Revised ITR Rules: Know What’s Required to Claim Deductions Under Old Tax Regime

ITR New Rules: Taxpayers in India can choose between the Old and New Tax Regimes while submitting Income Tax Returns (ITRs). However, filing under the Old Tax Regime has recently grown more complicated as a result of regulation changes implemented by the Income Tax Department. These modifications require taxpayers to provide more evidence and transparency in order to get benefits under sections such as 80C, 80D, HRA, 80EE, and 80EEB. Experts believe that, while the Old Regime still provides numerous deduction opportunities, taxpayers must now present detailed information and proof to back up their claims.

New ITR Changes

For example, to claim Section 80C deductions for investments such as life insurance premiums, PPF, or EPF, taxpayers must now provide receipt numbers, policy or account information, and payer details. Similarly, Section 80D demands premium receipts, policy numbers, and relationship proof if the insurance is for a family member. If the annual rent exceeds Rs 1 lakh, rent deductions under Section 10A or 13A require precise information, such as the employer's data, rent paid, rent receipts, and the landlord’s PAN. Home or school loans (Section 80EE), as well as electric vehicle loans (Section 80EEB), require taxpayers to furnish the loan account number, interest certificates, and financial institution information.