Filing ITR Under the Old Regime? Claim These 10 Deductions to Save More
ITR tax deductions FY 2024–25 still apply under the old regime as the Sept 15 filing deadline approaches for taxpayers. These ten essential Income Tax Act rules might help you save as much money as possible.
1. Section 80C: Deduction of ₹1.5 Lakh
- Make an investment in the Public Provident Fund (PPF) to receive up to ₹1.5 lakhs.
- EPF, or Employee Provident Fund
- ELSS mutual funds
- 5-year FDs that save taxes
- Premiums for life insurance
- NSCs
For salaried taxpayers, this is the portion that they utilize the most.
2. Section 80CCC: Contributions to Pension Funds
This includes insurance contributions to pension programs. It provides a another avenue for retirement-focused tax savings, although it still falls within the ₹1.5 lakh limit under Section 80C.
3. Section 80CCD(1) – NPS Contributions
Both salaried and self-employed individuals contributing to the National Pension System (NPS) can claim this deduction under the combined ₹1.5 lakh ceiling with 80C/80CCC.
4. NPS Additional ₹50,000 under Section 80CCD(1B)
This makes it a great option for long-term retirement and tax planning as it permits an extra ₹50,000 deduction over the 80C limit, only for NPS payments.
5. Section 80D – Health Insurance Premiums
Deduct up to:
- ₹25,000 for premiums (self/spouse/dependent children)
- ₹50,000 more if paying for senior citizen parents
- ₹5,000 for preventive health check-ups (within above limits)
6.Dependent with Disability (Section 80DD)
- Deduct: ₹75,000 for a disabled dependant
- For severe disability, ₹1.25 lakh
Valid for costs associated with maintenance, rehabilitation, or medical care.
7. Section 80E – Education Loan Interest
Deduction available for interest paid on education loans, claimed for up to 8 consecutive years. No upper limit—especially beneficial for higher studies in India or abroad.
8. Section 80EE – First-Time Homebuyers
New homeowners can deduct up to ₹50,000 annually for interest paid on home loans, provided they meet specific criteria on loan amount and property value.
9. Section 24(b) – Home Loan Interest
For self-occupied homes, claim up to ₹2 lakhs on interest paid.
For rented properties, the entire interest amount can be deducted.
10. Section 80G – Charitable Donations
Contributions to eligible NGOs and institutions may qualify for:
- 50% or 100% deductions
- Based on organization’s approval status under the law
Documents to Keep Handy:
- Form 16
- AIS and TIS from the e-filing portal
- Proof of investments, insurance, loans, and donations
Proper documentation ensures your deductions are accepted without scrutiny.
Source: Mint
