Ensuring thе accuracy of your incomе tax rеturn is crucial, and with thе advеnt of tеchnology, е-vеrification has bеcomе еffortlеssly accеssiblе. Here, wе’ll unravеl thе straightforward stеps of how to е-vеrify your incomе tax rеturn, guarantееing sеamlеss procеss. By еmbracing еlеctronic vеrification, you еxpеditе thе confirmation of your rеturn and contributе to a morе sustainablе and еfficiеnt tax filing process. Join us as wе dеmystify this procеss, еmpowеring you to navigatе thе digital landscapе confidеntly and еasily, еnsuring compliancе and pеacе of mind.

Steps to E-Verify Income Tax Return

You can follow the steps listed below to e-verify your ITR.

• Stеp 1: Accеss thе е-Filing Portal

Thе first stеp in е-vеrifying your incomе tax rеturn is accеssing thе е-Filing portal. You can do this by visiting thе official wеbsitе of thе Incomе Tax Dеpartmеnt of India. Oncе thеrе, locatе and click on thе ‘е-Vеrify Rеturn’ option. This will dirеct you to thе е-Vеrify Rеturn pagе.

• Stеp 2: Providе Nеcеssary Information

On thе е-Vеrify Rеturn pagе, you will bе promptеd to еntеr spеcific dеtails to authеnticatе your idеntity and vеrify your rеturn. Hеrе’s what you’ll nееd to do:

1. Enter Your PAN: Provide your Permanent Account Number (PAN), which serves as your unique identifier for tax-related transactions.

2. Select Assessment Year: Choose the assessment year for which you are verifying the income tax return. The assessment year typically refers to the financial year for which the return is being filed.

3. Enter Acknowledgment Number: Input the acknowledgment number of the Income Tax Return (ITR) that you have filed. This acknowledgment number is generated upon successful submission of your return.

4. Provide Mobile Number: Enter the mobile number that is registered with your PAN Card. This is crucial as the Income Tax Department will send an OTP (One-Time Password) to this mobile number for verification purposes.

• Stеp 3: Vеrify Your Idеntity

Aftеr providing thе rеquirеd information, click on thе ‘Continuе’ button. This will initiatе thе vеrification procеss. You will rеcеivе an OTP on thе mobilе numbеr providеd еarliеr. Entеr this OTP in thе dеsignatеd fiеld to authеnticatе your idеntity.

• Stеp 4: Confirmation

Oncе you’vе еntеrеd thе OTP succеssfully, thе systеm will vеrify your idеntity and validatе your incomе tax rеturn. You will rеcеivе a confirmation mеssagе indicating that your rеturn has bееn succеssfully е-vеrifiеd.

Unlocking the potential of tax-saving strategies is pivotal for sound financial planning. Among these strategies lies the House Rent Allowance (HRA) tax exemption, a vital aspect for salaried individuals who rent accommodation. Understanding the mechanics of how to calculate HRA tax exemption can translate into significant savings. Let’s delve into the details and understand the determinants of HRA so that you have clarity regarding the same.

What is HRA (house rent allowance)?

HRA is an employer-provided allowance to employees to meet housing rental expenses. It forms a part of the salary structure and offers tax benefits under the Income Tax Act when the employee resides in rented accommodation.

Is HRA taxable?

HRA is taxable if an employee does not live in rented accommodation or fails to provide necessary rent receipts. However, if the employee pays rent and complies with documentation requirements, a portion or the entire HRA can be exempted from tax, as calculated above.

HRA for self-employed individuals

Self-employed individuals do not receive a salary; hence, they are not eligible for HRA. However, they can claim a deduction for rent paid under Section 80GG of the Income Tax Act, subject to certain conditions.

HRA for salaried individuals

Salaried individuals receiving HRA as part of their salary can claim tax exemption on it, provided they live in rented accommodation and furnish valid rent receipts. The exemption is calculated based on the criteria mentioned earlier.

How to claim HRA exemption?

To claim HRA exemption:

1. Submit Rent Receipts: Provide your employer with rent receipts or a rental agreement as proof of rent paid.
2. PAN of Landlord: If the annual rent exceeds ₹1,00,000, furnish the landlord's PAN to your employer.
3. Declaration: Some employers may require a declaration form detailing the rent paid and the landlord's details.

How to calculate HRA exemption?

The tax deduction for HRA is determined by the following:

1. Actual rent paid minus 10% of the basic salary

1. Actual HRA provided by the employer

1. 50% of the salary if the residential house is in Mumbai, Delhi, Chennai or Kolkata; 40% of the salary if the residential house is elsewhere.

Please note that for HRA calculation purposes, ‘salary’ encompasses the sum of basic salary, dearness allowance (DA), and other applicable commissions.

These three scenarios delineate how HRA tax exemption is computed. Understanding these scenarios is crucial for optimising your tax advantages. Let’s delve deeper into each scenario to gain a clearer understanding.

• Actual Rent Paid Minus 10% of Basic Salary: This calculation considers the actual rent paid by the employee minus 10% of their basic salary. For instance, if the rent paid is Rs 12,000 and 10% of the basic salary is Rs 2,300, the exemption would be Rs 9,700.
• Actual HRA Offered by Employer: This is straightforward — it’s the HRA amount provided by the employer. Here, the HRA offered is Rs 15,000. However, this may vary depending on the individual’s employment terms.
• 50% of Basic Salary: Half of the basic salary is another benchmark for calculating HRA exemption. This ensures a balanced approach, especially for individuals with high rents relative to their salary.

Do note that the minimum of the above three computations will be the actual amount paid as rent minus 10% of one’s basic salary.

