Income Tax Filing FY 2024–25: Detailed Disclosure Now Mandatory for Exemptions and Deductions

NEW DELHI - June 21, 2025 - PRLog -- For the Financial Year 2024–25 (Assessment Year 2025–26), the Income Tax Department of India has significantly tightened its compliance and verification norms related to income tax deductions and exemptions. The newly released Income Tax Return (ITR) forms now require granular disclosures for most commonly claimed deductions under Sections 80C, 80D, and 24(b).

This move aims to curb inflated or incorrect claims, enhance transparency, and match tax declarations with real data available through third-party information systems like Form 26AS, AIS and TIS.

🔍 What's New This Year?
Taxpayers filing their ITRs must be ready with additional details, especially if they plan to claim deductions or exemptions. Here's what's being asked:

🏠 Home Loan Interest (Section 24b):
When claiming deduction on housing loan interest (up to ₹2 lakh), the following new mandatory details are required:

• Date of loan disbursement
• Total sanctioned loan amount
• Outstanding loan balance at the end of FY
• Interest paid during the financial year
• Lender details

🛡️ Life Insurance Premium (Section 80C):
Claiming deduction for life insurance? The ITR form now asks:

• Name of insurance company
• Policy number / receipt number
• Sum assured (insured amount)
• Annual premium paid
• Relation of insured person with taxpayer

💊 Health Insurance Premium (Section 80D):
Taxpayers claiming deduction under 80D must disclose:

• Name of insurer
• Policy number
• Premium amount
• Whether for self, family, senior parents, etc.

📣 Caution for Taxpayers
This year's ITR forms signal a strong compliance push by the Indian tax authorities. The Income Tax Department is matching all disclosed data with backend systems and may flag discrepancies that can:

• Trigger automated scrutiny
• Lead to tax notices under Sections 143(1) or 139(9)
• Result in interest, penalties, or disallowance of claims

Even minor mismatches, like claiming a deduction without exact policy details, can delay refunds or invite clarification notices.

✅ Return Filings Advice: Disclose Correctly & Avoid Trouble
Return Filings strongly advises all individual taxpayers, salaried professionals, and homeowners to:

• Collect complete documentation before filing
• Double-check insurance details, loan sanction letters, and receipts
• Avoid approximate or estimated entries — as backend data matching is automated
• Reconcile with Form 26AS, AIS, and TIS before submission
• Choose the correct regime (Old vs. New) and file via updated ITR utilities only

Incorrect or incomplete deduction claims may not only be rejected but may also lead to future scrutiny under the faceless assessment regime.

🔗 For Guidance & Filing Support:
Need help navigating these changes? Visit www.returnfilings.com for professional assistance with ITR preparation, Form 26AS reconciliation, and deduction compliance.

Final Words:
Accurate and complete disclosure isn't just good practice, its a legal necessity.