ITR Filing Deadline: Claim Your Exemptions!

• Old regime taxpayers can lower taxes by revisiting often unclaimed exemptions.
• HRA, 80D, 80GG, 80E, 80TTA/B, 80G, 24(b) deductions offer potential savings.
• Retain receipts/proofs to maximize eligible claims before ITR filing deadline.

With the income tax return (ITR) filing deadline just days away, taxpayers under the old tax regime may benefit from revisiting exemptions and deductions that can help lower their overall tax outgo. Experts note that certain

provisions are often left unclaimed due to lack of awareness or incomplete documentation.

House Rent Allowance (HRA)

Salaried employees who live in rented accommodation can claim HRA exemption. However, this requires proper rent receipts and depends on whether the taxpayer resides in a metro or non-metro city.

According to CA Shefali Mundra, Tax Expert at ClearTax, employees sometimes fail to make full use of this exemption because of “misunderstandings around city vs non-metro rules or not maintaining rent receipts.”

Section 80D (Health insurance premiums)

Taxpayers can claim deductions for premiums paid towards health insurance for themselves, their spouse, children, and parents. The benefit increases if parents are senior citizens.

Mundra explained that this is another area where taxpayers miss opportunities, saying that “deductions also apply when paying premiums for parents, and the limits are higher if they are senior citizens.”

Section 80GG (For those without HRA)

For employees who do not receive

HRA but pay rent, Section 80GG can provide relief. To qualify, the taxpayer must not own a house in the city of employment and must file Form 10BA.

Mundra highlighted that this provision is especially relevant for those in smaller organisations or self-employed individuals, provided the eligibility conditions are met.

Section 80E (Education loan interest)

Interest paid on education loans for higher studies (self, spouse, or children) qualifies for deductions without an upper cap. Taxpayers sometimes overlook this

as loan repayments often continue for years after studies.

Section 80TTA / 80TTB (Savings account interest)

Interest earned on savings bank accounts up to ₹10,000 (for individuals) or ₹50,000 (for senior citizens under 80TTB) can be claimed as deductions. Mundra pointed out that “many taxpayers forget to declare and then claim this, even though interest details are visible in AIS (Annual Information Statement).”

Section 80G (Donations)

Donations to specified funds and charitable institutions are

eligible for deduction, subject to limits and proper receipts. Often, taxpayers donate but don’t collect or submit receipts, resulting in missed claims.

Section 24(b) (Home Loan Interest)

For self-occupied properties, deduction up to ₹2 lakh is available on home loan interest. Mundra said this is “commonly underreported, especially if people have joint loans but only one person claims the benefit.”

Why it matters

By checking these exemptions and deductions carefully, taxpayers under the old tax regime can save

a significant amount.

Mundra advised, “Always retain receipts and proofs—so you don’t leave money on the table.”

Tax professionals recommend reviewing all eligible claims and ensuring proper documentation before submitting returns. While the new tax regime offers simplified rates without exemptions, those continuing with the old regime should maximise the benefits available.