Also, you must remember the following:

• If you pay an annual rent that exceeds Rs 1 lakh, you will require your landlord’s PAN Number to claim HRA exemption. If you are unable to provide the landlord’s PAN Number, you can submit a signed declaration from him/her.
• You cannot claim an HRA deduction for rent paid to your spouse.
• Rent paid to your parents makes you eligible for HRA exemption, but your parents will need to declare it in their ITR.

HRA calculator

Several online tools can assist in calculating your HRA exemption:

• ClearTax HRA Calculator: A user-friendly tool to compute your HRA exemption.
• ICICI Prudential HRA Calculator: Offers detailed insights into your HRA exemption.

How to claim HRA when living with parents?

If you reside in a property owned by your parents, you can pay them rent and claim HRA exemption, provided:

• Rental Agreement: Draft a rental agreement between you and your parents.
• Rent Payment: Transfer rent to your parents' bank account regularly.
• Parents' Income Declaration: Your parents must declare this rental income in their tax returns.

This strategy can be tax-efficient if your parents are in a lower tax bracket or have no taxable income.

How to claim deduction under section 80GG?

Section 80GG allows individuals not receiving HRA to claim a deduction for rent paid, subject to the following:

• Eligibility: Applicable to self-employed or salaried individuals not receiving HRA.
• Deduction Limit: The least of the following:
  • ₹5,000 per month
  • 25% of total income (excluding capital gains)
  • Actual rent paid minus 10% of total income

To claim this deduction, file Form 10BA confirming that you do not own any residential property.

Can I claim HRA and deduction on home loan interest?

You can claim both HRA and home loan interest deductions if:

• Different Locations: The rented and owned properties are in other cities.
• Same City: If both properties are in the same city, provide valid reasons (e.g., distance from the workplace) for not residing in the owned property.

Conclusion

Mastering how HRA tax exemption is calculated is essential for optimising tax savings and maximising take-home pay. Similarly, you can avail yourself of a tax rebate for an individual health insurance plan or health insurance policy for family premium payments under Section 80D of the Income Tax Act. By understanding the various factors involved, individuals can make informed decisions regarding tax planning. By leveraging both HRA tax exemption and health insurance benefits, individuals can build a robust financial foundation and save a significant amount of their taxable income.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

Dealing with taxes is an experience that many find burdensome yet unavoidable. The paperwork, rules and the hefty year-end bill can all contribute to stress. However, amidst the tax landscape, there exists a system designed to simplify things — Tax Deducted at Source (TDS). So, let's find out what is TDS in income tax.

What is the Meaning of TDS in Income Tax?

When we talk about what is TDS, we need to understand its meaning and how it affects us as taxpayers.

• At its core: Consider TDS as a tax payment in advance. When you receive payment for services, a portion is withheld as TDS (tax deducted at source) and remitted directly to the government.
• Key players: The individual or entity making the payment deducts and remits TDS. As the recipient, you receive recognition for the amount already remitted.
• Why opt for TDS: It ensures tax collection by the government, reducing instances of non-payment of taxes.
• TDS in our lives: If you have a job, rent out a property, win a prize or earn interest on investments, TDS is likely to be involved.
• Prevents tax evasion: TDS helps prevent tax evasion by collecting a portion of tax upfront, reducing the chances of people hiding their income.
• Distributes tax payments: Instead of making a large payment at the end of the year, TDS spreads out the tax collection process, making it more manageable for both individuals and the government.
• Varied based on income: TDS rates are not uniform. They differ depending on the type of payment and the recipient's income tax bracket.
• Issuance of TDS certificates: The person deducting TDS provides you with a certificate as proof of payment. This document is crucial when filing your taxes.
• Possibility of TDS refunds: Sometimes, more TDS might be deducted than your tax dues. This situation could result in a refund when you file your taxes.

Dealing with taxes always brings a sense of uncertainty. The paperwork, the rules, and the ongoing quest to find ways to save a few rupees in your pocket keeps you worried. Lately, things have gotten more confusing with the arrival of the new tax system. You've probably heard about the standard deduction. Can you actually use it under this new setup? Also, will it really help you save money? Let's find out whether the standard deduction is applicable in the new tax regime.

Is Standard Deduction Applicable to the New Tax Regime?

The good news is that you can avail of rebates in the tax system. This offers some relief, even if you opt for this new structure.

• The Twist: You won't be able to benefit from deductions, such as House Rent Allowance (HRA), specific investments or health insurance premiums.
• The Amount: Presently salaried individuals can claim a standard deduction of up to Rs 50,000 with variations for retirees.
• Do Your Calculations: It's essential to assess which system is more advantageous for your situation. Consider all aspects; your earnings, the standard deduction and whether other deductions could result in savings under the previous system are all important aspects.
• The Decision-Making Factor: Although the new system offers the standard deduction, taxpayers need to decide between opting for it and utilising deductions and exemptions under the old tax regime.
• Primary Beneficiaries: Note that the standard deduction in the new system is particularly advantageous for individuals with qualifying deductions (such as HRA or substantial investments).
• The Significance of Contrasts: Taxpayers must use tax tools or seek advice from professionals to compare their tax obligations under both systems, taking into account the standard deduction and their individual situations.

In gaining clarity on — is standard deduction applicable in the new tax regime — grasping the concept of the standard deduction in the updated tax structure is one element of a larger picture. Ultimately, making an informed decision requires evaluation. Assess your income deductions from before and how much effort you will invest in filing taxes. If you need assistance navigating these choices, feel free to reach out to a tax consultant. The knowledge and skills of tax consultants can help you save money and ensure you have peace of mind when it comes to finances.

When tax season arrives, that sense of unease sets in. The paperwork, the calculations, and the troubling question: Should we stick with the old tax system or opt for the efficient "new" one that gives us sleepless nights? The Indian government offers choices. Determining which system suits you can seem like solving an age-old riddle and saving every rupee that matters to you. What if a misstep leads to losing out on the rebates? Let's navigate through this together and find out which income tax regime is better.

