ITR Filing 2025: The process of filing Income Tax Return (ITR) for the financial year 2024-25 (assessment year 2025-26) has become more stringent than before. Taxpayers who opted for the old tax regime will now have to provide documentary evidence to claim deductions for investments and expenses made under different sections.
The Income Tax Department has clarified that now there will be no exemption just by entering a lump sum amount. It will be necessary to provide detailed breakup for all deductions and details of related investments or expenses. The purpose of this is to stop wrong deductions and fake refund claims.
What changes have been made in tax deductions?
Now taxpayers will have to link investment and expenditure information with PAN and Aadhaar. This will enable cross-verification from insurance companies, banks, vehicle portals, employers and other government platforms. The tax department hopes that this move will help prevent wrong returns and hidden income.
On which deductions will information have to be given?
- Section 80C (Investments): It will be mandatory to provide policy number or document identification number for LIC, PPF, NSC, ELSS, home loan principal etc.
- House Rent Allowance (HRA): Employees are required to provide their basic salary, location of work, HRA received and rent paid.
- Section 80D (Health Insurance): Name of the insurance company and policy number must be given.
- Section 24b (Interest on home loan): Name of the loan providing institution, loan account number, sanction date, total loan amount, current outstanding and interest amount are required to be provided.
- Section 80E (Higher Education Loan): Interest amount needs to be paid along with complete details of the loan account.
- Section 80EEB (Electric Vehicle Loan): Vehicle registration number needs to be mentioned along with the loan details.
- Section 80DDB (Treatment of critical illnesses): Name of the disease being treated must be stated.
- Section 80EEA (Affordable housing loan): All information needs to be shared as per Section 80EE.
Deadline for filing ITR extended
Many changes have been made in the new tax regime and ITR form along with the old tax regime. Due to this, the Income Tax Department has extended the last date for filing ITR for assessment year 2025-26 from 31 July to 15 September 2025. This means that now taxpayers will get an additional 45 days to file returns.
Experts say that taxpayers should keep all the proofs related to investments and expenses ready in advance. This will help in filing correct and timely returns. The tax department can take action if wrong information is given or deduction is claimed without documentary evidence.
