If you're a salaried employee in Coimbatore, filing your Income Tax Return (ITR) is not just a legal obligation - it's also an opportunity to save money through legitimate deductions. Many employees miss out on significant tax savings simply because they're unaware of the deductions available to them.
Key Deductions Every Salaried Employee Should Know
Section 80C - Up to Rs. 1,50,000
This is the most popular deduction section. You can claim up to Rs. 1.5 lakhs for:
Employee Provident Fund (EPF) contributions
Public Provident Fund (PPF) investments
Life Insurance premiums
ELSS Mutual Funds
National Savings Certificate (NSC)
Tuition fees for children (up to 2 children)
Home loan principal repayment
Section 80D - Health Insurance Premium
Up to Rs. 25,000 for self, spouse, and children
Additional Rs. 25,000 (Rs. 50,000 for senior citizens) for parents
Rs. 5,000 for preventive health check-ups (within the above limits)
Section 24(b) - Home Loan Interest
Up to Rs. 2,00,000 deduction on interest paid for a self-occupied property
No limit for let-out property (but loss from house property can only be set off up to Rs. 2 lakhs)
Section 80E - Education Loan Interest
No upper limit on deduction
Available for up to 8 years from the year you start repaying
Applicable for higher education loans for self, spouse, children, or students you are a legal guardian of
Section 80TTA/80TTB - Savings Account Interest
Up to Rs. 10,000 for individuals below 60 (Section 80TTA)
Up to Rs. 50,000 for senior citizens on all deposit interest (Section 80TTB)
House Rent Allowance (HRA)
If you live in rented accommodation, you can claim HRA exemption. The exempt amount is the lowest of:
Actual HRA received
50% of salary (metro) or 40% of salary (non-metro like Coimbatore)
Actual rent paid minus 10% of salary
Standard Deduction
Rs. 50,000 standard deduction available to all salaried employees
No documentation or investment proof required
Old Regime vs. New Regime
The new tax regime offers lower tax rates but fewer deductions. As a general rule:
Choose the Old Regime** if your total deductions (80C, 80D, HRA, etc.) exceed Rs. 2.5-3 lakhs:
Choose the New Regime** if you have minimal deductions and investments:
Expert ITR Filing in Coimbatore
Don't leave money on the table. WINTRUST SOLUTIONS helps salaried employees in Coimbatore maximize their tax savings through expert ITR filing. We analyze your income, investments, and expenses to ensure you claim every deduction you're entitled to.
Contact us for a free tax planning consultation!