BENGALURU: About 45 million people claim deductions on their tax returns every year. Most people looking for deductions focus on things like mortgage interest, income taxes, real estate taxes and charitable donations. These are the most obvious items that can be claimed as itemized deductions. The financial year close is behind us and the tax filing for returns of the financial year 2014-15 has begun, according to cbsnews.com.

Physically Challenged Dependents:

Providing tax benefits to those who are physically challenged or for those caring for these challenged dependents, the Income Tax Act has laid out deductions under Section 80DD. If you have spent money for medical treatment including nursing, training & rehabilitation of a disabled person or if you have paid for insurance scheme for caring for that dependant, this deduction is allowed from your Income.

Children’s Tuition Fee:

The fees that a parent pays for his child’s tuition, whether it is college, school or university, this fee can be claimed as a deduction under Section 80C. These expenses can be claimed for up to 2 children per parent only. In case your children are small or under the age of 5 yrs, deduction is available for fees paid in play school, pre nursery and nursery too.

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