Step 4 Claim all the deductions you are eligible for
Your employer calculates your salary and TDS deductions based on the investments you had declared at the beginning of the year. But you could have invested more under Section 80C during the year than you originally declared to your previous employer.
If you are concerned that you have not any investments under Section 80C, you’ll be happy to know that 80C offers tax relief on some of your expenses too.
Your contribution to the provident fund, life insurance premium payments (provided the premium is less than 10% of the sum assured), tuition fee if you have school-going children are a few expenses that can be claimed as a deduction under Section 80C.
Expenses related to stamp duty and registration charges can be deducted under Section 80C if you bought a house between April 2014 and March 2015.
Section 80TTA, a common deduction that most people forget to claim, allows for a tax deduction on interest income from bank savings account of up to Rs.10,000. Make sure you avail this deduction.
