Filing Tax Return Late? Maximise Your Tax Savings With These Tips

The due date for filing income tax returns for individual taxpayers for the assessment year 2022-23 was July 31. However, those who missed the deadline can still file their tax returns with a late fee till December 31.

The late fee or penalty on late filing of ITR may go up to Rs 5,000 depending upon the taxpayers earning slab.

Individuals, with an annual income of up to Rs 5 lakh, will have to pay a late fee of Rs 1,000 on filing ITRs after July 31. However, for others with an income of Rs 5 lakh or more, the late fee is Rs 5,000.

While filing the tax return, a salaried individual can claim a deduction of up to Rs 1.5 lakh under Section 80 of the Income Tax Act. You can claim benefits for a tax deduction for the investment made in a variety of tax-planning instruments, including life insurance premium, EPF (Employees' Provident Fund) contribution, five-year fixed deposit and investment in ULIP or unit-linked insurance plan.

Investment for spouse/children: Life insurance premiums paid to insure self, spouse, and dependent children are eligible for deduction under Section 80C. The deduction can also be claimed against contributions towards PPF, EPF, ULIP, annuity plan, a savings scheme, or pension fund.

Investment for girl child

Contributions made to Sukanya Samriddhi account in the name of their girl child can be claimed for deduction in tax return filing. 

Tuition fees

Payments made by an individual to a university, school or other educational institution in the country for the education of any two children can be claimed for a tax deduction. This, however, only includes tuition fees only.

Payment for the purchase of residential house property

Any stamp duty and registration fee paid at the time of purchase of house property and repayment of home loan are eligible for income tax deduction under Section 80C.