It’s been a while since the ITR-1 and 4 forms became available for online filing and as of June 30, 2025, 67 lakh ITRs have been filed and verified. However, ITR-2 and ITR-3 still aren’t available for online submission. This could lead to a last-minute rush for filing Income Tax Returns (ITRs) since the deadline for submitting ITR for FY 2024-25 (AY 2025-26) is September 15, 2025. So, make sure that this last-minute filing frenzy doesn’t cause you to miss out on claiming certain deductions you are eligible for, which could end up costing you more in taxes.
Keep reading to discover some of the most common ways you can claim tax deductions while filing your ITR under the old tax regime.
Tax deductions for filing ITRs under old tax regime
If a taxpayer hasn’t claimed deductions for investments made in a specific financial year on their income tax return (ITR) for that year, they can’t claim those deductions in any other year.
Check out the information below to learn about some key tax deductions you can claim under the old tax regime:
1. Deduction for health insurance premiums under Section 80D
If you are under 60, you can get a tax deduction of up to Rs 25,000 for paying your health insurance premium under Section 80D. Just keep in mind that this deduction is only available if you pay for your own health insurance and for your dependents (like your wife and dependent children) during the financial year, and it depends on the threshold limit and other rules in place.
You can claim an additional deduction of up to Rs 25,00 for paying insurance (premium) of parents if they are under 60 years of age. The deduction could go up to Rs 50,000 if the parents are 60 years or older. Since FY 2015-16, there’s also an additional deduction of Rs 5,000 for preventive health checkups.
But keep in mind, the Rs 5,000 deduction is included in the overall limit of Rs 25,000 or Rs 50,000 based on the parents’ age.
However, if you are not paying any amount as health insurance premium for a senior citizen then you have the option to claim up to Rs 50,000 in aggregate on account of medical expenditure incurred on senior citizen parents.
Also read: ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25?
2. Deduction for Employees Provident Fund (EPF) under Section 80C
Many salaried employees are covered under the Employees Provident Fund (EPF) scheme. Under this scheme, employees are required to put 12% of their salary into their EPF account. The employer matches this contribution. However, you can only claim a tax deduction for your contribution under Section 80C. If you want to add more to your EPF account, you can opt for the Voluntary Provident Fund (VPF). Just remember that the total contributions to both EPF and VPF can’t exceed your basic salary in any financial year.
Also note that the interest earned on EPF is not entirely tax-free anymore starting from FY 2021-22.
New tax exemption limits have been set for both government and private sector employees. Starting from 2021-22, if an employee's contributions to EPF and VPF accounts exceed Rs 2.5 lakh in a financial year, the interest earned on the excess amount will be taxable. Additionally, from FY 2020-21, if an employer's total contributions to EPF, NPS, and the superannuation fund surpass Rs 7.5 lakh in a financial year, then the income earned on the excess amount will also be taxable for you.
Also read: Form 16 changes: Higher standard deduction for these taxpayers, and other changes in Form 16 for FY 2024-25 (AY 2025-26)
3. Deductions for investing in Public Provident Fund (PPF) under Section 80C
Under Section 80C, you can claim a tax deduction of up to Rs 1.5 lakh in a financial year if you invest in specific instruments like the public provident fund (PPF), or the tax-saving fixed deposits (FDs), among others.
Moreover, PPF enjoys an 'exempt-exempt-exempt' (EEE) status, which means you can claim a tax deduction for investing in it. Plus, the interest earned on PPF is tax-free and so is the amount you receive at maturity. . The lock-in period for PPF is 15 years and can be extended too if you want.
If you invested in PPF in FY 2023-24, make sure to claim that investment as a tax deduction under Section 80C. You can claim all tax deductions under Section 80C for investment made in the financial year that corresponds to the assessment year, as long as you chose the old tax regime.
4. Deduction for investing in ELSS mutual funds under Section 80C
Equity-linked savings schemes (ELSS) are mutual funds that invest in equities and have a lock-in period of three years. You can invest in them and claim a tax deduction under Section 80C.
