Deductions that income taxpayers can claim

Now, taxpayers can avail a maximum deduction of ₹1.5 lakh. This can be claimed on equity oriented mutual funds notified by central government, fixed deposits, pension schemes, PPF, EPF, and life insurance premium. HRA is partly exempted from tax for salaried people. Deductions can also be claimed on interest on the house loan, medical insurance premium, education loan, donations to political parties and for social causes.readmore@LiveMint