Income Tax Rules: The last date for ITR Filing has been extended from 31 July to September. Now the Income Tax (Income Tax Rules) has changed the rules regarding ITR filing under the Old Tax Regime. Taxpayers will now have to provide more information to get tax benefits. Let us know about this from CA Siddharth Kejriwal and CA Vikas Aggarwal.
Income Tax Rules: 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 the Old Tax Regime. Recently, the Income Tax Department has changed the rules related to tax filing under the Old Tax Regime.
CA Siddharth Kejriwal and CA Vikas Aggarwal have told us about these changes in detail.
What are the changes?
Taxpayers who want to file ITR under the Old Tax Regime will now need to provide more details and documents to avail the benefits of different sections. These changes have been made by the Income Tax especially in Section 80C, Section 80D, HRA, 80EE, 80EEB etc.
Section 80C
If any taxpayer wants to get tax saving benefits under Section 80C like PPF, EPF, NSC, life insurance premium etc., then he will have to provide more details. These include details like receipt number, policy or documentation ID, account details, name of the payer.
Section 80D
If a person wants to claim tax deduction on insurance premium under Section 80D, he will also have to provide more details now. Like the name of the insurance taker, policy or receipt number, any proof regarding premium payment and if insurance has been taken for someone else, then what is the relation.
House Rent Allowance (HRA)
Under section 10(13A), if a person claims tax for paying rent, he will also have to provide some information. Such as where do you work, how much HRA are you receiving, how much rent are you paying (rent receipt and name of the landlord, PAN number (if rent is more than 1 lakh)
Section 80E/EEB
Section 80E/EEB is used when a home loan or education loan is taken for the child, spouse and yourself. This section is used to claim tax saving on the interest of this loan. Now for this, taxpayers will have to provide the loan account number, interest payment certificate and the name of the financial institution, and the name of the person from whom the loan has been taken.
Under Section 80EEB, if you have taken a loan for a car or any other electronic goods, then you can claim tax saving on its interest. 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 from whom the loan has been taken.
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