Methods to avail rebate on Tax: ITR deadline closing and more, all you need to know

For the financial year 2021-22, you haveto file the Income Tax Return by July 31^st of this year. Beforefiling the RTI you must have complete detail about your income in the previousyear from various sources. The government, as you know, provides you rebate invarious forms on your taxable income, whose knowledge for you is very muchessential in order to make the best use of it.

 One such exemption is provided foryour children’s education or on the interest that is paid on the loan taken forthat purpose, detailed insights on this.

The tax exemption of 1.5 Lakh on the expensesmade for education:

You can seek a rebate of over 1.5 Lakhunder section 80C on expenses of education for up to two children. Whereas, ifyou have two children you can seek the rebate under the same provision for any two.You can claim for the expenses made on full-time education, apart from this youcan only ask for a rebate on the tuition fees.

Benefits of tax exemption on the interest paidon Education loan:

Under the provisions of Section 80E ofthe Income Tax Act, anyone can claim a tax rebate on the interests paid for theeducation loan. However, this exemption is only applicable if the loan isissued in the name of a woman, her husband, or their children for highereducation (India or Abroad), by any bank or financial institution. The claimfor exemption can be started from the year when the interests are being paidand can be claimed for the next seven years or full repayment of the loanwhichever is earlier.

No limits on maximum tax exemption:

If you have two children and havetaken a loan for both of their education then under section 80E, you can claimthe exemption on the payment of interest on both loans. For this, there is no maximumlimit under the section’s provision.

The exemption is applicable only under the oldtax slab:

There exist two options for filing theITR. The government released the second one on April, 1^st 2020. In thenew slab, the tax rate over income above 5 Lakh annually was kept low, but thededuction was taken away. If you take up the old format, you will be eligibleto claim the deduction.

Follow these steps to file your Income TaxReturn for the previous year:

• Visit the website of the Income TaxDepartment, incometax.gov.in
• You will have to make an account onthe site to proceed further, so if you don’t have one first make it with simplequick processes. After the generation of the account, you will now have a UserID and password.
• Fill in your User ID and password inthe designated section.
• After logging in a fresh page willappear showing e-file, click on it and select the Income Tax return option.
• Click on the option showing AssessmentYear 2021-22 and then continue.
• After this, you will get an option ofOnline and Offline, Click on the online and select the personal option.
• Click on the ITR-1 or ITR-4 option andproceed after clicking on continue.’
• If you are salaried personal thenproceed with the ITR-1 option. After that, the form will be downloaded intoyour system. After that go into the ‘Filling Type’ section and click on 139(1).
• The selected form will appear on yourscreen, fill in all the details asked. Carefully fill in your bank details.
• If you would have selected the Offlineoption, then after registering all the mandatory fields you will find theoption of ‘Attach File’, where you need to attach your form.
• After the file is attached the sitewill automatically attach the file to validate, once it is done, click on ‘Proceedto Verification’.

With this within a few minutes, youcan easily file your ITR. To verify your return you can choose the optionE-Verification.