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Home > Income Tax > Help Center > EZTax Deductions HelpLast Updated: Jan 25th 2024

How to declare Investments & Deductions?

Another important declaration to be made during IT filing is about Tax Deductions. is providing a comprehensive tax deduction questionnaire to maximize tax savings. The deductions are useful to reduce the total taxable income under chapter VI-A from section 80C to 80TTA, 80TTB.

Investments and Deductions Declaration Explained

EZTax Providing all types of Investments and Deductions(80C to 80TTA, 80TTB), the investments include provident fund, public provident fund, LIC, ELSS, NPS, Post office or Fixed deposit for 5 years etc., in addition to donations, children school fee, medical claim etc. Limitations are applicable for every deduction like 80C Rs.1.5 lakh and NPS Rs.50K, field level help will guide you on those limitations.

Tax Saving Investment Details (Section 80C): The total limit for this screen is Rs.2,00,000 (50k NPS + all other) and in addition to 2Lakhs 10 % salary extra from NPS u/s 80CCD-2
  1. Provident fund: You have to enter the PF deducted from salary
  2. LIC (Life insurance premium): You have to enter the insurance premiums paid in last financial year
  3. Children school fees: You have to enter the total children school fee paid in paid in last financial year
  4. Housing loan principal: You have to enter the housing loan principal amount paid in last financial year, it is available in home loan statement provided by banker
  5. Public Provident Fund (PPF): You have to enter the PPF amount paid on self or spouse or child you can claim the deduction
More Deductions from Section-80C:

You have declare all the investments or deductions like mutual funds or Equity Linked Savings Scheme, NSC (National saving certificate), Post office or fixed deposit for 5 years, pension polices, NPS, sukanya samriddhi, and etc. All the deductions maximum limit u/s 80C is Rs.1,50,000, and for employee's contribution to National Pension Scheme limit u/s 80CCD-1B is 50K, and for employer's contribution to National Pension Scheme limit u/s 80CCD-2 is 10% of salary.

Save: After completion of declaration of all the data you can simply click save.
Remind: If you have any doubts in any amount declaration, simply click on the reminder it will reminds before filing the return.

Declaration of Health Insurance Explained

Health insurance is different for self-family and parents family, you can claim insurance amount paid for both families. And it is vary for normal citizen and senior citizen, and EZTax field level help will guide you the limits & declaration of health insurance

Family Health Insurance Details (Section 80D): In this you can enter the insurance amount and preventive health check-up amount paid on your family.
Parents Health insurance Details (Section 80D): In this you can enter the insurance amount and preventive health check-up amount paid on your parents family.
Save: After entering all the data please click on the save button.

Declaration of Other Deductions Explained

Other Deductions that are less common under Section 80CCG, 80DDB, 80E, 80EE, 80GG, 80TTA, 80TTB within a Financial Year

Other Deductions: If you have any other deduction like Education loan, Rent paid, Savings or FD interest deduction, treatment of specified diseases and ailments, house loan additional exemption with the extent of rules and etc.
Section 80TTA+80TTB: EZTax will automatically extract the applicable amount of savings or FD interest into 80TTA/80TTB
Save: After completion of all the declaration of all the amount please click on save button

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Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.