Income Tax: The last date to file the income tax return (ITR) for FY 2024-25 will soon expire on September 15. If you have yet to file your income tax return (ITR) for this year, it is important to remember that you can claim deductions for a number of investments, but only if you made those investments during the financial year 2024-25.
These are some of the deductions that are available to taxpayers who are opting for the new tax regime.
Deductions under the new tax regime
1. Deduction from income from house property on interest paid on housing loan. This is a deduction from income from house property on interest paid on housing loan.
2. Deduction under section 80CCD(2): Deduction towards contribution made by an employer to the pension scheme of the central government.
3. Deduction under section 80CCH: Deduction in respect of contribution to Agnipath Scheme.
However, if you are filing your income tax return under the new tax regime, then these are some of the deductions you can claim.
Tax deductions in the old tax regime
1. Deduction under section 24(b) – Deduction from income from house property on interest paid on housing loan and housing improvement loan.
2. Tax deductions specified under Chapter VIA of the Income Tax Act
A. Section 80C: Combined deduction limit of ₹ 1,50,000. Details are meant to be filled in the ITR for each eligible payment, i.e., policy number or document identification number, Amount eligible for deduction u/s 80C.
B. 80CCC: Annuity plan of LIC or other insurer towards pension scheme.
C. 80CCD (1): Pension scheme of central government
3. Deduction under section 80CCD(1B): This is allowed towards payments made to the pension scheme of the central government, excluding deduction claimed under 80CCD (1).
4. Deduction under section 80CCD (2): This is allowed towards contributions made by an employer to the pension scheme of the central government.
5. Deduction under section 80CCH: This is allowed in respect of a contribution to the Agnipath Scheme.
Also Read | Agnipath scheme to stay, tweaks likely in the upcoming budget or later
6. Deduction under section 80D: This is allowed towards payments made to health insurance premium and preventive health check-up.
7. Deduction under section 80DD: This is allowed towards payments made towards maintenance or medical treatment of a disabled dependent or paid / deposited any amount under a relevant approved scheme.
8. Deduction under section 80DDB: This is allowed towards payments made towards medical treatment of self or dependant for specified diseases.
9. Deduction under section 80E: This is allowed towards interest payments made on a loan for higher education of the self or a relative.
10. Deduction under section 80EE: This is allowed towards interest payments made on a loan taken for the acquisition of a residential house property where the loan is sanctioned between 1st April 2016 to 31st March 2017.
Also Read | Income Tax: Choosing old tax regime is beneficial only when THIS happens
11. Deduction under section 80EEA: This is available only to individuals towards interest payments made on a loan taken for the acquisition of a residential house property for the first time, where the loan is sanctioned between 1st April 2019 to 31st March 2022 & deduction should not have been claimed u/s 80EE.
12. Deduction under section 80EEB: This is allowed towards interest payments made on a loan for the purchase of an electric vehicle, where the loan is sanctioned between 1st April 2019 to 31st March 2023
13. Deduction under section 80G: This is allowed towards donations made to prescribed funds, charitable institutions, etc.
14. Deduction under section 80GG: This is allowed towards rent paid for a house & applicable to only those who are self-employed or for whom HRA is not part of Salary.
15. Deduction under section 80GGA: This is allowed towards donations made for scientific research or rural development.
16. Deduction under section 80GGC: This is allowed towards contributions made to a political party or electoral trust.
17. Deduction under section 80TTA: This is allowed towards interest received on deposits by resident senior citizens.
18. Deduction under section 80U: This is allowed toward deductions for a resident individual taxpayer with disability.
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