Tax Deductions Claim: If you want exemption in Income Tax then do not forget to claim these 5 deductions, you will save a lot

Income Tax Return: Taxpayers can claim tax deduction of up to Rs 10,000 on interest received from savings account under section 80TTA. At the same time, taxpayers above 60 years of age can claim tax deduction of up to Rs 50,000.

Income Tax Return: As soon as the month of July starts, the pace of filing income tax returns also increases. Till July 30, 2025, 67 lakh ITRs have been filed. This time the last date for filing income tax returns is 15 September 2025. However, you should not wait till the last date and should file ITR as soon as possible. If you are going to file ITR in the old tax regime, then you can claim many types of deductions. This will reduce your income tax liability. Let’s know about these deductions.

Deduction for health insurance premium

If you are below 60 years of age, then you can get a tax exemption of up to Rs 25,000 for your health insurance premium under section 80D. You will get this tax exemption for the payment made for health insurance of yourself and your dependents (wife, children) during the financial year. If your parents are below 60 years of age, you can get an additional deduction of up to Rs 25,000 on their insurance premium. If your parents are 60 years or older, this deduction can go up to Rs 50,000.

Apart from this, an additional deduction of Rs 5000 is also available for preventive health checkups. However, this deduction of Rs 5000 is included in the overall limit of Rs 25 thousand or Rs 50 thousand according to the age of the parents. If you are not spending money on the insurance premium of senior citizens, then you can claim a deduction of Rs 50,000 on the medical expenses incurred on senior citizen parents.

Deduction for EPF

Many salaried employees are covered under the EPF scheme. Taxpayers can claim tax deduction on their own contributions to EPF under Section 80C. Note that if an employee’s contribution to EPF and VPF accounts exceeds Rs 2.5 lakh in a financial year, the interest earned on the excess amount is taxable.

Deduction for investment in PPF scheme

If you invest in PPF or tax saving FDs and other specified instruments, you can claim tax deduction of up to Rs 1.5 lakh in a financial year under Section 80C.

Deduction on investment in ELSS mutual funds

Equity Linked Savings Schemes i.e. ELSS have a lock-in period of 3 years. You can claim tax deduction under Section 80C by investing in this scheme. However, you can claim only up to Rs 1.5 lakh in a financial year under Section 80C.

Tax deduction on interest on savings bank account

Under Section 80TTA of the Income Tax Act, residents below 60 years of age and HUFs can get tax exemption of up to Rs 10,000 on interest received from savings account of bank, co-operative bank or post office. At the same time, senior citizens can claim tax deduction of up to Rs 50,000 for interest received from FD, savings account, post office deposit.

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