Key ITR deductions & penalties you must know in FY2024-25

As ITR filing begins for FY2024-25, taxpayers must understand key deductions under Sections 80C, 80D, 24B, and HRA, which offer benefits up to ₹4.5 lakh. Filing is mandatory above specific income or asset thresholds. Late returns may attract up to ₹5,000 penalty. Choose the correct tax regime to optimise savings and ensure timely, compliant submissions.