Are you filing your Income Tax Return (ITR) using ITR-1 or ITR-4 under the Old Tax Regime? The Income Tax Department has made important updates that require additional disclosures for various deductions and exemptions. These changes aim to improve transparency and simplify the verification process during assessments.
📌 Who Should Read This?
- Filing ITR-1 (Sahaj) or ITR-4 (Sugam)
- Opting for the Old Tax Regime
- Claiming deductions under Sections 80C, 80D, 80E, etc.
- 👉 This update is essential for you.https://www.incometax.gov.in/iec/foportal/
🏠 HRA (House Rent Allowance) Disclosure Requirements
✅ New Fields to Disclose:
- City of Employment
- Basic Salary + Dearness Allowance (DA)
- Actual HRA Received
- Rent Paid & City of Residence
🧮 Why It’sRequired:
To calculate HRA exemption correctly:
- 50% of salary (Metro)
- 40% of salary (Non-Metro)
These details help match your exemption claim with TDS and reduce mismatch notices. https://www.incometax.gov.in/iec/foportal/
💰 Section 80C Deductions: Document Details Now Mandatory
✅ You must now provide:
- Receipt or Document Number
- PPF Account Number
- LIC Policy Number
📎 Applies to: - LIC Premiums
- PPF Contributions
- Tuition Fees
- NSC Investments, etc.
- Keep these details handy while filing to avoid errors or scrutiny.
🏥 Section 80D: Medical Insurance Premium Disclosure
✅ Required Information:
- Name of Insurer
- Policy Number or Receipt Number
📌 This applies whether you claim for: - Self
- Spouse & Children
- Dependent Parents
🎓 Section 80E: Education Loan Interest Deduction
✅ Mandatory Disclosures:
- Name of Lending Institution
- Loan Account Number
- Sanction Date
- Total Loan Amount
- Outstanding Balance (as on 31st March)
Ensure your loan is from an approved financial institution.
🏡 Home Loan Interest Deduction (Section 80EE / 80EEA)
✅ Now You Must Disclose:
- Lender’s Name
- Loan A/C Number
- Sanction Date
- Total Loan Amount
- Outstanding Balance (as on 31st March)
- These details confirm the eligibility and help validate claims made.
🚗 Section 80EEB: EV Loan Interest Deduction
✅ Disclosure Details:
- Lender’s Name
- Loan A/C Number
- Sanction Date
- Total Loan Amount
- Outstanding Balance (as on 31st March)
These details confirm the eligibility and help validate claims made.
🧬 Section 80DDB: Deduction for Specified Disease
✅ New Requirement:
Name of the Disease (as per the official list under Section 80DDB)
⚠️Certification from a specialist doctor may also be needed for assessment
❗ Important Note for Taxpayers
🔔 These new disclosures apply only under the Old Tax Regime
Under the New Regime, most deductions(like 80C, 80D, 80E, etc.) are not allowed unless you opt out using Form 10-IE.
📋 Final Filing Tips
- ✅ Gather all account numbers, receipt copies, and loan details
- ✅ Double-check your entries before submission
- ✅ Use official documentation to support your claims
- ✅ Prefer using registered tax-filing portals or consult a tax expert
- https://www.instagram.com/rrawealth_creation
📤 Conclusion: File Smart, Stay Compliant
These disclosure changes are part of the Income Tax Department’s push for greater accountability and reduced fraudulent claims.🎯 Stay updated, be honest in declarations, and you’ll avoid unwanted scrutiny or notices.
