With the ITR filing deadline for FY 2024-25 (AY 2025-26) extended to September 15, 2025, many taxpayers are scrambling to ensure they don’t miss out on valuable deductions. If you’ve opted for the old tax regime, you can still claim deductions up to ₹1.5 lakh under Section 80C, along with additional benefits from Sections like 80CCD(1B) and 80D. Whether you've missed submitting proofs or are planning ahead, these five investments can significantly reduce your tax burden while helping you build wealth.
Five Powerful Investments to Claim Deductions
1. Equity-Linked Savings Scheme (ELSS)
Eligible for deductions under Section 80C (within ₹1.5 lakh limit).
Features a 3-year lock-in, making it the shortest among 80C investments.
Offers potential market-linked growth.
2. Public Provident Fund (PPF)
Also qualifies under Section 80C.
Offers EEE (exempt-exempt-exempt) benefits—tax-free interest and maturity.
15-year lock-in, ideal for long-term investments.
3. National Pension System (NPS)
Provides an additional ₹50,000 deduction under Section 80CCD(1B) above the 80C ceiling.
Funds are invested across equities, bonds, and government securities—good growth potential.
4. Tax-Saving Fixed Deposits (FDs)
Falls under Section 80C deduction.
5-year lock-in and straightforward, making it a familiar choice for conservative investors.
5. Health Insurance Premiums
Claimable under Section 80D.
Get up to ₹25,000 deduction for self and family, and an additional ₹25,000 (₹50,000 for senior citizen parents).
Why These Investments Matter
They help maximize your tax efficiency under the old regime.
Offer diversified advantages—some focus on growth (ELSS, NPS), others on stability (PPF, FDs), and protection (health insurance).
Even if you've missed proof submission deadlines, these investments must still be included when planning for the next financial year.
Important Filing Notes for AY 2025-26
Filing deadline now is September 15, 2025 for non-audit taxpayers; keep documentation in order in advance.
The ITR utility now requires detailed disclosures—policy numbers for ELSS, account numbers for PPF, insurer names, health policy numbers, and more.
Frequently Asked Questions
Q1. Can I claim deductions under both 80C and 80CCD(1B)?
Yes—investments under 80C (up to ₹1.5 lakh) plus an additional ₹50,000 under 80CCD(1B) for NPS.
Q2. What are the ITR filing deadlines?
For FY 2024-25, the deadline is extended to September 15, 2025 for salaried and non-audit taxpayers.
Q3. What proof is required for these deductions?
You must provide investment proof details like folio, account numbers, and insurer or fund house information in your ITR.
Q4. What if I missed claiming deductions?
You can file a revised return before March 31, 2026, to claim them if eligible.
Conclusion
Optimizing tax deductions isn’t just about lowering your tax liability—it’s about making smart investments that yield long-term benefits. By strategically using ELSS, PPF, NPS, tax-saving FDs, and health insurance, you can save now and grow wealth for the future. Start investing early and ensure you have all the documentation ready for ITR filing season.
Published on : 29th August
Published by : SMITA
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