New Vs Old Tax Regime: If you haven’t yet filed your income tax return (ITR) this year, it is important to remember that you can claim tax deductions on several investments, but only if you have made these investments during the financial year 2024-25.
The last date for filing income tax returns (ITR) for the financial year (FY) 2024-25 is ending on September 15. If you have not yet filed your income tax return (ITR) this year, it is important to remember that you can claim tax deductions on many investments, but only if you have made these investments during the financial year 2024-25.
These are some of the deductions that are available to taxpayers who opt for the new tax regime.
Deductions under the new tax regime
1. Deduction on interest on housing loan: It is a provision to deduct the interest paid on housing loan from the rental income of the house.
2. Deduction under Section 80CCD(2): Deduction on contributions made by the employer to the Central Government Pension Scheme (NPS).
3. Deduction under Section 80CCH: Deduction on contribution to Agneepath Plan.
However, if you are filing your income tax returns under the old tax regime, you can avail the deductions mentioned below.
Tax deduction in the old tax regime
1. Deduction under Section 24(b): Deduct interest paid on housing loan and home improvement loan from household income.
2. Various deductions under Section 80 (Chapter VIA) of the Income Tax Act
A. Section 80C: Combined deduction limit of ₹1,50,000. Details of each eligible payment have to be filled in the ITR, such as policy number, document ID number and eligible amount under Section 80C.
B. Section 80CCC: Annuity plan for pension plan of LIC or any other insurance company.
C. Section 80CCD (1): Own contribution to Central Government Pension Scheme (NPS).
3. Section 80CCD(1B): Additional contribution to Central Government Pension Scheme (NPS) (over and above Section 80CCD(1), up to ₹50,000).
4. Section 80CCD (2): Contribution made by the employer to the Central Government Pension Scheme (NPS).
5. Section 80CCH: Deduction on contribution to Agneepath Scheme.
6. Section 80D: Health insurance premium for self or family and payment made on preventive health check-ups.
7. Section 80DD: Expenses incurred on treatment or maintenance of a disabled dependent or amount deposited in any approved scheme.
8. Section 80DDB: Expenses incurred on treatment of certain diseases of self or dependents.
9. Section 80E: On payment of interest on loan taken for higher education of self or relative.
1 0. Section 80EE: Deduction on interest on loan taken between April 1, 2016 and March 31, 2017 for purchase of first time residential property (subject to certain conditions).
11. Section 80EEA: Deduction on interest on loan taken between April 1, 2019 and March 31, 2022 for purchasing affordable housing for the first time, provided Section 80EE is not availed.
12. Section 80EEB: On interest paid on loan taken between April 1, 2019 and March 31, 2023 for purchasing an electric vehicle.
13. Section 80G: Deduction on donations to certain specified funds or charitable institutions.
14. Section 80GG: On payment of rent for a rented house (for those whose salary is not HRA).
15. Section 80GGA: On donations for scientific research or rural development.
16. Section 80GGC: On contribution to a political party or electoral trust.
17. Section 80TTA: Deduction on interest earned on bank deposits (savings accounts etc.) (different rules for senior citizens).
18. Section 80U: Deduction for physically handicapped person.
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