Income Tax Alert! Under Section 80C, if any taxpayer wants to get tax savings on PPF, EPF, NSC, Life Insurance, then now they will have to give more details.
Income Tax Alert! At present, taxpayers have the option of both Old Tax Regime and New Tax Regime regarding ITR filing. But now it may be difficult to file ITR under Old Tax Regime. Because the Income Tax Department has made a big change in the rules related to tax filing under Old Tax Regime. If you make any mistake in the ITR file, then you may have to pay a penalty of 200 percent and can also go to jail. Let us tell you about these details.
What are the changes?
Those who want to file ITR under Old Tax Regime. They will now need to give more details and documents to get the benefit of different sections. These changes have been made by Income Tax especially in Section 80C, 80D, HRA, 80EE, 80EEB.
Section 80C
Under Section 80C, if a taxpayer wants to get tax savings on PPF, EPF, NSC, life insurance, then now they will have to give more details. These details include details like receipt number, policy or documentation ID, account details and name of the person making the payment.
Section 80D
Under Section 80D, if a taxpayer wants to claim tax deduction on insurance premium, then they will also have to give more details. Like the name of the insurance taker, policy number or proof of receipt number will have to be given. If you have taken insurance for someone else, then what is the relation with it, it will have to be told.
House Rent Allowance (HRA)
Under Section 10 (13A), if a person claims tax for paying rent, then he also has to give information. Like where do you work, on which date HRA is received or how much rent is being paid. This includes rent receipt or landlord’s name and PAN number (if your rent is more than 1 lakh.
Section 80E/EEB
Under Section 80E, when you have taken a home loan or education loan for your child, husband or wife, then this section is used to claim tax saving on the interest of this loan. For this, you will have to provide the loan account number, interest payment certificate and the name of the financial institution and the name of the person for whom the loan has been taken. Because now every claim is being system checked through the AIS system. So keep all the documents ready while filing ITR.