Which Income Tax Regime is Better?

This decision to switch between the new and old tax regime depends on several factors like —

• Your Income Level: The new tax system features lower tax rates, potentially making it advantageous if you fall into a higher tax bracket. However, do not overlook the deductions and exemptions under the old tax system.
• Utilising Deductions: If you fully utilise deductions such as home loan interest, eligible investments and health insurance premiums, sticking with the old regime might be preferable.
• Ease of Use vs. Financial Gains: Navigating through the old tax system requires paperwork, but it has the potential to result in significant savings if you take full advantage of available deductions. On the other hand, the new system simplifies the process but may not offer generous tax benefits compared to the old tax structure.
• The key is flexibility: The good news is that you're not bound to one system forever! You have the freedom to switch between regimes each year, allowing you to adjust based on changes in your circumstances. But you must either be a salaried individual or a pensioner.
• Looking ahead at your objectives: Apart from cost savings, consider your long-term financial goals. The old system, with its focus on deductions, might be more beneficial if you are actively saving for retirement, purchasing a house, or engaging in investments.
• Employer perks: Does your employer provide tax-saving benefits such as housing allowances or meal vouchers? These perks could complement the old system but may not offer substantial advantages under the new setup.
• Risk tolerance: Opting for the old system entails managing paperwork and calculations, which could increase error risks. If dealing with deduction complexities causes stress, transitioning to the new regime might be worth a slightly higher tax burden.

Advance income tax is payment made beforehand rather than at the end of the financial year. It is to be paid in instalments as per the due dates notified by the income tax department. It is also known as ‘pay as you earn’ and needs to be paid in the same year of earnings.

In today’s busy lifestyle, you can avail yourself of online payment options to avoid last-minute hassles. Advance income tax also helps mitigate stress that a taxpayer might undergo during tax payments at the end of the financial year; paying advance tax helps one as it does not involve shelling out taxes in a lump sum at the end of the financial year.

If you’re wondering how to pay advance tax online, we will explore a stepwise process of how you can go about it.

Advance tax calculator – calculate advance tax liability

You can use online calculators on various financial platforms to determine your advance tax liability. These tools require inputs such as your estimated annual income, deductions, and applicable tax rates to compute the amount payable. Accurately calculating the income and deductions is crucial for precise calculations.

What is advance tax?

Advance tax is the income tax payable if your total tax liability exceeds ₹10,000 in a financial year. It applies to various income sources beyond regular salaries, including rent, capital gains, lottery winnings, and fixed deposits. Timely payment of advance tax helps avoid interest penalties and ensures compliance with tax regulations.

Who should pay advance tax?

The following categories of taxpayers are required to pay advance tax:

• Salaried Individuals: While employers deduct tax at source (TDS) on salaries, individuals with additional income from sources like interest, rent, or capital gains may need to pay advance tax.
• Freelancers and Professionals: Those earning income without TDS deductions must assess and pay advance tax.
• Businesses: Both corporate and non-corporate entities are obligated to pay advance tax on their profits.

Advance tax due dates for FY 2024-25

For the financial year 2024-25, advance tax payments are scheduled as follows:

• On or before 2024 15th June: 15% of the advance tax liability.
• By 15th September 2024: 45% of the advance tax liability, less the amount paid in the previous instalment.
• By 15th December 2024: 75% of the advance tax liability, less the amounts paid in earlier instalments.
• By 15th March 2025: 100% of the advance tax liability, ensuring the entire tax is paid before the financial year ends.

How to pay advance tax online?

Let us go through the steps and clarify how to make advance tax payments online for your quick reference.

• Step 1: Go to the e-filing portal of the Income Tax Department of India.
• Step 2: Go to the ‘Quick Links’ section on the home page and click the ‘e-pay tax’ option. Taxpayers can also search ‘e-pay tax’ in the search box.
• Step 3: On the next page, insert your PAN and re-enter to confirm it. Then, type your mobile number and click ‘continue.’
• Step 4: You will receive a 6-digit OTP on your registered mobile number. Enter the OTP and ‘continue.’
• Step 5: Select the first box labelled as ‘Income Tax’ and click on ‘Proceed.’
• Step 6: Go to the ‘Assessment Year’ as 2024-25, select ‘Type of Payment’ as “Advance Tax (100)’ and click on ‘Continue.’
• Step 7: Enter tax details in the next screen.
• Step 8: Select your desired payment bank and click on ‘Continue.’
• Step 9: You can preview the challan details and click ‘Pay Now’. You may also ‘Edit’ your shared details if required.

This is how to make advance tax payments online through a few easy steps. Once payment is made, you will receive an acknowledgement on the next screen. Check the challan serial number and the BSR code on the right side of the advance tax payment challan. You will need these details while filing your income tax return and future references related to tax issues.

What is advance tax late payment interest?

Failure to pay advance tax on time results in interest penalties under Sections 234B and 234C of the Income Tax Act:

• Section 234B: Applies if advance tax paid is less than 90% of the assessed tax. Interest at 1% per month is charged on the shortfall from April 1st of the assessment year until payment.
• Section 234C: Pertains to delays in instalment payments. A 1% per month interest is levied on the deferred amount for each month of delay.

How is advance tax payment calculated?

To calculate advance tax:

1. Estimate Total Income: Include all income sources such as salary, business profits, interest, and capital gains.
2. Deduct Allowances and Exemptions: Apply eligible deductions under sections like 80C, 80D, etc.
3. Compute Tax Liability: Apply the prevailing income tax rates to the net taxable income.
4. Subtract TDS: Deduct any tax already withheld at source.
5. Determine Advance Tax: If the remaining tax liability exceeds ₹10,000, you're required to pay advance tax as per the specified instalments.

