Section 80C allows a deduction of up to ₹1,50,000 a year from your gross total income for investments and payments such as PPF, EPF, ELSS, life insurance premium, NSC, 5-year tax-saver FD, Sukanya Samriddhi, tuition fees and home loan principal. It is available only under the old tax regime. At the 30% slab the full limit saves ₹46,800 including cess.

Maximum deduction: ₹1,50,000 per year (combined with 80CCC and 80CCD(1))

Section 80D allows a deduction of up to ₹25,000 for health insurance premium paid for yourself, spouse and dependent children, rising to ₹50,000 if any of you is a senior citizen. A further ₹25,000 is allowed for parents, or ₹50,000 if they are senior citizens, so the maximum is ₹1,00,000. Preventive health check-ups up to ₹5,000 count within these limits. Old regime only.

Self, spouse and children: ₹25,000, or ₹50,000 if any is aged 60 or above

Section 80CCD(1B) allows an additional deduction of ₹50,000 for your own contribution to NPS Tier 1, over and above the ₹1,50,000 limit of section 80C, under the old regime only. Employer contribution to NPS under section 80CCD(2) is separate and is allowed in both regimes, up to 14% of basic plus DA under the new regime and 10% under the old regime for private employees.

Extra deduction: ₹50,000 for own NPS Tier 1 contribution

Section 24(b) allows a deduction of up to ₹2,00,000 a year for interest on a home loan for a self-occupied house, under the old regime. For a let-out property there is no cap on the interest, but the loss from house property that can be set off against other income is limited to ₹2,00,000; the balance is carried forward for 8 years. Interest paid before construction is completed is claimed in 5 equal instalments starting the year of completion.

Self-occupied limit: ₹2,00,000 per year (₹30,000 if the loan is for repairs or taken before 1 April 1999)

Section 80TTA allows a deduction of up to ₹10,000 on interest from savings bank accounts for individuals and HUFs below 60. Section 80TTB replaces it for resident senior citizens aged 60 and above, allowing up to ₹50,000 on interest from savings accounts, fixed deposits and recurring deposits with banks, post offices and co-operative banks. Both are available only under the old regime.

Section 80TTA: ₹10,000 on savings account interest, taxpayers below 60

Section 87A gives a rebate of up to ₹60,000 under the new regime for FY 2025-26 if your taxable income is ₹12,00,000 or less, which brings the tax to nil. Under the old regime the rebate is ₹12,500 if taxable income is ₹5,00,000 or less. Just above ₹12 lakh, marginal relief caps the tax at the amount by which income exceeds ₹12 lakh, so ₹12.10 lakh pays ₹10,400 including cess, not ₹63,960.

New regime rebate: Up to ₹60,000 if taxable income is ₹12,00,000 or less

Section 10(13A) exempts House Rent Allowance to the extent of the least of three amounts: actual HRA received, rent paid minus 10% of basic plus DA, and 50% of basic plus DA in Delhi, Mumbai, Kolkata or Chennai (40% elsewhere). The exemption is available only under the old regime and only if you actually pay rent. Landlord PAN is mandatory when annual rent exceeds ₹1,00,000.

Formula: Least of: HRA received; rent paid minus 10% of basic plus DA; 50% (metro) or 40% (non-metro) of basic plus DA

Section 44AD allows a resident individual, HUF or partnership firm with business turnover up to ₹2 crore, or ₹3 crore if at least 95% of receipts are digital, to declare profit at 8% of turnover (6% for amounts received digitally) without maintaining books of account or getting a tax audit. Once you opt out after using it, you cannot return for 5 years. Advance tax is paid in one instalment by 15 March.

Turnover limit: ₹2 crore, or ₹3 crore if cash receipts are 5% or less of total receipts

Section 44ADA allows a resident individual or partnership firm in a specified profession with gross receipts up to ₹50 lakh, or ₹75 lakh if at least 95% of receipts are digital, to declare 50% of receipts as taxable income without maintaining books or getting a tax audit. It covers legal, medical, engineering, architecture, accountancy, technical consultancy, interior decoration, film artists, company secretaries and IT professionals. F&O trading is a business, not a profession, and is not eligible.

Receipts limit: ₹50 lakh; ₹75 lakh if cash receipts are 5% or less of total

Section 54 exempts long-term capital gains from the sale of a residential house if you buy another residential house in India within 1 year before or 2 years after the sale, or construct one within 3 years. The exemption is the lower of the gain and the cost of the new house, capped at ₹10 crore. Unused gain must be parked in a Capital Gains Account Scheme deposit before the return due date. Section 54F does the same for other assets but requires the full net sale consideration to be reinvested, and section 54EC allows up to ₹50 lakh in specified bonds within 6 months.

Asset sold: Residential house held more than 24 months (long-term)

Section 234F charges a late fee of ₹5,000 if you file your income tax return after the due date, reduced to ₹1,000 if your total income does not exceed ₹5,00,000. It applies to every belated return filed up to 31 December 2026 for AY 2026-27, even if no tax is due, but not if your gross total income is below the basic exemption limit and you were not otherwise required to file. Interest under section 234A at 1% a month on unpaid tax is charged in addition.

Fee if total income above ₹5 lakh: ₹5,000

An intimation under section 143(1) is the computer-generated result of the Centralised Processing Centre checking your return against Form 26AS, AIS and arithmetic. It shows one of three outcomes: refund, demand, or no change. A proposed adjustment under 143(1)(a) must be answered on the e-filing portal within 30 days or it is applied automatically. A demand must be paid or disputed within 30 days; mistakes are fixed through rectification under section 154.

What it is: Automated processing result, not a scrutiny notice