Tax Deductions and Exemptions – Maximizing Tax Savings
Tax books provide details on how individuals and businesses can reduce their taxable income using various deductions and exemptions, such as: Section 80C: Deductions for investments in LIC, PPF, EPF, NSC, and home loan principal repayment. Section 80D: Health insurance premium deductions. Section 24(b): Home loan interest deduction. Section 10: Exemptions on HRA, gratuity, and leave encashment. Section 54 & 54F: Capital gains tax exemption on property sales. This article explains legal ways to reduce tax liability and optimize financial planning using available deductions.