Tax Breaks or Tax Deductions Tax refer to the claims made to reduce taxable income.

Individuals & HUFs can claim income tax deductions on certain investments and expenses taken during the financial year. 

You can use the Quicko feature - Maximize Deductions to claim as many deductions as possible. This feature enables you to enter all the deductions, showing the eligible & qualified amount.

  • Any Tax Savings Investments in ELSS, PPF, LIC Premium, etc.

  • Any Payment incurred for Medical Insurance Premium or Health Check-Up

  • Any contribution made to the NPS 

  • Any Rent paid for a house

  • Any Interest paid on Education Loan & Home loan 

  • Any donation made to charities (PM Care Fund or Political Parties)

Once the details are entered here, a Summary screen is shown if you scroll down 

To add Deductions

  1. In Filing tab, navigate to TAX BREAKS from sidenav

  2. Click on Maximize Deductions, or scroll down to add deductions Manually

  3. Enter the various details applicable to you

  4. Click on Save

The preview of deduction displays: 

1. Deduction amount entered

2. Eligible amount of deduction a user gets as per Income Tax rules.  

Note: Ensure you have sufficient proofs of deductions to claim them.