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The  National Pension System  (NPS) provides a powerful opportunity to reduce taxable income while building long-term retirement wealth. Under Section 80CCD(1B) of the Income Tax Act, individuals can claim an additional deduction of up to ₹50,000 for contributions to their NPS Tier I account. This benefit comes on top of the ₹1.5 lakh deduction available under Section 80C and Section 80CCD(1), effectively allowing taxpayers to claim a total deduction of ₹2 lakh in a financial

Sections 80TTA and 80TTB of the Income Tax Act, 1961, help taxpayers save tax on interest income. While both provide relief, their eligibility criteria and deduction limits differ significantly. Section 80TTA  benefits resident individuals and HUFs under 60 years with up to ₹10,000 deduction on savings account interest, whereas Section 80TTB  is designed for senior citizens, offering deductions up to ₹50,000 on both savings and fixed deposit interest. Understanding the distin

Donations made to charitable organizations can significantly reduce your taxable income through deductions available under  Section 80G  of the Income Tax Act, 1961. This provision encourages voluntary giving while ensuring that taxpayers contributing to approved institutions receive financial relief in return. The section specifies which donations qualify, the extent of deduction allowed, and the procedure to claim it. With the right documentation and timely filing, individu

Section 80E  of the Income Tax Act, 1961 allows individuals to claim deductions on the interest paid on education loans used for higher education in India or abroad. This provision benefits those funding their own or their dependents’ education, helping reduce taxable income and ease financial pressure. The deduction applies only to interest payments made to recognized financial institutions or approved charitable trusts and can be claimed for up to eight consecutive years. B

Section 80DDB  of the Income Tax Act, 1961 allows resident individuals and Hindu Undivided Families (HUFs) to claim tax deductions for expenses incurred on the medical treatment of certain critical illnesses. The provision ensures relief for families dealing with high medical costs by covering diseases like cancer, kidney failure, and neurological disorders. Only the actual out-of-pocket expenditure, after reducing insurance or employer reimbursements, qualifies for deduction

Section 80D  of the Income Tax Act, 1961, continues to provide one of the most valuable tax-saving avenues for individuals and Hindu Undivided Families (HUFs) in India. It allows deductions on health insurance premiums and medical expenses incurred for self, family, and parents. For FY 2024-25 (AY 2025-26), the deduction limits remain unchanged—₹25,000 for individuals and up to ₹1,00,000 when covering senior citizens. These provisions promote financial security through health

Section 80RRB of the Income Tax Act, 1961, allows resident individuals to claim a deduction on patent royalty income. This provision encourages innovation by offering tax relief to inventors receiving income from patents registered under the Patents Act, 1970. Eligible taxpayers can reduce their taxable income by declaring royalty earnings and submitting Form 10CCE electronically while filing their ITR. Proper documentation and accurate reporting are crucial for claiming this

Section 80QQB of the Income Tax Act allows Indian authors to claim a tax deduction on income earned from royalties or copyright fees for certain types of books. This deduction reduces the taxable income of authors, supporting literary, artistic, or scientific work. Only individual authors earning royalties in India can claim it, and the deduction is capped at Rs. 3,00,000 or the actual royalty received, whichever is lower. To qualify, authors must adhere to specific eligibili

Section 80CCG, known as the Rajiv Gandhi Equity Savings Scheme (RGESS), was designed to encourage first-time retail investors in India’s equity market. The scheme allowed eligible taxpayers to claim a partial tax deduction on investments in listed shares, PSUs, mutual funds, and specified IPOs, over and above the limit under Section 80C. Investments required a designated Demat account, a PAN card, and were subject to a three-year lock-in period. Though phased out since April

Section 80JJAA of the Income Tax Act, 1961, provides a tax deduction to businesses for creating new employment. This provision allows eligible businesses to claim a deduction equal to 30% of additional wages paid to new employees for three consecutive years, starting from the year they are hired. The aim is to incentivize workforce expansion while ensuring formal employment. Only businesses with audited accounts under Section 44AB and new employees meeting tenure, salary, and