There are many legal income tax deduction options offered by the government of India to save taxes or to reduce the tax burden of taxpayer.

Here are the details of various income tax deductions which every taxpayer should know while filing income tax returns.

Section 80C deduction:

Under section 80C there are various investment options to save taxes like Mutual Fund, Equity based mutual funds, Life Insurance Policy, EPF, PPF, NSC, Repayment of Principal Amount Loan.

Under Section 80 C, you can invest up to Rs.1,50,00 from your annual salary income and claim deduction while filing income tax returns.

Section 80CCC and 80CCD deduction:

Section 80CCD encourages the contribution toward the NPS (National Pension System) of central government. An amount of up to Rs. 50,000 is deducted from taxable income over and above the 1,50,000/- limit.

Section 80CCC provides scope for tax deduction on investment in pension funds or investment in annuity/pension plans of insurance companies. Under Section 80CCC insurer can claim maximum deduction of 1,50,000 by individual taxpayers.

Section 80TTA deduction:

Section 80TTA allows for a deduction of up to Rs 10,000/- for interest earned on savings account.

Section 24 deduction:

Section 24 of Income Tax Act deals with deduction on interest Accrued /levied on home loan.

Section 80D deduction:

Section 80D provides the Mediclaim or Health Insurance bought for self, spouse or dependent children/parents.

Section 80E deduction:

Section 80E deals with the payment of interest on education loan taken for self/spouse/children.

Section 80G deduction:

Section 80D deals with the donations to specified government organizations as well as some specified NGOs.

Section 80GG deduction:

Section 80GG deals with deduction up to Rs. 60,000 for rent paid by individual.

Section 80CCG deduction:

Section 80CCG deals with investments made in Equity Savings Scheme and you can claim a deduction under Section 80CCG for up to Rs. 25,000/-.

For more info on Section deductions: https://www.trutax.in/charts/income-tax-sections-and-deductions