ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns

Did you miss the deadline for submitting tax-saver investment proofs to your employer in the last quarter of financial year 2023-24? Or did you forget to choose the old regime with higher exemptions than the new one with minimal exemptions at the time of filing your proposed investment declarations in April 2023?

In the latter case, your employer would have computed your tax outgo as per the new regime as it is the default regime 2023-24 onwards. So, if it's the old regime that is more beneficial for you, this would have resulted in higher taxes being deducted from your salary.

Optimise tax benefits while filing ITR

However, you still have an opportunity to avail of these deductions at the time of filing your income tax returns and claim your tax refund.

Among the most popular tax deductions that can be submitted are those related to health insurance premium payments and medical expenses incurred – if you have selected the old, with exemptions, tax regime. The new tax regime does not allow these deductions.

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Credit - Money Control