Many of you may be aware that investments can help you save tax in the form of income tax deductions, but what you may not be aware of is that the Income Tax Department gives tax benefits for incurring some personal expenses as well (like health check-up, paying stamp duty for home and many more). These tax-deductible expenses can be claimed under section 80C to section 80U of the Income Tax Act (‘the Act’). The financial year 2021-22 is drawing to a close soon. If you haven’t already, you will likely get busy with your advance taxes and the paperwork thereof.

With the knowledge furbished in this guide, you will understand all the avenues for income tax deductions. With this information, you can pocket considerable tax savings. It is close to the year end, so read on to understand how you can save tax.

An assessee is taxed on the total income of the previous year in the relevant assessment year. While computing the total income, certain tax deductions are allowed from the gross total income of an assessee. These are staggered under different provisions, contained under sections 80A to 80U. Some of them relate to contributions to promote social justice while others are related to incomes in the larger interest to promote economic growth.

Some details on Tax Deductible Expenses

If you need any sort of assistance with income tax deductions, reach out to us.