Conclusion

Now that you know how to pay advance tax online, you can explore options to save on taxes. For instance, taxpayers can claim deductions on health insurance premiums under Section 80D of the ITA. Talk to a financial expert to clear doubts before making any tax-related decisions. Paying advance tax on time is crucial for financial discipline and tax compliance. Just as selecting the right health insurance policy or maternity insurance policy ensures financial security during medical emergencies, timely advance tax payments prevent last-minute financial stress and penalties.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

Navigating the complexities of taxation is a fundamental aspect of running a business, especially in Goods and Services Tax (GST). At the heart of GST lies an essential concept: Input Tax Credit (ITC). But what is an input tax credit? Simply, it represents the GST, a taxable entity that pays on purchases of goods and services intended for business use. This credit is a powerful tool, allowing businesses to reduce the GST payable on their sales. However, accessing this benefit requires compliance with specific conditions mandated by tax authorities. Let's look at the Input Tax Credit and see how it helps businesses manage their taxes better.

Understanding the Meaning of Input Tax Credit

• Input credit in GST refers to reducing the output tax paid by the amount already paid on inputs.

• You can claim input credit for taxes paid on purchases if you're a manufacturer, supplier, agent, e-commerce operator, or any other entity registered under GST.

• To avail input credit under GST, it is necessary to possess a valid tax invoice or debit note from a registered dealer for the purchases made, along with the receipt of the goods or services.

• Input credit is available once the supplier has deposited the tax to the government or claimed input credit, filed GST returns, and uploaded the invoice in their GSTR-1, appearing in the recipient’s GSTR-2B.

• Input credit is allowed only if your supplier is GST compliant, ensuring validation before claiming it.

• Unclaimed input credit resulting from higher taxes on purchases compared to sales can either be carried forward to future tax periods or refunded to the taxpayer.

• Taxpayers cannot claim input tax credit for purchase invoices older than one year, except under special circumstances specified in Section 18(1).

• GST input credit applies to goods and services except those on the exempted or negative list, including capital goods.

• Input tax credit isn’t allowed for goods and services for personal use.

• No input tax credit is permitted after filing the GST return for September following the end of the financial year or filing the relevant annual return, whichever comes first.

The process of income tax calculation, governed by The Indian Income Tax Act, is vital for financial planning. Despite no changes in tax slabs in the recent interim budget, understanding how income tax is computed is essential for individuals and businesses.

How to Calculate Income Tax?

We will see how to calculate income tax on our salary:

1. First, Calculate Your Gross Salary

   Gross salary refers to your earnings before any deductions are made. It includes:

• Basic salary
• House rent allowance (HRA)
• Other allowances like transport allowance and other special allowances.
• And other perquisites

2. Secondly, Calculate Allowable Deductions

   Now you have calculated the gross salary, it’s time to make deductions. Now, deduct the eligible amounts under various sections of the Income Tax Act. Common deductions included under the income tax are:

• Section 80C: According to sections 80C, investments in ELSS, PPF, NSC, life insurance and premiums, tuition fees, etc., up to ₹1.5 lakh.
• Section 80D: According to section 80D, premiums paid for health insurance for yourself, your spouse and dependent children are up to ₹25,000 (₹50,000 for senior citizens).
• Section 80E: According to section 80E, interest on education loans.
• Section 80TTA: According to section 80TTA, interest earned on savings accounts up to ₹10,000.

3. Thirdly, Compute Taxable Income

   Your taxable income is the difference between your gross salary calculated in step 1 and deductions calculated in step 2. In other words, the amount of salary left with you after deductions is your taxable income.

4. Fourthly, Apply the Applicable Tax Slabs

   For FY 2023-24, the slabs are as follows for individuals below 60 years:

• Up to ₹2.5 lakh: No tax
• ₹2,50,001 to ₹5,00,000: 5%
• ₹5,00,001 to ₹10,00,000: 20%
• Above ₹10,00,000: 30% Additional cess and surcharge may apply for higher income brackets.

5. Fifth, Calculate Tax Payable

   Now it’s time to calculate the amount of tax you should pay.

• One- Identify the tax slab applicable to you.
• Two- Apply the tax rates on your taxable income.
• Three- Then, add cess (4% on the income tax).

6. Sixth, Adjust for Tax Rebates and Relief

   If your taxable income is up to ₹5 lakh, you will be eligible for rebate under section 87A. If you have received arrears of salary, you can also avail relief under section 89.

7. Seventh, Final Calculation

   To know the actual amount of tax payable, deduct any amount you have paid as tax deducted at source (TDS) from the tax payable you calculated above. This will give you:

• You need to pay income tax or
• The refund you will receive.

Updated on - 03 Feb 2026

Filing your Income Tax Return (ITR) involves several sections, and one important part for taxpayers with health coverage is Schedule 80D. This section allows you to claim deductions for health insurance premiums, helping reduce your overall taxable income.

Many people are unsure how to fill it correctly or what information is required. Understanding the structure of Schedule 80D ensures accurate filing and helps you make the most of available tax benefits. This guide explains how to fill Schedule 80D in ITR and claim the full deductions you are eligible for.

What is Schedule 80D in ITR?

Schedule 80D in ITR refers to the tax deductions taxpayers can claim for the premiums they pay for medical insurance policies. These policies can be for self, parents, spouse and dependent children. This section also allows deductions for medical expenses of uninsured senior citizens (aged 60 or above). These deductions can be claimed by individuals and Hindu Undivided Families (HUF).

