The last date for filing ITR is coming closer. Income Tax has extended its date to 15 September. Meanwhile, taxpayers have many questions regarding income tax filing. They remain confused about many things. We received a question from one such taxpayer. Our experts have cleared his confusion regarding this.
New Delhi. The last date for ITR filing 2025 is approaching. In such a situation, now taxpayers are filing income tax as soon as possible. But many questions are coming to their mind during or before tax filing.
We received one such question from our reader. Pankaj Jindal asks that according to the income tax rules, up to what limit household and personal expenses can be claimed under tax deduction. Our experts explained this in detail, let’s know.
What do the experts say?
TaxManager.in founder and CEO Mr. Deepak Kumar Jain said that under the income tax rules, taxpayers cannot claim any tax deduction on household or personal expenses. However, businessmen can claim tax deduction only on legitimate expenses.
He further said that if any taxpayer deliberately claims personal expenses such as rent, tuition or school fees, travel expenses, medical expenses in tax deduction, then he may have to pay a fine or penalty.
First of all, you have to understand how much income you are getting every year or from where the money comes.
Include these in income-
- Salary
- House property
- Profit from business or any profession
- Capital gain
- Income from other sources
- This way you will get GTI i.e. Gross Total Income.
- Deduct all exemptions
Now GTI i.e. Gross Total Income has to be added. For this, remove all the deductions from the income you have added. From these exemptions, wherever you are getting tax benefit, deduct that amount.
For example, many of you must have applied for such schemes to get tax benefits, in which you get the benefit of section 80-C. In this way, section 80G, 80D, 80TTA etc. are included. By making all these deductions, you will be able to calculate the Taxable Income.
