Archive · 29 Jul 2025
Tax Saving: Leverage Uncommon Deductions Before ITR Filing
When you file your taxes, you can choose between the old and new tax systems.
The old system lets you save money with certain deductions, like for rent if you don't get help from your job.
You can also save by donating to charity or getting health check-ups.
If you put money into a pension plan, you get to deduct more.
The new system is simpler but doesn’t give you these savings.
Old tax regime offers various deductions like those under Section 80C, 80D, HRA, and home loan interest.
Section 80GG allows rent deductions up to ₹60,000 annually for those without HRA, requiring Form 10BA.
NPS contributions offer an additional ₹50,000 deduction under Section 80CCD(1B), with contributions for minor children counting from April 2025.
Donations to registered charities may qualify for 50% or 100% deductions, with digital payments above ₹2,000 required.
Preventive health check-ups allow a ₹5,000 deduction under Section 80D, including cash payments.
- Who
- Taxpayers
- What
- Information on tax-saving deductions under the old tax regime.
- When
- Relevant to the current and upcoming tax regimes.
- Where
- India
- Why
- To help taxpayers understand and utilize available deductions to reduce tax liabilities.
Taxpayer
Government
Tax Regime Choice
Taxpayer
Maximize tax savings using various deductions and exemptions under the old tax regime.
Government
Opt for the new tax regime for its simplicity and potentially lower tax rates, which eliminates most deductions.
- Section 80GG Deduction
- Rent deduction for those without HRA (up to ₹60,000/year).
- Section 80CCD(1B)
- Additional ₹50,000 deduction for NPS contributions.
- Section 80G
- Deductions for donations to registered charities.
- Section 80D
- ₹5,000 deduction for preventive health check-ups.
- Joint Home Loan
- Both co-owners can claim ₹2 lakh interest and ₹1.5 lakh principal deduction.
