Looking for an updated income tax deduction chart for FY 2024–25? Understanding the various deductions available under the Income Tax Act, 1961 can help you save tax legally and smartly.
This blog provides a clear and updated deduction chart for individuals and HUFs for the Financial Year 2024–25 (Assessment Year 2025–26). Whether you are salaried, self-employed, or an investor, this guide will help you make informed tax-saving decisions.
Income Tax Deduction Chart FY 2024–25 – Save Tax Legally
Section-wise Deduction Limits Under Old Tax Regime
| Section | Deduction Type | Maximum Limit (₹) |
| 80C | Investments in PPF, EPF, LIC, ELSS, Home Loan Principal, etc. | 1,50,000 |
| 80CCC | Pension funds (LIC/Annuity plans) | 1,50,000 (combined with 80C) |
| 80CCD(1B) | Additional NPS contribution | 50,000 |
| 80D | Health insurance premium (self/family) | 25,000 (plus 50,000 for senior citizens) |
| 80DD | Medical treatment of dependent with disability | 75,000 to 1,25,000 |
| 80DDB | Specified diseases for self/dependents | 40,000 (₹1L for senior citizens) |
| 80E | Interest on education loan | No limit (for 8 years) |
| 80EE | Interest on home loan (1st-time buyers) | 50,000 |
| 80EEA | Interest on affordable housing loan | 1,50,000 |
| 80G | Donations to approved funds/charity | 50% to 100% (with/without limit) |
| 80GG | Rent paid (no HRA) | 5,000/month or 25% of total income |
| 80TTA | Interest on savings account (non-senior) | 10,000 |
| 80TTB | Interest on deposits (senior citizens) | 50,000 |
| 80U | Self with disability | 75,000 to 1,25,000 |
Key Conditions for Claiming Income Tax Deductions
- – The deductions above are available only under the **Old Tax Regime**.
- – You must **choose between the Old and New Tax Regime** every year if eligible.
- – Proper documentation/proof is required to claim each deduction.
- – Section 80C is the most commonly used for salaried individuals.
- – Senior citizens enjoy higher limits under sections 80D, 80DDB, and 80TTB.
Why Use a Tax Expert to Maximize Deductions
With so many deduction options, overlapping sections, and frequent changes in tax rules, choosing the right combination requires expertise.
At OnlineCorpServ.com, we help individuals and businesses:
- – Identify all eligible deductions and exemptions
- – Choose the best tax regime (old vs. new)
- – File accurate returns with maximum savings
- – Respond to income tax notices or queries
Contact us at 8826663876 or visit www.onlinecorpserv.com to speak to a tax expert today.
Final Thoughts
This income tax deduction chart is your first step to effective tax planning for FY 2024–25. But tax laws are dynamic — it’s always best to consult a professional for optimized tax savings.
Let OnlineCorpServ help you file confidently and save more.
Frequently Asked Questions (FAQs) About Income Tax Deductions
1. Can I claim deductions under both old and new tax regimes?
No. Deductions under Chapter VI-A (like 80C, 80D, etc.) are allowed only under the old tax regime. The new regime offers lower slab rates but very limited deductions.
2. What is the maximum deduction I can claim under section 80C?
The maximum deduction under section 80C is ₹1.5 lakh, which includes investments like PPF, EPF, ELSS, LIC premiums, and home loan principal repayment.
3. Can I claim both 80C and 80CCD(1B)?
Yes. Section 80CCD(1B) offers an additional deduction of ₹50,000 for NPS contribution over and above the ₹1.5 lakh limit under section 80C.
4. Can I claim rent deduction if I don’t receive HRA?
Yes. If you do not receive HRA, you can claim deduction under section 80GG subject to certain limits and conditions.
5. Is proof required for all deductions claimed?
Yes. You must retain valid documentary evidence (receipts, certificates, etc.) in case your return is selected for scrutiny or verification.
6. How do I decide between the old and new tax regimes?
If you claim many deductions and exemptions, the old regime may offer better savings. However, if your income structure is simple, the new regime might be beneficial. Use a tax comparison tool or consult a tax expert.
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