Maximum Deductions Under Section 80D:

Individuals (non-senior)

• Up to ₹25,000 for premiums paid for self, spouse and dependent children
• Additional ₹25,000 for premiums paid for parents (if parents < 60)

Senior Citizens:

• Up to ₹50,000 for self, spouse and dependent children (if the taxpayer or spouse is ≥ 60)
• Additional ₹50,000 for parents (if parents ≥ 60)

Maximum Deduction Possible:

• ₹75,000 (if you < 60 and parents ≥ 60)
• ₹1,00,000 (if you ≥ 60 and parents ≥ 60)

HUF:

• Up to ₹25,000 for premiums paid for HUF members below 60
• Up to ₹50,000 for HUF members aged 60 or above

Within these limits, up to ₹5,000 can be claimed for preventive health check-ups, which is a sub-limit included in the above caps.

Fill Schedule 80D in ITR

Follow these steps to claim your deductions:

• The first step is to visit the ITR e-filing portal and log in with your credentials.
• You will find a list of ITR forms. Select the one that applies to you, like ITR-1 Sahaj or ITR-4 Sugam.
• Next, click on ‘Tax Deductions’ under the ‘Gross Total Income’ section.
• Under the ‘Tax Deductions’ section, confirm that you wish to claim deductions for medical insurance premiums and preventive health check-ups
• Fill out Schedule 80D accurately on the next window. Enter complete and correct details of health insurance premiums and preventive health check-up expenses that you have incurred during the financial year.
• If you pay premiums for senior citizen parents, provide the necessary information to claim the deduction.
• After filling in all the details, click ‘submit.’

Documents Required for Claiming Health Insurance Tax Benefits

While uploading documents is not required when filing your ITR, it is important to keep certain documents ready for verification. You should have your health insurance policy documents that list the insured members, coverage and policy term, along with premium payment receipts made through approved non-cash modes.

Bank statements can help verify payment dates, and bills for preventive health check-ups are useful if you plan to claim related deductions.

Additionally, if you are claiming deductions for dependent parents, keep their insurance details handy. Having these documents ensures your entries in Schedule 80D are complete and accurate.

Common Mistakes to Avoid While Filing Schedule 80D in ITR

Several common errors can reduce your deduction or trigger notices from the tax department. Avoid entering incorrect premium amounts, such as including GST or ineligible charges. Only premiums paid for dependent parents are eligible, so do not include non-dependent parents.

Cash payments are not allowed for insurance premiums, except for preventive health check-ups. Make sure the age category is correctly updated, as deduction limits vary for senior citizens. Don’t forget to include preventive health check-up claims within the eligible limit.

Selecting the correct relationship category; self, spouse, children or parents, is important, and the deduction is allowed only if you are paying the premium from your own income. Avoiding these mistakes ensures you claim the full deduction under Section 80D.

How to Calculate Tax Deductions for Health Insurance Premiums?

The amount of deduction you can claim under Section 80D depends on who is covered under your health insurance policy and their age. For yourself, your spouse and dependent children, you can claim up to ₹25,000 per year, which increases to ₹50,000 if you or your spouse are senior citizens.

For dependent parents, the deduction is an additional ₹25,000, or ₹50,000 if they are senior citizens. Within these limits, up to ₹5,000 can be claimed for preventive health check-ups, which is a sub-limit included in the overall deduction.

It is important to note that premiums must be paid via non-cash modes, except for preventive check-ups, which can be paid in cash.

Conclusion

Filling Schedule 80D correctly is not just about claiming deductions; it’s about making your health coverage work for you while saving on taxes. Understanding eligibility, deduction limits, and keeping accurate records ensures you maximise your benefits without mistakes. Take a few extra minutes to review entries and stay organised, and you can turn ITR filing from a task into a tool for financial planning.

Get personalised advice on which health insurance plans you need, whether individual plans or critical illness insurance, by filling out the form provided on this page.

FAQs

1. Can preventive health check-ups increase my deduction under Schedule 80D?

Yes, you can claim up to ₹5,000 for preventive health check-ups within the overall deduction limit. This includes tests like blood sugar, cholesterol and cancer screenings. Planning these check-ups strategically can help you make the most of your eligible deduction.

2. What happens if I miss claiming 80D deductions in my ITR?

If you forget to claim your 80D deduction while filing, you can revise your ITR within the allowed period. Keep all payment receipts and policy details ready to update your claim accurately.

3. Can I split premium payments to maximise deductions?

Yes, if your policies cover both yourself and dependent parents, paying premiums separately for each can help you claim deductions fully within each limit rather than exceeding the cap.

4. Are there any tax benefits for HUFs under Schedule 80D?

Yes, Hindu Undivided Families (HUFs) can claim deductions of up to ₹25,000 for members below 60 and ₹50,000 for senior members. Proper documentation ensures HUFs can maximise these benefits without errors.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

We all know that the heart is responsible for pumping blood, and if it becomes clogged, several problems can arise. One such problem is aortic stenosis, defined by a narrowed aortic valve. Recent research conducted in India has revealed that isolated aortic stenosis is the third most frequent valve problem, affecting around 7.3% of adults. Both surgical and non-surgical procedures are available to treat this condition. First, let us look at the diagnosis of aortic stenosis.

What are the Diagnoses for Aortic Stenosis?

An aortic stenosis diagnostic test is essential to detect this condition and observe its progress accurately. A simple visit to a cardiologist can be helpful, especially if the doctor suspects a heart murmur. 

Healthcare professionals deploy the following tests to diagnose aortic stenosis accurately:

Echocardiogram: Your doctor deploys this imaging test to take a picture of your heart. It can help doctors see if your heart valve has become thinner than usual, among other things.

Also, doctors recommend that if a heart murmur is heard during the examination and the patient has crossed the age of 75, they should go for an echocardiogram. 

Electrocardiogram: Popularly known by its contraction “ECG”, this is another essential aortic stenosis diagnostic test. This painless test records the electrical signals of your heart. It helps your doctor assess the health of your heart and detect any irregularities, such as abnormalities in rhythm or signs of heart failure.

