SBI YONO: Check How You Can Save More Under Section 80D of Income Tax Act

The State Bank of India is the country’s leading bank and its customers must be aware of the fact that they can save more by availing of an “80 D deduction” without paying the health insurance premiums of the parent. The official account of SBI tweeted “Now save more! Avail 80D Deduction without paying health insurance premium for your parents. Simply log in to YONO & file your ITR with Tax2win for free”.

What is Section 80D Deductions?

Section 80D of the Income Tax Act provides an increased deduction of Rs 50,000 in case any of the parents assessee are senior citizens. An individual resident in India of the age 60 years or more at any time during the relevant previous year is treated as a senior citizen.

Points to Remember While Applying for Tax Reductions Under Section 80D:

• A medical insurance premium paid for brother, sister, grandparents, aunts, uncles or any other cannot be claimed for tax reduction.

• In case the payments are done in parts by both your parents & you, both of you can claim a deduction to the extent paid by each.

Documents Required To File ITR:

SBI customers who are interested in filing ITR through the YONO App must note there are certain documents that one needs while filing an ITR.

• PAN Card

• Aadhaar Card

• Form 16

• Tax Deduction Details

• Interest Income Certificates

• Investment Proofs for Tax Saving

How to File ITR using SBI Yono App?

In order to file ITR through YONO, the SBI customers have to follow certain steps. They are as follows:

Step 1: The customer have to login to SBI YONO.

Step 2: Then the user have to select the option.

Step 3: Now, the candidates have to select ' Tax and Investment'.

Step 4: Then one has to select 'Tax2Win'

After following these steps, the users will have to follow the instructions to file their ITR.

Note - This information is for all the SBI customers from agriculture sector/farming community.