There are so many Income Tax Deductions which are allowed to be claimed by an Salaried Employee, Individual or HUF. Though this a few Income Tax Deductions are very useful, which can be easily claimed and are helpful in reducing the tax burden.
What do you mean by Tax Deductions ?
Tax deduction helps to reducing your tax-liabilities. It decreases your overall tax liabilities and save tax and grow savings. However, depending on the type of tax deduction you claim, the amount of deduction varies. You can claim tax deduction for amounts spent in tuition fees, medical expenses and charitable contributions. Also, you can invest in various schemes such as life insurance plans, retirement savings schemes, and national savings schemes etc. to get tax deductions. The government of India offers tax exemptions for various expenses incurred in different activities to encourage individuals and commercial institutions take part in activities having social benefits.
A number of day-to-day expenditures qualify for deductions, with information about them being crucial to help us save money. Tax deduction can be claimed on money spent for education, medical expenses, charitable contributions, investments in insurance, retirement schemes, etc. These deductions have been put in place to encourage members of the society to participate in certain useful activities, helping everyone involved in the process.
The following e-Book helps you to know more about Income Tax Deductions u/s. 80C to 80U.
e-Book about Income Tax Deducation u/s. 80C to 80U
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