Tax Breaks are a reduction in a taxpayers liability. Income tax deductions are specified under Section 80C to 80U of the Income Tax Act.
Steps to add your Tax Breaks:
- Log in to your Account
- Navigate to Tax Breaks
- Go to Maximize Deductions and click on 'Explore', answer simple questions and Quicko prompts you to claims the deductions
- OR under the section of Chapter VI-A Deductions add all the tax-saving investments & payments such as:
- PPF, EPF, Bank FD's, LIC premium, tuition fees under section 80C
- Pension fund initiated by Central Government under section 80CCD
- Medical Insurance Premium or Health Check-Up under section 80D
- Interest on repayment of Educational Loan under section 80E
- Donation made to charities under section 80G
You need to enter the investment amount, if any, under these sections. The preview of deduction displays both- the deduction amount you have entered and the eligible amount of deduction the user gets as per Income Tax rules.
Note: Ensure to have sufficient proofs of deductions to claim them.