Income Tax Deductions - Everything You Need to know

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Tax Deductions You MUST Know
  • 2nd Dec 2021 |
  • 1,118

Taxes are a very important part of the country, and as dutiful citizens, it is essential that we all pay our taxes on time. This is especially applicable to all the salaried people who qualify for tax payments. Additionally, there is a gamut of ways for tax saving as per the Income Tax Act, 1961. Thanks to these deductions, you can substantially reduce the amount of tax you have to pay, although it all depends on the kind of claims you make. In this article, we will talk about some of these exemptions and deductions.

Income Tax exemption under 80C

As per section 80C of income tax act, you can claim a deduction amounting to almost Rs. 1.5 lakhs every year. It also depends on the kind of investments you have made - for example - provident funds, life insurance, super annuity, etc. Additionally, there are certain subsections under section 80C deduction, namely - 80CCC, 80 CCD, 80 CCF, 80CCG.

Section 80CCC

This section allows you to claim Rs. 1.5 lakhs on pension schemes. It is applicable to individual taxpayers only.

Section 80CCD

As per section 80CCD, if you invest in pension schemes, you are eligible for tax benefits over and beyond the section 80C exemption, which is an additional tax deduction of up to Rs. 50,000.

Section 80CCF

This section is applicable to Hindu undivided families and individuals. As per section 80CCF, you are eligible for tax deductions if you have invested in long-term infrastructure bonds. Claims under this section do not go beyond Rs. 20,000.

Section 80CCG

Depending on your investments in equity schemes, you have to be eligible for the deduction under this section. A maximum of Rs.25000 can be deducted under section 80CCG

Income Tax exemption under 80D

As per section 10D of the Income Tax Act, the individual can avail tax deductions on the accrued bonus amount and the lump sum received on maturity/death benefit.

To put things simply, no matter how much you earn, you can save a significant amount on your taxes by planning your investments in a streamlined and strategic manner. With the above-mentioned deductions under section 80C, section 80D, and section 10D, there are endless possibilities that you can explore to bring down your tax payments. So, double-check your provisions, know your facts, and make the most of your tax deduction benefits!

Download Brochure


  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999


Browse our library of resources

Download Brochure


  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490


- A Consumer Education Initiative series by Kotak Life

Similar Articles

What is Section 10D of the Income Tax Act?

What are Direct Taxes? How to Avoid being Overtaxed?

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

How to File ITR Online

All about TDS Payment Online & Due Dates

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

Section 80E: Tax Exemption on Interest on Education Loan

What is Section 80C Deduction?

Pradhan Mantri Suraksha Bima Yojana

How to Save Income Tax with Insurance

List of Important Income Tax FAQs

How to Check Income Tax Returns Status Onine?

What is Section 80C - Explained in Detail

Tax Season Is Coming- Know How to Save Tax

How to Save Tax on Salary Arrears?

What is Tax Deduction at Source (TDS)?

8 Things to Help You Select a Savings Investment plan

How to Pay Advance Tax Online in India

Why is Form 16 Important?

What is Salary Protection Insurance and Why You Need It

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Interest Imposed Under Sections 234A, 234B and 234C

इनकम टैक्स रिटर्न कैसे फाइल करें?

Section 16 of the Income Tax Act (ITA), 1961

Why January Is an Important Month for Saving Tax?

Income Tax Deduction Under Section 80CCC In India

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

TDS Due Dates of FY 2020-21 For Return Filing

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

Tax Saving Options for Salaried Employees

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

5 Popular Tax-Saving Schemes in India

Save Income Tax by 31st March: Here Is a Checklist

Why Tax Planning Should Be an All-year Round Activity

9 Income Tax Myths That Could Cost You Money while Filing returns

Financial Planning and Best investment options for Housewives

Tax Planning and Tax Benefits of Life Insurance

What are the Different Types of Taxes in India?

Income Tax Filing For NRI in India

What is ITR 5 Form and How to File ITR 5?

