New ITR filing rules require more disclosures for THESE deductions: Here’s what you need to know
Untitled SummaryThe new rules, which impact those filing under the old tax regime and salaried individuals, are aimed at greater transparency and pre-validation of tax data.
Stricter disclosure requirements for filing ITR
The Income Tax Department has brought significant changes to the Income Tax Return (ITR) filing utility for the Assessment Year (AY) 2024-25, with stricter disclosure requirements to prevent false claims and speed up the process. The new rules, which impact those filing under the old tax regime and salaried individuals, are aimed at greater transparency and pre-validation of tax data.
New guidelines for ITR
Under the new guidelines, those individuals who have claimed 80C, 80D, HRA or any other deduction are required to fill in their supporting details in the Excel utility. Taxpayers claiming House Rent Allowance (HRA) exemptions are now required to fill breakdown that includes the place of work, rent paid, basic salary, and HRA received.
Section 80C
Under Section 80C, which allows tax benefits of up to Rs 1.5 lakh through investments like Public Provident Fund (PPF), tax-saving fixed deposits, and life insurance premiums, individuals must disclose policy numbers or document identification numbers for these investments.
Section 80D
The disclosure requirement for ITR extends beyond HRA and Section 80C. Individuals claiming health insurance premiums deductions under Section 80D are required to provide name of the insurance company and policy or document number.
Section 80E
Taxpayers seeking deductions on education loan interest under Section 80E are required to report, name of the lender, bank name, loan account number, date of loan sanction, total loan amount, outstanding loan balance as on March 31, total interest paid.
Sections 80EE and 80EEA
For individuals seeking benefits under Sections 80EE and 80EEA for interest paid on housing loans must share lender details, bank name, loan account numbers, sanction dates, loan amounts, and year-end outstanding balances.
Sections 80EEB and 80DDB
Similarly, identical loan details are now mandatory for those availing deductions under Section 80EEB on interest paid for electric vehicle loans. While individuals claiming expenses for the treatment of specified diseases under Section 80DDB are required to clearly mention the name of the disease being treated.
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