However, you can only claim up to Rs 1.5 lakh in a financial year as a deduction under Section 80C. Out of all the eligible schemes under Section 80C, ELSS mutual funds have the shortest lock-in period. While you can claim a tax deduction for investing in ELSS mutual funds, any gains you make at the time of redemption are taxable.
Even though you don’t have to submit proof of your investments while claiming a tax deduction, it’s a good idea to familiarize youself with the rules and have your evidence or proof handy before claiming any expenses. This way, you can steer clear of any disputes down the line.
Chartered Accountant Abhishek Soni, co-founder of Tax2Win explains the concept of claiming tax deductions for ELSS mutual funds.
Suppose you invested Rs 50,000 in an ELSS mutual fund in FY 2022-23 and claimed Rs 20,000 as tax deduction that year, can you claim the rest Rs 30,000 for tax deduction in subsequent years?
Soni says: “No, you cannot claim the remaining Rs 30,000 as a tax deduction in FY 2024-25 (AY 2025-26). Deductions under Section 80C can be claimed only in the financial year in which the investment is actually made. So, if the ELSS investment of Rs 50,000 was made in FY 2022-23, you can claim a maximum deduction of up to Rs 50,000 (subject to the Rs 1.5 lakh 80C limit) only in FY 2022-23. Partial claiming across multiple years is not allowed, even if the full amount wasn’t claimed earlier.”
5a. Tax deduction under section 80TTA for savings bank account interest
Chartered Accountant (Dr.) Suresh Surana says: "Under Section 80TTA of the Income Tax Act, 1961 Resident individuals below the age of 60 years and Hindu Undivided Families (HUFs) are eligible to claim a deduction under Section 80TTA of the IT Act. This provision allows a deduction of up to Rs. 10,000 on interest earned from savings accounts maintained with a bank, co-operative bank, or post office. It is important to note that this benefit is limited exclusively to savings account interest and does not extend to interest earned from fixed or recurring deposits.
Soni explains: “The interest on the savings account is taxable as per the income tax slab rates that apply to the investor however, banks do not deduct TDS on savings bank interest. So if the interest is below the exemption limit, be sure to mention this exemption under Section 80TTA. After entering the interest income, complete other sections of the ITR form, including additional income details, deductions, and tax payments.”
5b. Tax deduction under Section 80TTB for senior citizens
Senior citizens can claim Rs 50,000 as tax deduction for interest earned from FDs, savings account, post office deposits, etc.
Surana explains: "Resident individuals aged 60 years or above are entitled to claim a higher deduction under Section 80TTB. This section provides for a deduction of up to Rs. 50,000 on interest income earned from deposits held with banks, including interest from savings, fixed, and recurring deposit accounts. Notably, if a taxpayer claims a deduction under Section 80TTB, they are not permitted to claim benefits under Section 80TTA for the same financial year."
Surana adds: "The deduction under Sections 80TTA and 80TTB is available only to resident taxpayers and as such, non-resident individuals (NRIs) are not eligible to claim these benefits. Further, any interest income exceeding the prescribed deduction limit of Rs. 10,000 under Section 80TTA or Rs. 50,000 under Section 80TTB is fully taxable as per the applicable income tax slab rates. Taxpayers should compute and report total interest income accurately, even if such income is not reflected in Form 16, Form 26AS, or the Annual Information Statement (AIS), in order to avoid discrepancies or potential scrutiny from the tax authorities."
Surana says: "While filing the income tax return, the total interest earned from savings or other eligible deposits must be disclosed under the head "Income from Other Sources." The corresponding deduction should then be claimed under the appropriate section either Section 80TTA or Section 80TTB within the Chapter VI-A deductions schedule of the ITR form."
Can a husband claim tax deductions for investments made by wife or children if they have not themselves claimed it?
Soni says that you can’t directly claim income tax deductions for investments made by your wife or children. Tax deductions under Sections like 80C, 80D, etc., can only be claimed by the person who has actually incurred the expense or made the investment from their own income.
