ITR Filing 2026: Big news for taxpayers. If you’re preparing to file your income tax return this year, it’s important to be aware of some key information. Many taxpayers overlook claiming deductions when filing their ITR, which can lead to higher tax payments. Today, we’ll share details about six specific tax deductions that are commonly forgotten by taxpayers. It’s worth noting that if you opt for the new tax regime, you may not be able to utilize these deductions. Therefore, it’s advisable to compare both tax regimes before filing your ITR to understand the advantages of each.

6 Essential Income Tax Deductions to Consider Before Submitting Your ITR

When filing your Income Tax Return (ITR) under the traditional tax regime, taking advantage of the correct deductions can significantly lessen your tax burden. Here are six crucial sections for tax deductions that every taxpayer should be aware of:

Section 80C:

This is a well-known tax-saving provision where you can claim deductions of up to Rs 1.5 lakh on various investments and expenses like PPF, EPF, ELSS, Tax Saving Fixed Deposits, NSC, Sukanya Samriddhi Yojana, life insurance premiums, tuition fees for children, and repayment of a home loan’s principal amount. Ensure to include these eligible investments in your ITR filing.

Section 80CCD(1B):

By investing in the National Pension System (NPS), you can avail an additional deduction of up to Rs 50,000 on top of the Rs 1.5 lakh limit under Section 80C. This allows taxpayers to claim total tax-saving deductions of up to Rs 2 lakh.

Section 80D:

This section offers deductions on health insurance premiums paid for yourself, your spouse, children, and parents. The deduction amount varies from Rs 25,000 to Rs 1 lakh, depending on the age of the insured. Senior citizens are entitled to higher benefits, and the premium must be paid through banking channels to qualify.

 

Section 80E:

If you’ve obtained an education loan for higher studies, the entire interest paid on the loan is eligible for deduction for a specific period. There is no cap on the amount that can be claimed, but this benefit applies only to the interest, not the principal repayment.

 

Section 80G:

Donations to government-approved charitable institutions, trusts, and relief funds are eligible for deductions under this section. Depending on the organization, you can claim either 50% or 100% of the donated amount. Keep the donation receipt and the institution’s registration details safe for your ITR filing.

 

Section 24(b):

Home loan borrowers can claim a deduction of up to Rs 2 lakh on the interest paid for a self-occupied property. It’s important to note that this benefit applies only to the interest portion of the loan, while the principal repayment falls under Section 80C for separate claiming.

 

Utilizing these deductions correctly can help reduce your taxable income and maximize your tax savings. Before submitting your ITR, ensure that all eligible deductions are backed by the necessary documentation and have been accurately reported.

Key Points to Remember Before Filing Your ITR:

Cross-check Form 16, AIS, and Form 26AS for accuracy.

Keep all tax deduction documents and receipts handy.

Select the appropriate tax regime (Old or New).

Provide correct bank account and personal details.

Remember to complete e-verification after submitting your ITR.