📢 All Tax deduction sections in India .

In India, the Income Tax Act, 1961, provides various sections under which taxpayers can claim deductions from their taxable income.

1. Section 80C: Deductions on Investments:

Under this section, taxpayers can claim deductions for various investments and expenses, including:

Life Insurance Premiums

Employee Provident Fund (EPF)

Public Provident Fund (PPF)

National Savings Certificate (NSC)

Tax-saving Fixed Deposits (FDs)

Equity-linked Savings Scheme (ELSS)

Sukanya Samriddhi Account

Principal Repayment of Home Loan

Tuition Fees for Children's Education

2. Section 80D: Health Insurance Premiums:

Taxpayers can claim deductions on premiums paid for health insurance policies for themselves, their spouse, children, and parents.

3. Section 80E: Education Loan Interest:

Deductions are allowed on the interest paid on loans taken for higher education. This deduction is available for a maximum of eight assessment years.

4. Section 24: Home Loan Interest:

Deductions are available on the interest paid on home loans under this section. There is a separate limit for self-occupied properties and properties that are rented out.

5. Section 10(14): House Rent Allowance (HRA):

Salaried individuals can claim exemptions on HRA received from their employer if they meet certain conditions.

6. Section 80G: Donations to Charitable Institutions:

Deductions can be claimed on donations made to approved charitable institutions and funds.

7. Section 80TTA and 80TTB: Interest Income:

Section 80TTA allows deductions on interest income from savings accounts up to a certain limit. Section 80TTB provides deductions for senior citizens on interest income from savings accounts and fixed deposits.

8. Section 80GGB and 80GGC: Political Contributions:

These sections allow deductions for contributions made to political parties and electoral trusts.

9. Section 10(10D): Insurance Proceeds:

Maturity proceeds or death benefits from life insurance policies are tax-exempt under this section.

10. Section 10(14): Leave Travel Allowance (LTA):

- LTA exemptions are available for expenses incurred on travel within India.

11. Section 80DD and 80DDB: Medical Expenses:

- Deductions are available for expenses related to the maintenance of disabled dependents (Section 80DD) and medical treatment of specified diseases (Section 80DDB).

12. Section 10(14): Conveyance Allowance:

- Conveyance allowances for commuting between home and office are exempt up to a certain limit.

13. Section 80U: Disability:

- Deductions are available for individuals with disabilities under this section.

Please note that the availability and limits of deductions may change from year to year due to amendments in tax laws and budget announcements. It's essential to consult with a tax professional or refer to the latest income tax regulations for up-to-date information on tax deduction sections in India.