Soni explains: “However, by structuring investments in joint names or contributing to joint accounts or policies, both spouses can maximize their tax benefits. For instance, joint home loans or joint life insurance policies allow each spouse to claim separate deductions, but individual investments made solely in your spouse’s name will not qualify for deductions under your 80C limit.”
Keep reading to discover some of the most common ways you can claim tax deductions while filing your ITR under the old tax regime.
Tax deductions for filing ITRs under old tax regime
If a taxpayer hasn’t claimed deductions for investments made in a specific financial year on their income tax return (ITR) for that year, they can’t claim those deductions in any other year.
Check out the information below to learn about some key tax deductions you can claim under the old tax regime:
1. Deduction for health insurance premiums under Section 80D
If you are under 60, you can get a tax deduction of up to Rs 25,000 for paying your health insurance premium under Section 80D. Just keep in mind that this deduction is only available if you pay for your own health insurance and for your dependents (like your wife and dependent children) during the financial year, and it depends on the threshold limit and other rules in place.
You can claim an additional deduction of up to Rs 25,00 for paying insurance (premium) of parents if they are under 60 years of age. The deduction could go up to Rs 50,000 if the parents are 60 years or older. Since FY 2015-16, there’s also an additional deduction of Rs 5,000 for preventive health checkups.
But keep in mind, the Rs 5,000 deduction is included in the overall limit of Rs 25,000 or Rs 50,000 based on the parents’ age.
However, if you are not paying any amount as health insurance premium for a senior citizen then you have the option to claim up to Rs 50,000 in aggregate on account of medical expenditure incurred on senior citizen parents.
Also read: ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25?
2. Deduction for Employees Provident Fund (EPF) under Section 80C
Many salaried employees are covered under the Employees Provident Fund (EPF) scheme. Under this scheme, employees are required to put 12% of their salary into their EPF account. The employer matches this contribution. However, you can only claim a tax deduction for your contribution under Section 80C. If you want to add more to your EPF account, you can opt for the Voluntary Provident Fund (VPF). Just remember that the total contributions to both EPF and VPF can’t exceed your basic salary in any financial year.
Also note that the interest earned on EPF is not entirely tax-free anymore starting from FY 2021-22.
New tax exemption limits have been set for both government and private sector employees. Starting from 2021-22, if an employee's contributions to EPF and VPF accounts exceed Rs 2.5 lakh in a financial year, the interest earned on the excess amount will be taxable. Additionally, from FY 2020-21, if an employer's total contributions to EPF, NPS, and the superannuation fund surpass Rs 7.5 lakh in a financial year, then the income earned on the excess amount will also be taxable for you.
Also read: Form 16 changes: Higher standard deduction for these taxpayers, and other changes in Form 16 for FY 2024-25 (AY 2025-26)
3. Deductions for investing in Public Provident Fund (PPF) under Section 80C
Under Section 80C, you can claim a tax deduction of up to Rs 1.5 lakh in a financial year if you invest in specific instruments like the public provident fund (PPF), or the tax-saving fixed deposits (FDs), among others.
Moreover, PPF enjoys an 'exempt-exempt-exempt' (EEE) status, which means you can claim a tax deduction for investing in it. Plus, the interest earned on PPF is tax-free and so is the amount you receive at maturity. . The lock-in period for PPF is 15 years and can be extended too if you want.
If you invested in PPF in FY 2023-24, make sure to claim that investment as a tax deduction under Section 80C. You can claim all tax deductions under Section 80C for investment made in the financial year that corresponds to the assessment year, as long as you chose the old tax regime.
4. Deduction for investing in ELSS mutual funds under Section 80C
Equity-linked savings schemes (ELSS) are mutual funds that invest in equities and have a lock-in period of three years. You can invest in them and claim a tax deduction under Section 80C.
However, you can only claim up to Rs 1.5 lakh in a financial year as a deduction under Section 80C. Out of all the eligible schemes under Section 80C, ELSS mutual funds have the shortest lock-in period. While you can claim a tax deduction for investing in ELSS mutual funds, any gains you make at the time of redemption are taxable.
