Personal Finance News
Income-tax deductions and exemptions in Old Tax Regime and New Tax Regime for AY 2025-26: Full List
.png)
3 min read | Updated on January 31, 2025, 17:21 IST
SUMMARY
Full list of Income-tax deductions and exemptions in Old Tax Regime and New Regime for AY 2025-26: Check all tax concessions available to taxpayers for ITR filing for AY 2025-26.
Know all income-tax deductions and exemptions for AY 2025-26 | Image source: Shutterstock
Income-tax deductions under Old Tax Regime and New Regime for AY 2025-26: The income-tax deductions and exemptions announced until the last year's budget will apply when filing taxes for Financial Year (FY) 2024-25 or Assessment Year (AY) 2025-26. The due date for filing of income-tax return (ITR) for AY 2025-26 is July 31, 2025.
As we approach the Budget 2025, it is expected the Government may include some more deductions or tax concessions in the new regime. Tax slabs and rates are also expected to be revised. But such change will apply while filing returns next year, i.e. FY 2026-27.
The following is the list of tax deductions available under the old tax regime and the new regime that will apply while filing taxes for AY 2025-26:
Income-tax deductions and exemptions under the Old Tax Regime for AY 2025-26
-
Deduction under Section 24(b): In case of self-occupied property, up to ₹2 lakh paid as interest on a housing loan can be claimed as deduction.
-
Section 80C: Combined deduction of up to ₹1.5 lakh can be claimed for payments towards life insurance premium, provident fund, ELSS, PPF, SCSS, National Savings Certificate, housing loan principal, tuition fees etc.
-
Section 80CCC: Annuity plan of LIC or other insurer towards Pension Scheme.
-
80CCD(1): Pension Scheme of Central Government
-
Section 80CCD(1B): Up to ₹50,000 deduction towards payments made to National Pension System (NPS), excluding deduction claimed under section 80CCD (1).
-
Section 80CCD(2): Deduction for employer's contribution to the Pension Scheme of Central Government
-
Section 80CCH: Deduction for contributions to Agnipath Scheme
-
Section 80D: Deduction for health insurance premium and preventive health check-up
-
Section 80DD: Deduction for maintenance or medical treatment of a Disabled Dependent
- Section 80DDB: Deduction for medical treatment of specified diseases
- Section 80E: Deduction for interest payments on loan for higher education of self or relative. Full amount paid towards interest can be claimed as deduction.
- Section 80EE: ₹50,000 deduction for interest payments on loan for residential house property (loan sanctioned between 1st April 2016 to 31st March 2017)
- Section 80EEA: Up to ₹1.5 lakh deduction for interest payments on loan for first-time residential house property acquisition (loan sanctioned between 1st April 2019 to 31st March 2022)
Section 80EEB: Up to ₹1.5 lakh deduction for interest payments on loan for purchase of Electric Vehicle (loan sanctioned between 1st April 2019 to 31st March 2023)
- Section 80G: Deduction for Donations to prescribed funds, charitable institutions
- Section 80GG: Deduction for rent paid (self-employed or HRA not part of salary)
- Section 80GGA: Deduction for donations for scientific research or rural development
- Section 80GGC: Deduction for Donations to Political Party or Electoral Trust
- Section 80TTA: Up to ₹10,000 deduction on interest received on savings bank accounts by Non-Senior Citizens
- Section 80TTB: Up to ₹50,000 deduction on interest received on deposits by resident senior citizens
- Section 80U: Deduction for a resident individual taxpayer with Disability
Income-tax deductions and exemptions under the New Tax Regime for AY 2025-26
- Section 24(b): Deduction from Income from House Property on interest paid on housing loan in cae of let-out property
-Section 80CCD(2): Deduction for employer's contribution to NPS, deduction limit is 14% of salary
-Section 80CCH: Deduction for contributions to Agnipath Scheme
You can check your tax liability for AY 2025-26, using the following income-tax calculator:
Income Tax Calculator
1
Basic details
2
Income details
3
HR & other allowances
4
Deductions
5
Summary
Basic details
Financial year
FY 2023 - 2024
Age group
0 - 59 yrs
My city is a
Metro
Continue
The above list of deductions and exemptions may change for AY 2026-27, depending on the announcements in the Union Budget 2025. Track all expected changes in the Budget 2025 here
About The Author
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.
Next Story
