Before filling ITR, do know about these sections … pay special attention to 80C, 80D, 24B

The Income Tax Department has notified ITR-1 and ITR-4 form for Assessment Year 2025-26. These forms are for those individuals and institutions whose annual income is up to 50 lakhs. That is, the process of filling ITR for financial year 2024-25 has now started officially. In such a situation, it is necessary for taxpayers to understand the important sections of the Income Tax Act, 1961 that help in choosing tax calculation, deduction and tax regimen.

Section 139 (1) Filing ITR is necessary

First of all, let’s talk section 139 (1), which makes it clear to file income tax returns for those whose income is more than a fixed limit. Under this, both necessary and voluntary return filing is mentioned.

deduction under Old Tax Regime, section 80C

If you adopt the old tax system, then section 80C is very beneficial for you. Under this, you can get a discount of up to 1.5 lakh on investment like PPF, EPF, ELSS, Tax Saving FD and life insurance.

But remember, this exemption is not available in the new tax regimen. However, under the taxpayers section 80CCD (2) choosing the new regim, you can take up to 10 % discount on the contribution of the employer in NPS.

interest on home loan, section 24b

If you have taken a loan for the house, then you can take a discount of up to 2 lakhs on its interest and the good thing is that both this exemption is found in both taxes.

HRA discount on, section 10 (13A)

If you live in a rented house and pay more than 1 lakh fare annually, then you can get a discount on HRA. Section 10 (13A) is applied for this.

Rebate on Health Insurance Premium, Section 80D

There can also be great relief in tax on health insurance. Under section 80D, you can take a discount of up to 1 lakh annually. If you are under 60 age, you will get a discount of up to 25,000, but for senior citizens this limit is up to 50,000.

Penalty on late filing, section 234f

If you file an ITR after the deadline, then a penalty may be imposed under section 234F. Those with less than 5 lakh income may have to pay a fine of 1,000 and above 5,000. Also, interest can be paid under Section 234A and 234B if late filing of returns. So if you are preparing to file ITR this year, then keep in mind the sections mentioned above. These will not only help you claim the right deduction, but will also make tax planning easier.