The Income Tax Department has extended the last date for filing income tax returns for the financial year 2024-25. This time the date for filing ITR for assessment year 2025-26 has been extended to 15 September. The reason for extending the date is said to be the change in the rules. Let us tell you about those 6 changes, which will especially affect salaried people and those who take advantage of the old tax system. Before filing an ITR, look at these rules, otherwise, you may suffer loss.
Exemption under HRA
The Income Department has changed the rules related to the exemption available under the old tax regime. Now those claiming HRA will have to give these details.
Actual HRA received from place of work
Actual rent paid
Basic salary and dearness allowance
50% or 40% of basic salary
Section 80C deduction
Now taxpayers will have to provide a policy number or document identification number to claim tax deduction under Section 80C. Under Section 80C, eligible taxpayers can take tax deductions of up to Rs 1.5 lakh on investments like PPF, tax-saving FD, and life insurance policies.
Section 80D
Taxpayers claiming tax deductions under Section 80D for health insurance will have to provide the following information.
Name of the insurance company
Policy or document number
Section 80E
These details are required to be provided for tax deduction under Section 80E on interest on education loans.
Name of the lender
Name of the bank
Loan account number
Date of loan sanction
Total loan amount
Outstanding loan amount as of March 31
Loan interest
Section 80EE/80EEA
The following details are required to claim tax deduction under Section 80EE or 80EEA for interest on the home loan.
Name of the lender
Name of the bank
Loan account number
Date of loan sanction
Total loan amount
Outstanding loan amount as of March 31
Section 80EEB
The following details are required to claim tax deduction under Section 80EEB on interest on electric vehicle loans.
Name of the lender
Name of the bank
Loan account number
Date of loan approval
Total loan amount
Outstanding loan amount as on March 31
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