ITR Filing: 80C, 80D, 24B...Before filing ITR, you must know about these sections..

ITR Filing: 80C, 80D, 24B...Before filing ITR, you must know about these sections.. India-employmentnews | 05/05/2025 18:15:02

The process of filing income tax returns for the financial year 2024-25 is now going to start. The Income Tax Department has also notified ITR-1 and ITR-4 forms for the assessment year 2025-26. These forms are for individuals and entities whose annual income is up to ₹ 50 lakh. Taxpayers need to be aware of some important sections of the Income Tax Act, of 1961 while filing returns. Understanding these helps in calculating taxes, understanding deductions, and choosing a tax regime.

Every taxpayer should know about Section 80C of the Income Tax Act. Income taxpayers who choose the old tax system can avail of tax deductions of up to ₹ 1.5 lakh under Section 80C. This includes investments like the Public Provident Fund (PPF), Employees Provident Fund (EPF), Equity Linked Savings Scheme (ELSS), Tax Saving Fixed Deposit, and Life Insurance Premium. However, there is no deduction under Section 80C in the new tax system. However, under Section 80CCD(2), one can avail of a deduction of up to 10% on the contribution made by the taxpayer's employer to the National Pension Scheme (NPS).

Section 24B

If you have taken a loan for a house, then you can avail tax exemption of up to Rs 2 lakh on its interest. This exemption is available under Section 24B of the Income Tax Act. This exemption is available in both tax regimes. Therefore, you need to know about this section.

Section 10(13A)
Taxpayers who live in a rented house and are paying rent of more than ₹ 1 lakh annually can avail exemption on House Rent Allowance (HRA) under Section 10(13A). This exemption is especially beneficial for eligible persons.

Section 80D
There is a provision of exemption on health insurance premium under Section 80D. For those below 60 years of age, this limit is ₹25,000, while senior citizens get a deduction of up to ₹50,000. A maximum deduction of up to ₹1 lakh can be claimed by combining family and parents' premiums.

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