ITR filing 2024: Understanding exemption, rebate and deduction in Income Tax returns

New Delhi: The Income Tax Return filing 2024 deadline is July 31, 2024. Failing to file your return by this date may result in a late fee being charged to the taxpayer. For this reason, it is important to file your taxes on time. If you are filing ITR under the old tax regime, it is important to understand how different provisions of the Income Tax Act work.

Today, we will explain how exemptions, rebate and taxation work under the Income Tax Act. Salaried individuals are entitled to deductions under the I-T Act if they are filing under the old tax regime.

List of deductions under old tax regime

Standard deduction
House rent allowance (HRA)
Section 80C investments
Medical insurance premiums
Donations to charities
Leave travel allowance
Deductions on interest paid on home loan secured for self-occupied property
Deductions on interest paid on home loan secured for rented-out property

What is a rebate under the old tax regime?

A tax rebate of Rs 12,500 is offered under Section 87A of the Income Tax Act, as part of the old tax regime.

List of exemptions under old tax regime

Exemptions under the old tax regime, entail the minimum salary on which taxpayers are not required to pay Income Tax.
Under the old tax regime, the exemption allowed is Rs 2.5 lakh for taxpayers aged below 60 years of age.
Senior citizens are allowed a basic exemption of Rs 3 lakh if aged 60-80 years
Super senior citizens aged 80 years and above are entitled to Rs 5 lakh tax exemption

Income Tax slabs

Finance minister Sitharaman revised the tax slabs under the new tax regime while keeping the old tax regime unchanged.

 ITR Filing 2024: Taxpayers must take note of exemptions, rebate and deductions offered under the old tax regime.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today