Details must to claim exemptions, deductions in new ITR
Ahmedabad: Taxpayers, especially those under the old regime, will need to provide comprehensive information while claiming exemptions and deductions in their income tax return (ITR) for the assessment year 2025-26.
The ITR utility is now available, and tax experts have stated that submitting detailed information has become compulsory. This includes insurance company names, policy numbers, housing loan particulars, actual house rent allowance (HRA), and rent payments.
Additional requirements include information on landlords for HRA claims, registration numbers of political parties for donation deductions, and other relevant details.
For medical treatment deductions, specific ailment details are now required. Tax experts indicate that this unprecedented requirement for detailed information aims to prevent fraudulent deduction claims.
International tax expert Mukesh Patel said, "This year, the income tax department made it mandatory to disclose various details for all the exemptions and deductions, especially under the old regime. The department aims to stop fake deduction claims.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Banheiro escorregadio? Barra de apoio vira febre no Brasil
Evite quedas e escorregões
Saiba Mais
Undo
Based on the details submitted in the ITR by the taxpayers, the department will cross-check such deductions."
With the ITR filing deadline extended to Sep 15, taxpayers must collect all necessary documentation. Chartered accountant Karim Lakhani said, "For claiming HRA exemption, the taxpayers will have to give details of the place of work, actual HRA received, actual rent paid, apart from landlord details. For claiming a deduction for insurance premiums under section 80C, the taxpayer is required to submit the policy number or receipt number.
Similarly, for the deduction for PPF account, the taxpayer will have to mention the account number in the return. Also, for claiming a deduction for health insurance, the name of the insurance company and policy number must be submitted."
Tax authorities have noticed numerous instances of false deduction claims due to minimal documentation requirements. According to experts, taxpayers should gather all the required information for filing ITR so they can claim various deductions and exemptions easily.
Box: Additional details to be provided
For HRA exemption: The taxpayer will be required to provide details about the actual HRA received and the house rent paid
Under Section 80C: The taxpayer must provide the document or receipt number of the insurance policy and the PPF account number
Under Section 80D: The name of the health insurance company and the policy number must be provided
For home loan interest deduction: The taxpayer will need to give details of the lender, loan particulars, and the outstanding amount
Treatment of diseases: To claim a deduction for the treatment of a specific disease, details of the disease will have to be provided
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
Elon Musk's Tesla may face zoning violations after over 100 Cybertrucks found parked at closed shopping mall
Representative Image Elon Musk's Tesla may face zoning violations in Michigan after more than 100 unsold Cybertrucks were found parked at a closed shopping centre. The accumulation of these vehicles at Hunter's Square shopping centre in Farmington Hills has prompted concerns from local authorities regarding adherence to zoning regulations, a report claims. Over the past several weeks, residents and social media users have reportedly posted images and videos showing numerous rows of Cybertrucks at the site on Orchard Lake Road. The location is adjacent to a Tesla service centre in West Bloomfield. This proximity has led to speculation that the shopping centre lot is being used as an overflow site to manage unsold inventory, as over 100 Cybertrucks have reportedly gathered in the space. What Tesla and Michigan authorities said about the parked Cybertrucks In a statement to CBS Detroit, Tesla employees collecting the trucks said the property belongs to the same entity that operates the nearby service centre, and that the vehicles were intended for customer delivery. However, the City of Farmington Hills has raised concerns over this explanation. Charmaine Kettler-Schmult, the city's planning and community development director, told CBS Detroit: 'The City of Farmington Hills code enforcement office has been in communication with the Hunter's Square shopping centre management to resolve the issue. They have been notified that storage of vehicles is not a permitted use. The enforcement process is being followed and takes time.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mix 4 Kitchen Ingredients, Wake Up Thinner Every Morning insightcuriositycentral Learn More Undo As per the report, Tesla is struggling to sell its Cybertruck, with under 50,000 units delivered since launch, which is far below its 250,000-unit annual projection. In Q1 2025, only 6,000 units were sold. Inventory has built up to an estimated 10,000 unsold trucks, prompting Tesla to scale back production and shift workers to Model Y lines, the report adds. The vehicle has faced eight recalls, including one affecting nearly all units sold. Sales have also reportedly dipped amid backlash over Elon Musk's political involvement, though Tesla stock has recently rebounded after a sharp decline. Stay ready with these 7 essential medical gadgets as COVID cases rise AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
