Deductions
Save Taxes on Medical Expenses
Healthcare costs—including medical treatments, preventive checkups, and health insurance premiums—are rising every year and can take up a major share of your annual expenses. The good news? You can claim deductions for many of these costs while ...
Donate and Save Taxes
Donating to a cause — whether it’s charity, disaster relief, or social impact — is a meaningful way to contribute to a better India. These contributions empower NGOs and organizations to continue their important work. To encourage such giving, the ...
Deduction for Royalty income
Royalty income is earned when someone pays to use your intellectual property, such as books or patents. The Income Tax Act provides specific deductions for such income to support innovation and creativity. Section 80QQB: Available to authors of books ...
Deduction for Education Loan
An education loan deduction is a tax benefit available on the interest paid towards loans taken for higher education. It does not apply to the principal amount of the loan. Things to keep in Mind You can claim this deduction for up to 8 years, ...
Deduction against Interest Income
Section 80TTA allows you to claim a deduction on the interest earned from savings accounts held with banks, post offices, or cooperative societies. Note: This deduction does not apply to interest from fixed deposits (FDs) or recurring deposits (RDs). ...
Contribution to Political Parties
In India, individuals often donate to political parties to support the values, policies, and change they believe in. These contributions help fund campaigns and promote active political engagement. Under Section 80GGC of the Income Tax Act, ...
Contribution to Pension Scheme
Retirement planning plays a crucial role in ensuring financial stability during your later years. The National Pension Scheme (NPS) is a government-backed retirement savings plan that also offers attractive tax benefits. Tax Benefits under the New ...
Claim Deduction for Rent Paid
If you’re a salaried individual not receiving House Rent Allowance (HRA) or if you’re self-employed, you can still claim a deduction on the rent you pay under the old tax regime through Section 80GG. How is the deduction calculated? The deduction ...
Autofill your Deductions
The government encourages saving and investing by offering deductions that reduce your taxable income. These deductions support key sectors like housing, education, healthcare, and even environmental initiatives—helping you achieve your financial ...
Claim Deduction for EV Loan
If you've taken a loan to purchase an electric vehicle (EV)—whether for personal or business use—you can claim a tax deduction on the interest paid under Section 80EEB of the Income Tax Act. This benefit is available only under the old tax regime. ...
Claim Deduction for Home Loan
Buying a home is a major milestone—and often one of the biggest financial commitments. While a home loan is a long-term debt, it comes with multiple tax benefits that can ease the financial burden. A home loan has two components: Principal Interest ...