As the deadline to file income tax return (ITR) is nearing, taxpayers are trying their best to identify all 'income from sources' and file their returns accurately.

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The taxpayers ( who are filing returns under the old tax regime) are well aware of the popular deductions available under various sections that help in lowering the taxable income. Most of them try to make the maximum use of Section 80C limit by investing in popular schemes such as PPF, NPS, ELSS, NSCs. However, there are other ways of saving taxes too.

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In a twitter thread, CA Chirag Chauhan talked about 11 lesser known tax deductions that salaried people generally miss while filing ITR:

11 hidden / unpopular / less known tax deduction or benefit Salaried Taxpayer miss while filing Income Tax Returns

— CA Chirag Chauhan (@CAChirag) July 8, 2022

Home loan from friends/relatives

Interest payment can be claimed as a deduction under section 24 when taxpayers take home loan from friends or relatives to buy a new house.

Exemption on medical bills of uninsured parents

If the taxpayers have senior citizen parents who are not covered under any insurance policy but took medical treatment, taxpayers can claim a deduction on their medical bills under Section 80D up to Rs 50,000.

Preventive health check-up

This is available up to a limit of Rs 5,000 for self, spouse and dependent children section 80D.

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Deduction on rent paid

When taxpayers are not receiving house rent allowance (HRA) from employers, they an still claim rent paid deduction under Section 80GG. The maximum limit here is Rs 60,000.

Deduction if dependent suffers ailments

Taxpayer can claim a deduction of Rs 40,000 if dependent suffers from any of the ailments specified under Section 80DDB, like dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and Parkinson’s disease, etc.

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If taxpayers have disability

If taxpayers suffer from disabilities, they can claim deduction of Rs 75,000 to Rs 1,25,000 under Section 80U. If they have disabled dependents, they can claim the deduction under Section 80DD.

Deduction on NPS account

If taxpayers have NPS accounts, they can claim additional Rs 50,000.

Joint home loan borrowers

Joint home loan borrowers can claim the maximum tax benefits individually. It means each holder can get a tax rebate of Rs 1,50,000 for principal repayment under Section 80C and Rs 2,00,000 for interest payment under Section 24.

Hindu undivided family (HUF)

HUF is a separate entity, and can claim deductions under various Sections of Income Tax.

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Donations to charitable organisations or NGOs

If taxpayers make frequent donations to registered charitable organisations or NGO’s, they can claim tax deductions from 50 percent depending upon the organisation, under Section 80G.

Capital losses

Taxpayers pay taxes on short term or long term capital gains, but many are not aware of the fact that capital losses, if any, can be balanced off against gains.