Income Tax Return: How to maximise your tax refunds while filing ITR?

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Also Read: Income Tax Return filing: Salaried individuals need to be aware of these 5 key pointsSeveral deductions are encompassed within Section 80C of the Income Tax Act in India. This provision enables you to claim deductions for various investments and expenses, thereby, reducing your taxable income and potentially decreasing your tax liability.

Here’s an overview of the deductions available to you:The combined maximum limit for deductions under Section 80C for the fiscal year 2023–2024 (AY 2024–2025) is ₹1.5 lakh. All of the aforementioned investments and other Section 80C deductions are subject to this restriction.

Also Read: Submitted wrong ITR form? Know how many times you can revise returnYou can deduct the premiums for your family, yourself, and, in certain cases, your dependent parents from your income tax under Section 80D of the Income Tax Act of India.

The following are eligible to claim a deduction under this provision.Premiums paid for health insurance policies provided by recognised insurance firms in India are tax deductible. This usually comprises individual health insurance policies, family floater plans, and critical illness plans.

If your health insurance policy covers hospitalisation for Ayurvedic treatment, the premiums are also deductible under Section 80D.Depending on your age and the person you are insuring, the maximum deduction limit under Section 80D for medical insurance premiums varies:The deduction limit for preventive health check-ups is ₹5,000 per financial year, included within the overall limits mentioned above. While you can claim deductions for multiple health insurance policies, the total deduction cannot exceed the specified limit.The documents needed to claim a deduction under