Sat Mar 15 08:00:00 UTC 2025: ## Last Chance to Maximize Tax Savings Before ITR Season 2025
**New Delhi, March 13, 2025** – Taxpayers have less than three weeks left to make tax-saving investments before the end of the financial year on March 31st. The Income Tax Department reminds individuals to utilize various tax deduction sections to minimize their tax liability for the assessment year 2025-26. The ITR filing season for AY 2025-26 will begin on April 1st, 2025.
Several avenues are available under the old tax regime, including:
* **Section 80C:** Allows deductions up to ₹1.5 lakh on investments like EPF, PPF, NSC, tax-saving FDs, ELSS, life insurance premiums, Sukanya Samriddhi Yojana contributions, tuition fees, and home loan principal repayments.
* **Section 80D:** Provides deductions for health insurance premiums: ₹25,000 for self, spouse, and children; ₹50,000 if parents are senior citizens; plus an additional ₹5,000 for preventive health check-ups.
* **Section 80E:** Offers full deduction on education loan interest, with no upper limit.
* **Sections 80EE & 80EEA:** Provide additional deductions for home loan interest for first-time homebuyers and affordable housing loans respectively.
* **Section 80G:** Allows deductions for donations to eligible charities.
* **Section 80GG:** Provides a deduction for rent paid by non-salaried individuals.
* **Section 24(b):** Allows deduction of up to ₹2 lakh on home loan interest for self-occupied properties.
* **National Pension System (NPS):** Offers deductions under sections 80CCD(1), 80CCD(1B), and 80CCD(2) for various NPS contributions.
* **Section 80TTB:** Allows senior citizens to claim a deduction up to ₹50,000 on interest income.
Salaried individuals will receive Form 16 from their employers by the end of March, detailing salary and TDS information for the financial year 2024-25 (AY 2025-26). Taxpayers are urged to consult with tax professionals to optimize their tax planning before the March 31st deadline.
First Piper 