ITR filing Date 2024: The last date for furnishing your Income Tax Return for the financial year 2023-24, or assessment year 2024-25, falls on July 31, 2024. Actually you should start preparing your ITR form from now. While filling out the form, make sure that you do mention details of various tax-saving deductions under the Income Tax Act, 1961. One needs to be aware of the deductions available under both the new and old tax regimes and also the process to claim them.
For salaried individuals, Form 16 usually contains details of the deductions, provided one submits all necessary information to one’s employer, Generally as mentioned in an ET report If one hasn’t there is nothing to worry, one can still claim the deductions while filing one’s ITR.
Tax Deductions you can claim under the old tax regime Sections: 80C, 80CCC, 80CCD 1, 80CCD1B, and 80CCD
The most commonly claimed deduction under the old tax regime is under section 80C. For this, you need to invest in eligible instruments such as tax-saving FDs, PPF and ELSS mutual funds.
Sections 80CCC: Deduction for premiums paid towards pension plans.
Sections 80CCD though, 80CCD(1B), and 80CCD (2): Deductions for investments in notified pension funds like Atal Pension Yojana APY and National Pension Scheme NPS.
Section 80CCD allows deductions for contributions made by an employer to the NPS. Government employees can avail 14% of their salary (basic+DA) under section 80CCD (2) and 10% of their salary under section 80CCD (1), while for all others, it is 10%.
The deduction under sections 80C, 80CCC, and 80CCD (1) .An additional deduction of Rs 50,000 can be claimed under section 80CCD (1B).
Section 80D, 80DD, 80DDB, 80U - ITR filing date 2024
- Section 80D: Any sum paid to keep in force an health insurance policy—Rs 25,000 for non-senior citizens and Rs 50,000 for senior citizens.
- Section 80DD: Deductions on expenses incurred for the care of a disabled dependent.
- Section 80DDB: Deductions on medical expenses incurred for specified diseases to the extent of Rs 40,000 (Rs 1 lakh in case of senior citizens).
Sections : 80E, 80EE, 80EEB Section 80E:
Section 80E: This provision offers support in terms of a deduction on interest paid against an education loan.
Section 80EE: Extra Rs 50,000 can be saved through a deduction on interest paid against a loan on a house property while purchasing or building a residential property, a property’s cost is less than Rs 50 lakh, and a loan amount is approved between April 1, 2016, and March 31, 2017, Section 80 EEB.
Section : 80G
Deductions for donations to specified funds or institutions. Cash donations are allowed for a maximum deduction of up to Rs 2,000.
Section: 80GG
Deductions in house rent paid, provided you don’t have the house rent allowance component in your salary.
Sections: 80TTA and 80TTB
Section 80TTA: Deductions up to Rs 10,000 for interest earned on savings accounts.
Section 80 TTB: Deductions up to Rs 50,000 for senior citizens on interest income from deposits
Under the new regime, the deductions are limited to essentially a few categories of expenditure like:
standard deduction for salaried employees, and deduction under Section 80CCD (2) on account of contribution made by the employer towards the National Pension System.
The exemption in regard to family pensioners is Rs 15,000 or one-third of the pension received during the previous year, whichever is less. These also include all those benefits exempt under section 10(10C) with regard to voluntary retirement; gratuity under section 10(10); and leave encashment under section 10(10AA). In this case, the only change comes for FY 2023-24; now, under the new regime, an individual will get a deduction relating to the contribution made by the employer under Section 80CCD(2) towards the NPS fund.