{"id":92415,"date":"2024-07-11T06:06:07","date_gmt":"2024-07-11T06:06:07","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/07\/11\/itr-filing-fy-2023-24-tips-top-tax-deductions-you-shouldnt-miss-under-old-and-new-tax-regime-to-reduce-tax-outgo-times-of-india\/"},"modified":"2024-07-11T06:06:08","modified_gmt":"2024-07-11T06:06:08","slug":"itr-filing-fy-2023-24-tips-top-tax-deductions-you-shouldnt-miss-under-old-and-new-tax-regime-to-reduce-tax-outgo-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/07\/11\/itr-filing-fy-2023-24-tips-top-tax-deductions-you-shouldnt-miss-under-old-and-new-tax-regime-to-reduce-tax-outgo-times-of-india\/","title":{"rendered":"ITR filing FY 2023-24 tips: Top tax deductions you shouldn\u2019t miss under old and new tax regime to reduce tax outgo &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1456\" height=\"816\" src=\"https:\/\/i1.wp.com\/static.toiimg.com\/photo\/msid-111652216,imgsize-45646.cms?resize=1456,816&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"ITR filing FY 2023-24 tips: Top tax deductions you shouldn\u2019t miss under old and new tax regime to reduce tax outgo &#8211; Times of India\" title=\"ITR filing FY 2023-24 tips: Top tax deductions you shouldn\u2019t miss under old and new tax regime to reduce tax outgo &#8211; Times of India\" \/><\/div>\n<div>ITR filing FY 2023-24<!-- -->: The deadline for filing your <!-- -->Income Tax Return<!-- --> (ITR) for the fiscal year 2023-24 (assessment year 2024-25) is July 31, 2024. It\u2019s crucial to begin preparing your ITR form now. While completing the form, ensure you include details of various <!-- -->tax-saving deductions<!-- --> under the Income Tax Act, 1961. Understanding the deductions available under both the new and old tax regimes is essential, as well as knowing the steps required to claim them.<br \/>For salaried individuals, <!-- -->Form 16<!-- --> typically contains the details of deductions, provided you have submitted all necessary information to your employer, says an ET report.If you haven\u2019t, there\u2019s no need to worry\u2014you can still claim the deductions directly when filing your ITR.<\/p>\n<p><h2>Tax Deductions you can claim under the old tax regime<\/h2>\n<\/p>\n<p><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Sections: 80C, 80CCC, 80CCD (1), 80CCD(1B), and 80CCD (2)<\/span><\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"16\">\n<ul>\n<li>The most commonly claimed deduction under the old tax regime is under <keyword keytype=\"General\" smid=\"0\" usetype=\"2\" botkeyword=\"false\" source=\"keywords\" keywordseo=\"section-80C\" actualkeyword=\"section 80C\">section 80C<\/keyword>. To claim this, you need to invest in eligible instruments such as tax-saving FDs, PPF and ELSS mutual funds.<\/li>\n<li>Sections 80CCC: Deduction for premiums paid towards pension plans.<\/li>\n<li>Sections 80CCD (1), 80CCD(1B), and 80CCD (2): Deductions for investments in notified pension funds like Atal Pension Yojana (APY) and National Pension Scheme (NPS). Section 80CCD (2) allows deductions for employer contributions to NPS.<\/li>\n<li>Government employees can claim up to 14% of their salary (basic+DA) under section 80CCD (2), while others can claim up to 10%.<\/li>\n<li>The total deduction limit under sections 80C, 80CCC, and 80CCD (1) is Rs 1.5 lakh. An additional Rs 50,000 deduction can be claimed under section 80CCD (1B)<\/li>\n<\/ul>\n<\/div>\n<p>Also Read | <a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/income-tax-return-filing-fy-2023-24-top-myths-busted-what-you-should-keep-in-mind-when-filing-itr\/articleshow\/111598848.cms\" styleobj=\"[object Object]\" class=\"\" frmappuse=\"1\">Income Tax Return Filing FY 2023-24: Top myths busted &#8211; what you should keep in mind when filing ITR<\/a><br \/><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Sections 80D, 80DD, 80DDB, and 80U<\/span><\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"25\">\n<ul>\n<li><keyword keytype=\"General\" smid=\"0\" usetype=\"2\" botkeyword=\"false\" source=\"keywords\" keywordseo=\"Section-80D\" keynameseo=\"section-80D\" actualkeyword=\"section 80D\">Section 80D<\/keyword>: Deductions for health insurance premiums\u2014up to Rs 25,000 for non-senior citizens and up to Rs 50,000 for senior citizens.<\/li>\n<li>Section 80DD: Deductions for expenses incurred for caring for a disabled dependent.<\/li>\n<li>Section 80DDB: Deductions for medical expenses for specified diseases, up to Rs 40,000 (Rs 1 lakh for senior citizens).<\/li>\n<\/ul>\n<\/div>\n<p><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Sections: 80E, 80EE, 80EEB<\/span><\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"28\">\n<ul>\n<li>Section 80E: Deductions for interest paid on education loans.<\/li>\n<li>Section 80EE: Additional Rs 50,000 deduction on home loan interest for properties under Rs 50 lakh, with loans sanctioned between April 1, 2016, and March 31, 2017.<\/li>\n<li>Section 80 EEB: Deductions for interest on loans taken for purchasing electric vehicles.<\/li>\n<\/ul>\n<\/div>\n<p><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Section: 80G<\/span><br \/>Deductions for donations to specified funds or institutions. Cash donations are limited to a maximum deduction of Rs 2,000.<br \/><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Section: 80GG<\/span><br \/>Deductions for house rent paid, provided you don&#8217;t have a house rent allowance (HRA) component in your salary.<br \/><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Sections: 80TTA and 80TTB<\/span><br \/>Section 80TTA: Deductions up to Rs 10,000 for interest earned on savings accounts.<br \/>Section 80 TTB: Deductions up to Rs 50,000 for senior citizens on interest income from deposits.<br \/>Also Read | <a href=\"https:\/\/timesofindia.indiatimes.com\/business\/financial-literacy\/taxation\/itr-filing-important-to-track-your-income-tax-return-status-how-long-does-i-t-department-take-to-process-returns\/articleshow\/111521394.cms\" styleobj=\"[object Object]\" class=\"\" frmappuse=\"1\">ITR filing: Important to track your income tax return status &#8211; how long does I-T department take to process returns?<\/a><br \/><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Deductions under the new tax regime<\/span><br \/>The new tax regime offers limited deductions, including the standard deduction for salaried employees and deductions under section 80CCD (2) for employer contributions to NPS.<br \/>Additionally, family pensioners can claim Rs 15,000 or one-third of their pension, whichever is lower. Other exemptions include voluntary retirement under section 10(10C), gratuity under section 10(10), and leave encashment under section 10(10AA). For FY 2023-24, the only change is that the deduction under section 80CCD (2) for the employer&#8217;s contribution to the NPS fund is now available under the new regime as well.<\/p>\n<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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It\u2019s crucial to begin preparing your ITR form now. While completing the form, ensure you include details of various tax-saving deductions under the Income Tax Act, 1961. Understanding the deductions [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":92416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-111652216,imgsize-45646.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[35765,15065,67905,20797,273,15064,22904,79041,37379,10163,17780,16277,79040,28560,301,79039,272,19376,1846],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/92415"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=92415"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/92415\/revisions"}],"predecessor-version":[{"id":92417,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/92415\/revisions\/92417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/92416"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=92415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=92415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=92415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}