Naina Rajgopalan has a thing for numbers and a deep fascination to learn about all things finance. She's been money-wise from a young age and has always shared her knowledge and tips with those around her. Being a part of the content team at Freo, a neobank that offers flexible and customised financial products, along with benefits such as insurance on balance, safe & secure banking, and so on, Naina stays updated with the latest of what happens in the banking and fintech industries. She has taken upon herself to share her knowledge with readers across all walks of life to help them manage their finances and budgets better, so they can make better decisions while spending, borrowing, investing and saving.
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Tax deductions under Income Tax Act enable legal reduction of taxable income through specified investments, insurance, home loan and donations.
Legal tax planning under the Income Tax Act reduces taxable income by claiming statutory exemptions and deductions: interest on savings (with enhanced relief for seniors); health insurance premium deductions and preventive health check allowances; tax-free life insurance maturity subject to premium-to-sum-assured conditions; home loan principal repayment and prescribed interest relief plus first-time buyer concessions; HRA and house rent deductions; investments in government saving schemes to claim aggregate investment deductions; eligible charitable donations made by acceptable payment modes; and partial integration treatment for agricultural income. (AI Summary)
Income Tax