Even though you don’t have to submit proof of your investments while claiming a tax deduction, it’s a good idea to familiarize youself with the rules and have your evidence or proof handy before claiming any expenses. This way, you can steer clear of any disputes down the line.
Chartered Accountant Abhishek Soni, co-founder of Tax2Win explains the concept of claiming tax deductions for ELSS mutual funds.
Suppose you invested Rs 50,000 in an ELSS mutual fund in FY 2022-23 and claimed Rs 20,000 as tax deduction that year, can you claim the rest Rs 30,000 for tax deduction in subsequent years?
Soni says: “No, you cannot claim the remaining Rs 30,000 as a tax deduction in FY 2024-25 (AY 2025-26). Deductions under Section 80C can be claimed only in the financial year in which the investment is actually made. So, if the ELSS investment of Rs 50,000 was made in FY 2022-23, you can claim a maximum deduction of up to Rs 50,000 (subject to the Rs 1.5 lakh 80C limit) only in FY 2022-23. Partial claiming across multiple years is not allowed, even if the full amount wasn’t claimed earlier.”
5a. Tax deduction under section 80TTA for savings bank account interest
Chartered Accountant (Dr.) Suresh Surana says: "Under Section 80TTA of the Income Tax Act, 1961 Resident individuals below the age of 60 years and Hindu Undivided Families (HUFs) are eligible to claim a deduction under Section 80TTA of the IT Act. This provision allows a deduction of up to Rs. 10,000 on interest earned from savings accounts maintained with a bank, co-operative bank, or post office. It is important to note that this benefit is limited exclusively to savings account interest and does not extend to interest earned from fixed or recurring deposits.
Soni explains: “The interest on the savings account is taxable as per the income tax slab rates that apply to the investor however, banks do not deduct TDS on savings bank interest. So if the interest is below the exemption limit, be sure to mention this exemption under Section 80TTA. After entering the interest income, complete other sections of the ITR form, including additional income details, deductions, and tax payments.”
5b. Tax deduction under Section 80TTB for senior citizens
Senior citizens can claim Rs 50,000 as tax deduction for interest earned from FDs, savings account, post office deposits, etc.
Surana explains: "Resident individuals aged 60 years or above are entitled to claim a higher deduction under Section 80TTB. This section provides for a deduction of up to Rs. 50,000 on interest income earned from deposits held with banks, including interest from savings, fixed, and recurring deposit accounts. Notably, if a taxpayer claims a deduction under Section 80TTB, they are not permitted to claim benefits under Section 80TTA for the same financial year."
Surana adds: "The deduction under Sections 80TTA and 80TTB is available only to resident taxpayers and as such, non-resident individuals (NRIs) are not eligible to claim these benefits. Further, any interest income exceeding the prescribed deduction limit of Rs. 10,000 under Section 80TTA or Rs. 50,000 under Section 80TTB is fully taxable as per the applicable income tax slab rates. Taxpayers should compute and report total interest income accurately, even if such income is not reflected in Form 16, Form 26AS, or the Annual Information Statement (AIS), in order to avoid discrepancies or potential scrutiny from the tax authorities."
Surana says: "While filing the income tax return, the total interest earned from savings or other eligible deposits must be disclosed under the head "Income from Other Sources." The corresponding deduction should then be claimed under the appropriate section either Section 80TTA or Section 80TTB within the Chapter VI-A deductions schedule of the ITR form."
Can a husband claim tax deductions for investments made by wife or children if they have not themselves claimed it?
Soni says that you can’t directly claim income tax deductions for investments made by your wife or children. Tax deductions under Sections like 80C, 80D, etc., can only be claimed by the person who has actually incurred the expense or made the investment from their own income.
Soni explains: “However, by structuring investments in joint names or contributing to joint accounts or policies, both spouses can maximize their tax benefits. For instance, joint home loans or joint life insurance policies allow each spouse to claim separate deductions, but individual investments made solely in your spouse’s name will not qualify for deductions under your 80C limit.”
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