Income Tax Tips: You can get huge tax exemption in these five ways..

Income Tax: When it comes to filing income tax, people keep looking for many ways to get tax exemption. Meanwhile, in haste, people also suffer losses many times. Let us tell you that there are many legal ways to get an exemption from income tax. Let us tell you in today's news about those five ways under which you can get a lot of exemption in income tax (tax deductions).

As soon as July starts, the pace of filing income tax returns also increases. Till 30 June 2025, 67 lakh ITRs have been filed. This time, the last date for filing the income tax return 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 under the old tax regime, then you can claim many types of deductions. With which you can get a huge tax exemption. Let us tell you in depth the complete information related to these deductions.

1) Dedication for Health Insurance Premium

If you are below 60 years of age, 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 also 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 5,000 is included in the overall limit of Rs 25,000 or Rs 50,000, depending on the age of the parents.

If you are not spending money on insurance premiums for senior citizens, then you can claim a deduction of Rs 50,000 on medical expenses incurred on senior citizen parents.

2) Dedication to the EPF scheme

Many salaried employees are covered under the EPF scheme. Taxpayers can claim a tax deduction on their contribution to the EPF under section 80C. Keep in mind that if the employee's contribution to the EPF and VPF account exceeds Rs 2.5 lakh in a financial year, then the loan accrued on the increased amount is taxable.

3) Dedication for investment in PPF

If you invest in PPF or tax-saving FD, you can claim tax deduction of up to Rs 1.5 lakh in a financial year under section 80C.

4) Dedication to investment in ELSS mutual funds

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

5) Tax deduction on savings bank account loan

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

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