Exercise stress test: This test involves brisk walking to increase the heart rate. The doctor then studies the heart rate pattern for a more accurate diagnosis.

Cardiac catheterisation: This test is usually recommended when evidence to diagnose aortic stenosis is insufficient. During this procedure, a thin, flexible tube called a catheter is inserted into a blood vessel and directed towards the heart. This allows doctors to directly measure the pressure and oxygen levels in the heart chambers and blood vessels.

Updated on 19 Nov 2025

When it comes to saving tax, the Income Tax Act offers several provisions for deductions. One such option is Section 80TTA, which allows individuals to claim a reduction on the interest earned from savings accounts. This section provides relief to taxpayers, especially salaried individuals and small savers, by reducing their taxable income.

Understanding section 80TTA of the Income Tax Act

Section 80TTA was introduced to encourage savings in banks and post offices. It allows individuals and Hindu Undivided Families (HUFs) to claim a deduction on the interest income earned from savings accounts. However, it is important to note that this section does not apply to fixed deposits, recurring deposits or time deposits.

Eligibility for claiming 80TTA deduction

Not every taxpayer can avail of this deduction. The eligibility includes:

• Resident individuals who are below 60 years of age
• Hindu Undivided Families (HUFs)
• The savings account should be held with a bank, cooperative bank or post office.

Maximum deduction allowed under section 80TTA

The maximum deduction that can be claimed under this section is ₹10,000 in a financial year. If your total savings account interest is less than ₹10,000, the actual amount will be deductible. If it exceeds ₹10,000, only ₹10,000 will be allowed as a deduction.

Difference between 80TTA and 80TTB

Sections 80TTA and 80TTB  deal with deductions on interest income, but the eligibility differs.

80TTA is available for resident individuals below 60 years and HUFs, with a deduction limit of ₹10,000. 80TTB is applicable for resident senior citizens (60 years and above), with a higher deduction limit of ₹50,000.

How to claim 80TTA deduction in the income tax return?

To claim this deduction, you need to disclose your total savings account interest under ‘Income from Other Sources’. After calculating the total interest, you can claim a deduction of up to ₹10,000 under Section 80TTA while filing your Income Tax Return (ITR).

Example of 80TTA deduction calculation

Suppose your savings account interest for the year is ₹7,500. You can claim a deduction of the full amount under Section 80TTA. If the interest earned is ₹14,000, you can only claim ₹10,000 as a deduction, and the remaining ₹4,000 will be taxable.

Benefits of 80TTA deduction for taxpayers

This section helps reduce your taxable income and, therefore, your tax liability. It especially benefits individuals who maintain multiple savings accounts.

Conclusion

Section 80TTA provides relief to taxpayers by allowing deductions on interest earned from savings accounts, subject to a maximum limit. While it may appear small, it can reduce your taxable income and help you save on taxes.

While you focus on tax savings and financial planning, ensure you are equally prepared for healthcare needs. Get tailored medical insurance advice and solutions by filling out the form provided on this page.

FAQ

• Can I claim both 80TTA and 80TTB in the same year?

No, you can claim either 80TTA or 80TTB, depending on your eligibility.

• Do I need to submit bank certificates to claim a deduction under 80TTA?

You need to report the total savings account interest in your Income Tax Return. Supporting documents may be required in case of verification by the tax department.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

Alkaptonuria is a rare inherited disorder, a condition known as black urine disease where your body’s urine turns dark brown or black when it’s exposed to air and prevents the full breakdown of two amino acids tyrosine and phenylalanine that build up protein. In this condition, your body can’t produce an enzyme named homogentisic dioxygenase acid (HGD). The symptoms of alkaptonuria develop slowly due to chronic built-up of homogentisic acid within the connective tissue leading to a condition called osteoarthritis. Let’s explore the signs of this disease.

What are the Symptoms of Alkaptonuria?

Alkaptonuria disease symptoms develop slowly with chronic build-up of homogentisic acid within the connective tissue, mainly the cartilage and bones.People with alkaptonuria do not have symptoms immediately; symptoms usually show up when the individual is about 30 years old. These signs include:

• Arthritis

When a person with alkaptonuria reaches their thirties, they may experience certain symptoms related to the joints and start to experience joint back pain, knee pain, and hip and shoulder pain and show early symptoms of osteoarthritis. In this condition, the cartilage, which is flexible tissue, may become hard and break, leading to joint damage. Doctors may suggest joint replacement surgery as treatment.

• Eyes and ears

People with alkaptonuria develop brown or black spots on the inner whites of their eyes and may develop earwax due to the thickening of ear cartilage, making it book blue, grey or black. This is a condition known as ochronosis.

• Skin and nails

People with alkaptonuria may experience discolouration in their sweat on exposure to the sun and may develop blue and black-speckled areas of their skin, mostly on the forehead, armpits and genital areas. These people may also develop blue or black coloured nails.

• Heart, prostate and kidney stones

In the heart, deposition of homogentisic acid can cause chronic stiffness or pain around heart valves because of the narrowing and hardening of blood vessels. The weak and stiff blood vessels may result in heart disease and the patient may require heart valve replacements.

In the kidney and prostate, the deposition of homogentisic acid can also lead to kidney stones, bladder stones and prostate stones.

Updated on - 23 Oct 2025

Understanding taxes can feel complicated, especially when there are new rules and options. One such rule is Section 115BAC of the Income Tax Act, which introduced the New Tax Regime in India. This section gives taxpayers the choice to pay income tax at lower rates but with fewer deductions and exemptions.

In this blog, we'll explain what Section 115BAC means, the tax rates under this regime, who can use it and which deductions are still allowed.

What is Section 115BAC of the new tax regime?

Section 115BAC was added to the Income Tax Act to offer a new and optional way to pay tax. This section came into effect from the financial year 2020-21. Under this section, individuals and Hindu Undivided Families (HUFs) can choose to pay taxes at reduced rates. However, they must give up most of the deductions and exemptions available in the old regime.

