New Delhi: Taxpayers while filing Income Tax Return (ITR) must be aware of major exemptions and deductions under old and new tax regimes. Meanwhile, you can now file ITR for free on SBI YONO, the public sector lender stated.Also Read - Income Tax Return: These 4 Benefits Taxpayers Must Avail While Filing ITR | Details Here
Under under new tax regime, tax payers can not avail tax deductions and exemptions on Leave Travel Allowance (LTA), House Rent Allowance (HRA), and Life Insurance Premium. Also Read - Income Tax Department Issues Refunds for Over 1 Crore Taxpayers. Check Status Here
Under new regime, tax deductions are not available under Section 80TTA/TTB on interest from savings bank account. Also Read - Income Tax Alert: Taxpayers Can Check This Important Document Before ITR Filing
Apart from these, one can not avail tax-saving investment deductions under Chapter VI-A (80C, 80D, 80E, 80CCC, 80CCD,80D etc.) However, tax deductions on National Pension Scheme (NPS) under 80CCD(2) is allowed.
If we look at old regime, tax deductions and exemptions are available on Leave Travel Allowance, House Rent Allowance, and Life Insurance Premium.
Deductions are also available on interest from Savings Bank Account under Section 80TTA/TTB.
Taxpayers can also avail tax-saving investment deductions under Chapter VI-A (80C, 80D, 80E, 80CCC, 80CCD, and 80D).
“When you file tax return through Yono with Tax2Win you get a comparative analysis, to help you choose the Best Tax Regime,” SBI stated.
You will get eCA assistance at just Rs 199. The offer is valid till October 31, 2021, according to details provided by SBI.
SBI has listed benefits of filing ITR early. These are early filing, early refunds, avoid last minute hassle. Taxpayers will also get enough time to rectify errors if any, SBI tweeted.
TO file ITR, SBI customers need to login to Yono SBI, then Shop and Order. After that go to Tax and Investment, and finally Tax2 Win section.