Taxation_Update
Taxation_Update
June 3, 2025 at 05:51 AM
📢 *BIG ITR UPDATE for A.Y. 2025-26!* ☀️ New *Annexures* introduced for claiming deductions in Income Tax Returns (ITR) To improve *transparency & verification*, the Income Tax Dept. has rolled out *additional disclosure requirements* for key deductions. Here's what you MUST fill in: 🏛️ *Annexures Introduced — Quick Summary* 👇🏻 1. *Interest on Borrowed Capital – Sec 24(b)* ➤ Loan Source (`Bank` / `Other than Bank`) ➤ Name of Lender ➤ Loan A/c Number ➤ Sanction Date ➤ Total Loan Amount ➤ Outstanding as on 31st March ➤ Eligible Interest (Sec 24(b)) 2. *Deduction under Sec 80C* ➤ *Policy Number* or *Document ID* is now *mandatory* 3. *Deductions under Sec 80CCC / 80CCD(1) / 80CCD(1B)* ➤ *PRAN Number* (for NPS & pension-related deductions) 4. *Medical Insurance – Sec 80D* ➤ *Name of Insurance Company* ➤ *Policy Number* 5. *Dependent with Disability – Sec 80DD* ➤ Details of dependent with disability (*format/details may vary*) 6. *Specified Disease – Sec 80DDB* ➤ *Disease* must be selected from dropdown list 7. *Education Loan Interest – Sec 80E* ➤ Loan Source ➤ Name of Bank ➤ Loan A/c Number ➤ Sanction Date ➤ Total Loan Amount ➤ Outstanding as on 31st March ➤ Interest Paid (Sec 80E) 8. *Residential House Loan – Sec 80EE* ➤ Loan details similar to Sec 80E ➤ Interest Paid under Sec 80EE 9. *Affordable Housing Loan – Sec 80EEA* ➤ Same disclosure as 80EE ➤ For certain residential properties 10. *EV Loan – Sec 80EEB* ➤ Same as above ➤ For *Electric Vehicle Loan Interest* 11. *Person with Disability – Sec 80U* ➤ Personal details related to disability (*format/details may vary*) 🎯 *Key Takeaway:* These annexures ensure *detailed documentation* for deduction claims — so be ready with your loan, insurance, and policy details while filing ITR! ✅ Start preparing documents early to avoid last-minute rush.

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