The main idea behind Section 115BAC is to make tax filing simpler. If you don’t have many investments or deductions to claim, the new regime might save you more money. But if you do take advantage of tax-saving schemes and expenses, the old regime could still be better for you.

Income tax slab rates under Section 115BAC

The tax slabs under the new regime are simpler and come with lower tax rates compared to the old system. Here are the current slab rates under Section 115BAC (after 1 April 2023):

What is the eligibility for Section 115BAC of Income Tax Act?

Not everyone can opt for Section 115BAC. Let’s understand who can and who cannot use the new regime:

Eligible persons:

• Individuals (both salaried and self-employed)
• Hindu Undivided Families (HUFs)
• Resident individuals and non-residents
• Persons with or without business income

Updated on 2 Dec 2025

If you have business income, you must file Form 10-IEA before the due date of your
income tax return to choose the new regime. Once chosen, business income taxpayers cannot switch regimes every year. They can go back to the old regime only once in their lifetime. If you don’t have business income, you can switch between the new and old regime every year.

Those supporting elderly parents may also want to consider the cost of senior citizen health insurance before choosing a tax regime. These policies generally tend to have higher premiums and in the old regime, you could claim them under Section 80D. While that isn’t possible under the new regime, the insurance itself is still valuable, as older adults are more likely to need hospital care.

What deductions are allowed under the new tax regime?

One of the main conditions of Section 115BAC is that you cannot claim most deductions and exemptions that are available in the old regime. But there are still a few deductions that are allowed:

• Standard Deduction of ₹50,000 on salary (only from FY 2023-24 onwards)
• EPF (Employer’s contribution): Up to 12% of salary
• NPS employer contribution: Up to 10% of salary
• Rebate under Section 87A for income up to ₹7,00,000
• Deduction for Agniveer Corpus Fund under Section 80CCH (if applicable)

Deductions not allowed under Section 115BAC:

• House Rent Allowance (HRA)
• Leave Travel Allowance (LTA)
• Standard deduction on salary (₹50,000) – (Note: From FY 2023-24, this is now allowed)
• Interest on home loan (under Section 24)
• Deductions under Section 80C (like LIC premium, PPF, ELSS)
• Section 80D (health insurance)
• Section 80E (education loan interest)
• Many other specific deductions and exemptions

While most common deductions are not available, some relief is still offered, especially to salaried people.

Even though the premium paid for health insurance isn’t deductible under the new tax regime, it’s still a wise personal expense. Medical costs can be unpredictable, and having proper health coverage helps you avoid large out-of-pocket bills.

If you’re unsure which plan suits you or your family best, we can help. Fill out the form on this page to get personal advice on choosing the right health insurance for your needs.

Conclusion

Section 115BAC of the Income Tax Act gives taxpayers an alternative way to pay tax. It offers lower tax rates but removes many deductions and exemptions. From April 2023, the new regime is the default, but you can still choose the old one if it suits you better. The key is to compare both options every year, especially if your financial situation changes.

Disclaimer:

The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

Alkaptonuria is a health disorder that is very rare and inherited. The condition is also known as black urine disease, whereby a person’s urine turns dark brown or black when exposed to air. The disorder prevents the body from fully breaking down two protein-building amino acids, tyrosine and phenylalanine. The body is unable to produce an enzyme called homogentisic dioxygenase acid (HGD), which discolours the bones and cartilage and makes them brittle. This condition signals the onset of osteoarthritis, especially in the spine and large joint areas. Alkaptonuria is a rare genetic inborn error of protein metabolism. So, what causes alkaptonuria?

What are the Causes of Alkaptonuria?

Alkaptonuria is caused by a defect in the homogentisate 1, 2- dioxygenase (HGD) gene. Studies have found the condition to be autonomously recessive, wherein two inherited copies of the faulty HGD gene (one from each parent) are passed onto the offspring. Generally, the HGD gene provides instructions for making an enzyme called homogentisate oxidase, which is needed to break down homogentisic acid. 

However, in this condition, the body cannot produce enough HGD, resulting in the accumulation of homogentisic acid in the bones and cartilage. This accumulation leads to a condition called ochronosis, which is characterised by a blue-black discolouration of the skin and cartilage. When the homogentisic acid leaves the body through urine, turning the urine brownish-black as it comes in contact with air.

Have you ever wondered if it’s possible to change the tax regime while filing an ITR? Understanding the complexities of tax regulations can be overwhelming, with changes introduced in Budget 2023. Let’s explore how to change the tax regime while filing ITR so you know how to go about it.

Old Tax Regime

In the old tax structure, taxpayers qualified for all the exemptions and deductions available under Section 80D and more for their expenses, investments, premiums paid towards insurance policies, housing loans and the like. This structure favoured people who qualified for deductions through their heavy investments and high spending behaviour.

New Tax Regime

The new tax structure, introduced during the 2020 Budget, was again revised in the budget presented in 2023. As per this new structure, taxpayers are given concessions in their tax percentages. Earlier, the basic exemption limit was fixed at Rs.2,50,000. However, the new tax regime increased this limit to Rs.3,00,000.

One important change in the new tax regime, individuals have limited options for claiming deductions. However, some specific deductions can be claimed under Section 80CCD(2) and Section 80JJA. The former is for employed individuals, and the latter is for business income.

Change Tax Regime While Filing ITR

So, can we change the tax regime while filing ITR? Yes, you have the option to transition between the Old Tax Regime and the New Tax Regime as per Budget 2023 when filing your ITR.

If you are a salaried individual, the following is applicable to you:

• You can switch your tax regime throughout the year when filing your ITR; this can be done even if you have chosen the new regime.
• You can choose your preferred regime (i.e., old or new) within the ITR form.
• You do not need to fill out any additional forms or follow different procedures.

