No 80C and 80D Deductions if ITR not filed before Due Date:

No 80C and 80D Deductions if ITR not filed before Due Date The Season of ITR Filing is going to end today. Today is the late date to file the Income Tax Return for FY 2023-24. Since last year, it has been necessary to select a suitable tax regime for a specific investor. Most taxpayers, particularly those with high incomes or several tax-saving investments, prefer the old tax regime. If you have decided to stick with the previous tax system for the financial year 2024-25, you must first understand which income tax category your earnings will fall into and what deductions and exemptions you can claim. The slab rate applicable to your revenue will determine the tax rate applied to your final income.

Deduction available under Income Tax

Various deductions are available under the Income Tax Act like deductions under Section 80G, Section 80C and Section 80D. Section 80C is the most well-known and commonly used deduction. However, it is primarily intended for people who will or have already chosen the Old Tax regime. You can claim a deduction of up to Rs.1.5 lakh for qualifying investments under Section 80C. Individuals and Hindu Undivided Families (HUFs) can reduce their taxable income through the Section 80C deduction. Unfortunately, businesses, partnership firms, and Limited Liability Partnerships (LLPs) are not eligible for this deduction. The highest deduction allowed under Sections 80C, 80CCC, and 80CCD(1) combined is Rs.1.5 lakh. Section 80D of the Income Tax Act allows you to deduct up to Rs.25,000 per year for health insurance premiums. For older folks, this figure rises to Rs.50,000. You can also claim an additional Rs 5,000 for preventive health examinations. This benefit covers health insurance for yourself, your spouse, parents, and dependent children, making it more inexpensive. Health insurance helps cover medical crises, and the Indian government provides tax breaks to encourage it.

Conclusion

Taxpayers can claim these deductions once they file their return. After the due date, no deductions of Section 80C and 80D can be claimed under the Old tax regime. If you fail to file your tax return within the deadline, these deductions can't be claimable afterwards for the current financial year returns.