If you are a partner in a Limited Liability Partnership (LLP), there are several deductions and credits you can claim while filing your Income Tax Return (ITR). Here are some of the deductions and credits you can claim:
- Deduction under Section 80C: You can claim a deduction of up to Rs. 1.5 lakh under Section 80C for investments made in schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC), Equity-Linked Savings Scheme (ELSS), and others.
- Deduction under Section 80D: You can claim a deduction of up to Rs. 25,000 under Section 80D for the premium paid towards health insurance for yourself, your spouse, and dependent children. You can also claim an additional deduction of up to Rs. 25,000 for health insurance premium paid for your parents, and an additional deduction of up to Rs. 50,000 if your parents are senior citizens.
- Deduction under Section 80E: If you have taken an education loan for yourself, your spouse, or your children, you can claim a deduction of the interest paid on the loan under Section 80E.
- Deduction under Section 80G: You can claim a deduction for donations made to charitable organizations and trusts under Section 80G.
- Deduction under Section 80TTA: If you have earned interest income from your savings account, you can claim a deduction of up to Rs. 10,000 under Section 80TTA.
- Deduction under Section 80CCD: You can claim a deduction for contributions made towards the National Pension System (NPS) under Section 80CCD.
- Deduction under Section 80U: If you have a disability, you can claim a deduction of up to Rs. 75,000 under Section 80U. If you have a severe disability, you can claim a deduction of up to Rs. 1.25 lakh.
In addition to these deductions, you can also claim credits such as TDS (Tax Deducted at Source) credit, Advance Tax credit, and Self-Assessment Tax credit. To claim these deductions and credits, you need to file your LLP ITR using the appropriate form and provide the necessary details and supporting documents. It is advisable to consult a tax expert to ensure that you are claiming all the deductions and credits that you are eligible for.
