Mysuru: In view of the extensive changes introduced in the notified Income Tax Returns (ITRs) and considering the time required for system readiness and roll-out of ITR utilities for financial year 2024-25, the Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns, which was originally due on July 31, 2025, to Sept. 15.
Enhancing the transparency and enabling accurate reporting, the new additional disclosures for claiming deduction in the Income Tax Returns to be filed by the individuals under OLD REGIME are required to be ready with the following information:
House Rent Allowance (HRA u/s 10(13A): Must report Place of Work, Basic Salary, Actual HRA received, Actual Rent paid; Insurance Premium, Provident Fund, etc., u/s Section 80C: Compulsory to mention Policy Number or Document Identification Number for eligible investments.
Interest on Housing Loan u/s 24(b): Bank Name, IFSC code, PAN, Loan Account Number, Date of sanction, Loan Outstanding as on 31.3.2025; Medclaim u/s Section 80D: Name of the Insurance Company and Policy Number; Interest on loan taken for higher education u/s Section 80E: Bank Name, Loan A/C Number, Sanction Date, Loan Amount, Loan Outstanding as on 31.3.2025.
Interest on housing loan (sanctioned in FY 16-17) u/s Section 80EE: Need to report Bank Name, Loan A/C Number, Sanction Date, Loan Amount, Loan Outstanding as on 31.3.2025; Deduction in respect of interest on loan taken for certain house property u/s 80EEA: Bank Name, Loan A/C Number, Sanction Date, Loan Amount, Loan Outstanding as on 31.3.2025.
Deduction in respect of interest paid on purchase of electric vehicle u/s Section 80EEB: Must disclose Bank Name, Loan Account Number, Date of Sanction of loan, Loan Amount, Vehicle Registration Number; Outstanding as on 31.3.2025.
Medical treatment of specified diseases u/s SECTION 80 DDB: Must specify the Name of Specified Disease for medical treatment deduction; Details of donations entitled for deduction u/s 80G: PAN and all details of Donation received entity.
Details of deduction in case of a person with disability u/s 80U: Nature of disability, Type of disability, Amount of deduction, Ack. No. of Form 10IA filed; Deduction in respect of dependent with disability u/s 80DD: Nature of disability, Type of dependent, PAN of the dependent, Aadhaar of the dependent and Ack. No. of Form 10IA filed.
Before filing the Income Tax Returns, it is suggested to verify and report the transactions appearing in Annual Tax Statement (FORM 26AS), Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) wherever applicable.
For detailed information reference may be made to the provisions of the Income Tax Act, 1961, the Income-Tax Rules, 1962, relevant circulars and/or notifications, says a press release from N.D. Shreenivaas of Bhavani Associates, Mysuru.
This post was published on June 15, 2025 6:39 pm