Income Tax Returns: Deductions That Can be Claimed Directly

Cleartax.in | Updated: Jul 11, 2015 14:22 IST

Our jobs keep us busy and with our many personal and professional commitments, it's likely you have missed the deadline for investment or deductions proof your employer had set. It can be particularly annoying to miss these important deadlines and then see TDS deducted on them.

The good news is many tax deductions and exemptions can be directly claimed in your income tax return, even though proofs for these were not submitted to the employer timely.

Claim House Rent Allowance exemption in your income tax return: All salaried employees receive HRA from their employer. An exemption against HRA is available when the employee is living in a rented accommodation and pays rent to the landlord. Did you miss the last date for submitting rent receipts to your employer? Then your employer would have deducted TDS on HRA without allowing any exemption. Don't worry, HRA exemption can be claimed in your income tax return. First find out how much exemption you can avail on HRA. Now, re-calculate your total taxable income after adjusting this exemption. Finally calculate your tax dues. You can then claim a refund of excess tax deducted by your employer in Income Tax Return.

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