WHAT YOU

NEED TO
KNOW
ABOUT ITR
FILING
01 - Regimes
Old Regime New Regime

Can claim exemptions Exemptions and

(HRA, LTA, Food etc) and deductions cannot be
deductions (80C, 80D, claimed
80G etc) Tax slabs as follows:
Tax slabs as follows: 2.5L - 5L: 5%*
2.5L - 5L: 5%* 5L - 7.5L: 10%
5L - 10L: 20% 7.5L - 10L: 15%
10L above: 30% 10L - 12.5L: 20%
12.5L - 15L: 25%
15L & above: 30%

*For income < 5 lakh, tax can be claimed back as rebate

02 - Which regime to
opt for?
Very subjective, because it depends on:
1. Your salary
2. What deductions you can claim
3. How many exemptions your company
provides
4. Your eventual tax slab

Check www.jackfruit.one to see which regime is best for you

03 - How is tax
calculated?
1. First subtract all exemptions from your
Gross Income
2. Then subtract all deductions
3. The amount you get is your taxable income
4. Check the slab it falls under, and calculate
your tax liability
04 - Which ITR to file?

ITR - 1: Income < 50 Lakhs. Income from

salary, one house property & other sources
ITR - 2: Income > 50 lakhs, Capital Gains,
more than one house property
ITR - 3: Income from business/profession,
Income from derivatives/stock trading
ITR - 4: Presumptive Income
(Freelancer/Business)
05 - Major exemptions
LTA: Maximum up to amount specified by
employer
HRA: Minimum of:
50% of basic (Metro) / 40% of basic (non metro)
Actual HRA given by employer
Rent paid - 10% of Basic
Education Allowance: Max Rs. 200 per child for
upto 2 children per month
Food Allowance: Upto Rs. 2,200 or 3,000
Fuel Allowance: As specified by employer
Communication Allowance: As specified by
employer
06 - Major Deductions
Section Max Limit Description

ELSS, PF, LIC, tax saver FDs,

80C 1,50,000
Home Loan Principal etc.

Self - Deduction of Rs. 25K

80D (Health Upto (age < 60)
Insurance) 75,000 Parents - Deduction of 25K
(age <60) or 50K (age > 60)

80D (Health Medical expenses for

expenses for Sr 50,000 parents (only if they don't
citizen parents) have health insurance)

80CCD (1B) 50,000 NPS Tier 1 scheme

06 - Major Deductions
Section Max Limit Description

80E No limit Interest on Education Loan

24 2,00,000 Interest on Home Loan

Upto Treatment for handicapped

80DD
1,25,000 dependent

Upto
80U Self disability treatment
1,25,000

Exemption of interest from

80TTA 10,000
banks, post office etc.
06 - Major Deductions
Section Max Limit Description

Deduction on Rent if HRA is

80GG 60,000
not provided by employer

Donations to charitable
80G No limite
institutions

Upto Treatment for handicapped

80DD
1,25,000 dependent

Upto
80U Self disability treatment
1,25,000

Exemption of interest from

80TTA 10,000
banks, post office etc.
06 - Major Deductions
Section Max Limit Description

Interest on home loan

80EEA 1,50,000 (affordable housing) - loan
per

Interest on loan taken for

80EEB 1,50,000
electric vehicle

Note: There are certain conditions that need to be

fulfilled to claim deductions under section 80EEA
What next?

#1 Check out which regime is best for you on the

Jackfruit website (link in first comment)

#2 Share this post with folks who need help with

tax filing

#3 If you still need more help with filing, reach out

to us (link in first comment)