Declarations While Filing Income Tax

Learn about essential tax declarations: disclose your total salary, encompassing basic pay, allowances, bonuses, and prerequisites. Leverage deductions under Section 80C for investments like ULIPs, PPF, and premiums paid for life insurance. Secure your retirement with NPS contributions eligible for deductions under Section 80CCD. Explore tax benefits on health insurance premiums under Section 80D. For housing, claim HRA if you’re renting, or deductions on loan interest and principal amount if you’ve taken a home loan. Enjoy tax benefits on LTA for travel expenses. Contribute to charitable causes and avail tax benefits under Section 80G. Stay organised, file online on time, and keep essential documents ready.

Key Takeaways

Declare your total salary, including basic salary, allowances, bonuses, and prerequisites, based on your salary slip

Utilise Section 80C for deductions on investments like ULIPs, PPF, EPF, NSC, and premiums paid for life insurance

Save for retirement with National Pension Scheme contributions and claim deductions under Section 80CCD

Gain tax benefits on health insurance premiums by declaring medical expenses under Section 80D

Leverage tax advantages related to housing, such as HRA for rented accommodation and deductions on housing loan interest and principal [Sections 10(13A), 80EE, 80C, and 24(b)]

Claim deductions for Leave Travel Allowance (LTA) and charitable donations under Sections 10(5) and 80G respectively

Stay organised and use online tools for efficient tax filing

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Declare your total salary, including basic salary, allowances, bonuses, and prerequisites. The details can be found in your salary slip.

Yes, under Section 80C, deductions are available for investments in ULIPs, PPF, EPF, NSC, and life insurance premiums.

Contribute to NPS and claim deductions under Section 80CCD for contributions made towards your retirement.

Yes, under Section 80D, you can claim deductions on health insurance premiums, recognising the importance of healthcare.

Yes, you can claim House Rent Allowance (HRA) if you're a tenant. If you’ve taken a home loan, you can claim deductions for housing loan interest and principal amounts under Section 80EE, 80C, and Section 24(b).

Bajaj Finserv Direct Limited ("Bajaj Markets") offers to its customers, various financial products and services through its digital platform as a registered Corporate Agent with IRDAI, registered Investment Adviser with SEBI, registered Third-Party App Provider (UPI payments), and as DSA or Digital lending platform of its Partners. Further, Bajaj Markets also offers a marketplace e-commerce platform to facilitate transactions between customers and sellers on-boarded on the platform. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522 Corporate Agency (Composite) Registration no.CA0551 (valid till 10-Apr-2027) Investment Adviser, SEBI registration: INA000016083 (Validity - Aug 11, 2021 - Perpetual)

Declarations While Filing Income Tax

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