Income & Deduction Details

💼 Personal Information

₹ Basic Income Information

HRA Details (Section 10(13A))

HRA Exemption: Minimum of the following three amounts:

  • Actual HRA received
  • 50% of salary (Metro) / 40% of salary (Non-Metro)
  • Rent paid minus 10% of salary

Standard Deduction

Standard Deduction: Fixed deduction of ₹50,000 for salaried individuals under Old Tax Regime (FY 2024-25)

Professional Tax Deduction

Professional Tax: State-level tax deducted by employers. Maximum deduction allowed is ₹2,500 per annum under Section 16(iii)

Maximum limit: ₹2,500

Section 24(b) - Home Loan Interest

Section 24(b) Deduction:

  • Self-occupied property: Up to ₹2,00,000 per annum
  • Let-out property: No limit (entire interest amount)
  • Applies to interest paid on home loan for purchase, construction, or improvement
  • Deduction available from the year possession is taken

Section 80C Deductions

Section 80C includes:

  • Employee Provident Fund (EPF)
  • Public Provident Fund (PPF)
  • Equity Linked Savings Scheme (ELSS)
  • Life Insurance Premium
  • Principal repayment of Home Loan
  • Tax Saving Fixed Deposits
  • National Savings Certificate (NSC)
  • Children's Tuition Fees
Maximum limit: ₹1,50,000

Section 80D - Medical Insurance

Section 80D Deduction Limits:

  • Self/Spouse/Children: ₹25,000 (₹50,000 if senior citizen)
  • Parents: ₹25,000 (₹50,000 if senior citizen)
  • Preventive Health Check-up: ₹5,000 (included in above limits)

Other Deductions

Other Available Deductions:

  • Section 80CCD(1B): Additional NPS contribution - ₹50,000
  • Section 80E: Education loan interest - No limit
  • Section 80EE: Home loan interest (first-time buyers) - ₹50,000
  • Section 80G: Donations to charitable institutions
  • Section 80TTA: Savings account interest - ₹10,000
  • Section 80TTB: Interest on deposits (senior citizens) - ₹50,000
Maximum limit: ₹50,000
Maximum limit: ₹50,000 (first-time buyers)
Maximum limit: ₹10,000