Before you switch, remember that the new tax regime will now become your default tax regime for FY 2023-24.

If you are an individual with Business or Profession Income, the following is applicable to you:

• There is limited flexibility to change/switch tax regimes.
• When you opt for a new tax regime, you can switch back to the old one only once in your life.
• You must fill and submit Form 10-IE along with your ITR. Failing to submit Form 10-IE within the original due date for filing ITR makes you ineligible to switch back to the old tax regime for that financial year.

In the changing world of taxes, it's crucial to understand standard deductions in the new tax regime, as it can significantly impact your financial planning. So, let's delve into the recent reforms that have streamlined the range of deductions, so you have clarity on the same.

Deductions Allowed in New Tax Regime

• Standard Deduction: Under the new tax regime, individuals are eligible for a deduction provided by the government, which allows for a fixed deduction from their taxable income.

• Contributions to New Pension Scheme (NPS): Any contributions made by your employer towards the New Pension Scheme can be deducted. The good news is that you don't need to submit any supporting documents for this deduction.

• Health Insurance Plan: Although the new tax system doesn't offer deductions for health insurance premiums, it's still an important aspect of planning. Taxpayers can explore other sections of the ITA where they may be eligible for deductions.

Being pregnant is a wonderful journey filled with emotions, physical changes, and countless questions about what is safe for both you and your growing baby. One food that often raises eyebrows is cabbage - a versatile vegetable that is loaded with vital nutrients and known for its unique taste. But is cabbage good for pregnancy? Some say it is a nutritional powerhouse, while others raise concerns about possible side effects. This article will dive into the benefits, potential risks, and whether it should be a regular part of your prenatal diet. 

Is it Okay to Have Cabbage During Pregnancy?

 Let's take a look at the benefits of having cabbage while pregnant: 

1. Rich in nutrients

Cabbage provides key nutrients for you and your baby. Its calcium supports strong bone growth, iron prevents the risk of anaemia, and folate protects against neuromuscular defects. It is also a treasure trove of vitamins C and K. Add some cooked cabbage to your plate and embrace its nutritional value.

2. It contains few carbohydrates:

Pregnant women require approximately 300 extra calories per day in the second and third trimesters. Choosing low-calorie foods like cabbage helps prevent excessive weight gain. These foods provide essential nutrients without adding too many calories. 

3. Prioritise Food Safety:

To prioritise a safe diet during pregnancy, it is advisable to opt for cooked rather than raw cabbage. The risk of bacteria from raw vegetables, especially Listeria, is high. Listeria during pregnancy increases the chances of premature birth, miscarriage, or fetal death. Pregnant women are more likely to acquire infections by Listeria after eating contaminated food.

Section 89 of the Income Tax Act (1961) provides relief for individuals who receive income in arrears or in advance, potentially mitigating increased tax burdens. This applies to situations like salary arrears, advance salary for a period exceeding 12 months in one financial year, and other incomes, including family pensions, gratuity, commuted pension, etc.

Section 89 of the Income Tax Act

• Section 89 of the Income Tax Act offers relief by ensuring that the tax bracket for employees remains the same as it would have been if they had received the arrears or advance salary in the year. To claim this relief, taxpayers need to include it when filing their income tax returns for the assessment year.

• It's essential for taxpayers to be aware of the eligibility criteria and documentation requirements associated with claiming relief under Section 89. This ensures adherence to tax laws and compliance with procedures.

• When you file your taxes, you have the option to submit Form 10E in order to take advantage of Section 89 (1) of the Income Tax Act and recalculate your tax liability.

• The employer needs to furnish details about any pending arrears or advance salary in Form 10E.

• The tax officer will determine the tax amount based on the salary that was due in each year and make adjustments.

• If you have paid taxes in the year, it will either be refunded to you or applied towards future tax obligations.

Section 87A of the Income Tax Act (ITA), 1961, provides an opportunity for taxpayers to receive a rebate on their income tax liability. It's important to understand the details of this section in order to make the most of the tax benefits available. Let’s look closely at Section 87A and what’s in it for you.

87A in Income Tax

Section 87A of the ITA provides a rebate on your tax liability. To be eligible for a rebate under Section 87A, your taxable income (after taking deductions into account) must fall below a threshold. The threshold for 87 A rebate varies depending on the tax system you opt for:

• Under the old tax regime: If your income is up to INR 5 lakh, you can receive a deduction of INR 12,500.
• Under the new tax regime: If your income is up to INR 7 lakh, you can receive a rebate of INR 25,000.

Do note that NRIs (Non-Resident Indians), HUFs (Hindu Undivided Families), and firms are ineligible for a tax rebate under Section 87A of the ITA.

When it comes to income tax, having an understanding of the deductions can have a significant impact on your financial planning. Let’s explore what is 80GG and how it can be advantageous for taxpayers.

80CCG 1B In Income Tax

The primary beneficiaries of Section 80GG are individuals who do not receive a house rent allowance (HRA) but still have expenses.

• What is 80GG in income tax: Section 80GG is a provision within Chapter VI A of the Income Tax Act, 1961, which aims to offer relief to individuals who pay rent for accommodation but do not receive HRA from their employers.

• Eligibility: To be eligible for this deduction, certain conditions must be met by the taxpayer. Some of these are —

1. Neither the taxpayer nor his/her spouse, minor child, or HUF (Hindu Undivided Family) to which he/she belongs should own any residential property where they reside or work.
2. The taxpayer has filed a declaration in Form 10BA.

• Deduction amount: The deduction allowed under this Section is calculated as the least of the following —

1. Actual Rent Paid minus 10% of Adjusted Total Income
2. 25% of Adjusted Total Income
3. Rs 5,000/month or Rs 60,000/year