The Government of Puducherry on January 15, 2025, issued a Statement of Calculation of Income Tax for the Period April 01, 2024 to March 31, 2025.
For the assessment year 2025-26, key income tax provisions include deductions under Section 80C, 80CCC, and 80CCD(1), capped at ₹1,50,000 collectively, with an additional ₹50,000 allowed under Section 80CCD(1B) beyond this limit. Deductions under Section 80D for medical insurance are permitted only for non-cash payments, with a maximum of ₹25,000 for individuals and ₹50,000 for senior citizens. Housing loan interest is deductible provided the property is acquired or constructed within three years of borrowing. For HRA claims, rent receipts or agreements are required, and the landlord's PAN must be provided if annual rent exceeds ₹1 lakh. Compliance with these provisions ensures accurate tax calculations and maximization of eligible deductions.
