Details must to claim exemptions, deductions in new ITR
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.
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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
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