children, your self and your spouse.

Under Section 80 D & Section 24

You might be wondering why only life insurance premiums get the benefits. What about the Health insurance premium? Thus, Section 80 D has you covered. If you have taken health insurance you can get tax deductions for paying health insurance premiums for yourself, your spouse, and your children. Its benefits depend on the age of the health insurance holders. You often get more tax deduction benefits if your dependent is a senior over 60 years old. It increases further if your parents are above 80 years. Apart from that, if you have taken a home loan for buying, building or renovating your house, it can also lead to tax deduction benefits for you.