Section 80C is also available on the principal amount of home loan repaid during the financial year. An individual can claim deduction under section 24 for maximum up to Rs 2 lakh on the interest paid on home loan EMI. Individuals who have paid home loan/education loan EMI during FY 2021-22 should collect repayment certificate from bank/financial institution to claim tax exemption and deductions. This year ITR forms ask individuals to provide details of interest earned from EPF accounts if annual contribution exceeds Rs.2.5 lakh. Even though PPF interest is exempt from tax, you are required to report it. Thus, one must report the correct amount in ITR and pay taxes accordingly.
are fully taxable in the hands of an individual. Interest earned from fixed deposits, recurring deposits, RBI taxable bonds etc. Individual can claim deduction of Rs 10,000 under section 80TTA for interest earned on savings account.
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