ITR Filing 2025: There has been a big change in the ITR filing rules. In the old tax system, tax deduction will no longer be available without documentary evidence. Details of investment, expenses and loan will be linked to PAN/Aadhaar. Read this news for complete details.
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 have 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 for just entering the lump sum amount. It will be necessary to provide detailed breakup and details of the related investment or expenditure for all deductions. Its purpose is to prevent wrong deductions and fake refund claims.
What has changed in tax deduction?
Now taxpayers will have to link the information of investment and expenditure with PAN and Aadhaar. This will make cross-verification possible from insurance companies, banks, Vahan portal, employers and other government platforms. The tax department hopes that this move will help prevent wrong returns and hidden income.
Which deductions will have to be informed?
Section 80C (Investment): 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 will have to disclose their basic salary, place of work, HRA received and rent paid.
Section 80D (Health Insurance): Name of the insurance company and policy number will have to be given.
Section 24b (Interest on home loan): It is necessary to provide the name of the loan giving institution, loan account number, date of sanction, total loan amount, current outstanding and interest amount.
Section 80E (Higher Education Loan): Interest amount has to be paid along with complete details of the loan account.
Section 80EEB (Electric Vehicle Loan): Vehicle registration number has to be given along with loan details.
Section 80DDB (Treatment of serious illnesses): The name of the disease being treated has to be made clear.
Section 80EEA (Loan on affordable house): All information has 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 enable timely and correct returns to be filed. The tax department can take action for giving wrong information or claiming deduction without documentary evidence.
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