31 minutes ago
- Time of India
Massive write-off: Nvidia dumps $4.5 billion in chips, leaving Jensen Huang frustrated
Nvidia may be leading the AI revolution, but even the world's top chipmaker isn't immune to the unpredictable fallout of global politics. Last week, as the company reported another strong earnings report, CEO Jensen Huang revealed the sobering news of a $4.5 billion write-off for chips that were supposed to be sent to China and now have nowhere to go, as per a report. Huang said during the earnings call that, 'We are taking a multibillion dollar write off on inventory that cannot be sold or repurposed,' quoted Fortune. The China-Only Chips That Can't Be Used The chips, which have led to the massive loss, known as the H20 chips , were designed by Nvidia specifically for Chinese clients to meet earlier US export restrictions, according to the report. These chips weren't top-of-the-line, but they were still advanced enough for AI development and, also legal to ship under the Biden administration's rules, as per Fortune. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa For Sale in Dubai Might Surprise You Villas in Dubai | Search ads Learn More Undo But things changed after US president Donald Trump took office, as he went a step further in early April and banned exports of even these chips, according to the report. ALSO READ: After losses in FTX, which went bankrupt in 2022, Temasek slashes early-stage startup investments by 88% Live Events Why the Nvidia H20 Chips Can't Just Be Repurposed As the H20 chip was built only for the Chinese market, the chip's design and limited capabilities make it a challenging task to be used by other countries, reported Fortune. A professor of supply chain management at Rutgers Business School, Arash Azadegan said, 'It doesn't really fit anywhere else without a lot of expensive tweaking,' as quoted in the report. While, the tweaking would involve additional costs for the AI chipmaker, as these chips may 'not meet the performance needs of customers in other regions' or may be engineered 'specific to Chinese customer requests or requirements,' according to Chad Autry, a University of Tennessee supply chain professor, reported Fortune. Nvidia Won't Risk Its Reputation Azadegan also highlighted that, 'Nvidia probably doesn't want to flood the market with discounted chips—it could mess with their pricing, confuse customers, and distract from their big push into the newer Blackwell lineup ,' as quoted in the report. FAQs Why did Nvidia have to throw away $4.5 billion in chips? Because new US export rules suddenly banned the chips from being sold to China, their only intended market. Can't they just sell the chips to other countries? No as the chips were custom-made for China and don't meet other countries' needs without costly changes.
Time of India
31 minutes ago
- Time of India
Pragmatism or pullout? State asks local bodies to mobilise donations
Thiruvananthapuram: The state govt's instruction to local self-govt (LSG) institutions to systematically mobilise public donations and sponsorships to fund development activities has gained attention, with doubts raised about whether the "financially pragmatic" move signalled further withdrawal of state support in key development areas. In a detailed circular dated June 2, the LSG department directed local bodies to formulate a "comprehensive strategy" for raising voluntary contributions and sponsorships from individuals, non-profit organisations, corporate entities under CSR, and other sources to "increase the scope of development activities and accelerate the pace of local development." Faced with a persisting financial crunch, the govt had halved its Plan size in the last financial year, significantly cutting down on many schemes. Finance minister K N Balagopal told reporters on Wednesday that the govt always welcomed public donations and nothing more needed to be seen in the circular. He also refuted charges that the performance audit of local bodies would be solely based on such donations. The circular specifies that the performance of local bodies in donation mobilisation and utilisation will be included as a metric in their annual evaluation, and innovative models may be documented by KILA (Kerala Institute of Local Administration) and showcased for replication. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 【adidas官網限定】Mega Summer 超級降價 adidas 香港官方網上商店 立即選購 Undo Noting that many public assets — including schools, hospitals, libraries, anganwadis, markets and even roads — were built with people's donations over the years, it asks local bodies to chart out a plan at the beginning of their tenure for collecting contributions for schools, hospitals, drinking water facilities, roads, playgrounds and welfare institutions. It also suggested tapping alumni networks, PTA committees, CSR arms of businesses, and even youth-led voluntary labour. The govt has also prescribed detailed compliance measures to avoid misuse. Donations must be received directly by the LSG institution, and a proper receipt must be issued. The funds must be credited under a designated budget head, and all details, including donor names and intended usage, must be published both in gram sabhas and on the official websites. It should also be ensured that donations collected for a specific purpose are used only for that purpose, the circular said. It also warns that only legally compliant donations may be accepted — including compliance with the Income Tax Act and the FCRA (though foreign donations aren't in question here).
