Key points for investment declaration ahead of ITR filing for FY 2024-25

As the deadline for income tax return (ITR) filing approaches for FY 2024-25, employees must declare their tax-saving investments to their employers. This declaration is essential to claim tax deductions. Tax deductions are available only under the old tax regime. Employees cannot switch from the new to the old regime during the year. They must stick to the regime chosen at the start of the year. Employees changing jobs should inform their new employer about previous income and claimed deductions. Failure to submit investment proofs on time may lead to higher tax deductions from salary in the final months of the financial year.