Are Financial Planning and Tax Planning the Same Thing?

Section 44AD of Income Tax Act for AY 2021-22

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

What is the Maximum Maturity Benefit in Assured Savings Plans?

Tax Saving Guide for 2019-20

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

Difference Between Guaranteed and Assured Returns

How to Get Form 16?

How Much Money This Budget 2019 Can Help You Save

Difference between Section 80C, 80CCC, 80CCD & 80D

Sub-sections Under Section 80C of the Income Tax Act, 1961

What is the Difference between Form 16 and Form 16A?

Investing Lump Sum Amount

How to File Income Tax Return for First Time Tax Payers

Income Tax Filing Using Multiple Form 16

How to e file ITR on Income Tax Government Portal

How can I get Form 16B from traces?

धारा 80डी आयकर अधिनियम, 1961

Tax Structure in India

Income Tax Deductions Under Section 80C

Things to Do After Filing Income Tax Returns

Guide for Tax Calculation on your Salary

All about TDS on Salary under Section 192 – Kotak Life

ITR-6: Guide to filing ITR-6 Form online

A Comprehensive Guide to Understand the ITR 7 Form

Union Budget Highlights – 1st February 2022

Guaranteed Return Plans-Why is it a must for you?

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

Income Tax Exemption for Disabled

How to View 26AS and Download Form 26AS Online?

Saving Income tax in 2017 - 18

What is TDS Slab?

What is Section 80C Deduction Limit?

What is the Percentage of Tax Deducted at Source (TDS)?

What is the Difference Direct Tax and Indirect Tax

आयकर स्लैब 2021-2022

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

Understanding Tax Exemptions in ULIP (Old and New)

Should one prefer a guaranteed savings plan over monthly income schemes?

How to Check Income Tax Refund Status Online in India

How to File Form 10E for Tax Relief on Salary Arrears?

धारा 80सी आयकर अधिनियम, 1961

How to File Form 16 for Salaried Employees?

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

Home Investment Plan to Buy Dream Home

What is TDS Refund Process?

Excess TDS Deduction – Claim TDS Refund

How to file Form 16 online?

How to File Income Tax Return without Form 16

How To Save Tax Better with 80C

Tax-Savings Investments and Options in India

Penalty For Late Filing TDS Return

ITR 1: Sahaj Form

Income Tax Deductions for Disabled Person Under Section 80U

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

भारत में महिलाओं के लिए सरकारी योजना

A Complete Guide for Filing ITR 3 Form

Who Should Invest In Savings Plan

How to Download Form 16?

What is Section 80CCC of the Income Tax Act 1961

Section 80G of the Income Tax Act

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

Have You Considered Term Insurance a Part of Your Tax Planning?

5 Unusual Investments You Didn't Know for Saving Taxes in India

What Investment Options Come with Tax Incentives?

What is TDS Exemption Limit?

Top 8 Tax-Saving Methods in India- Budget Planning

Financial Benefits and Government Schemes Every Woman in India Should Know

Budget 2019: Impact on the Common Man in India

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

How to save tax for salaried person?

When Should TDS be Deducted and Who is Liable to Deduct it?

Types of Income Tax Return (ITR) Forms

How to View 26AS and Download Form 26AS Online

Can You Get Term Insurance Without Income Proof?

What is Form 26AS - All You Need To Know

Tax Benefits for Startups in India

Impact of GST on Life Insurance in India

Tax-Free Income in India

How to e-Verify your Income Tax Return

What is a savings plan?

What is Form 16A?

Problems People Face with Tax Returns after a Job Change

All You Need to Know About Section 80C

E-Filing of Income Tax Returns in India

Tips to plan your savings in 2019

What To Do If Your TDS Is Not Deposited With The Government?

How to File Income Tax Return - Everything You Need to Know

Challan 280 - How to Use Challan 280 to Pay Income Tax

Income Tax Benefits for Doctors

What is the TDS Rate on Salary?

Tax Saving Tips: Best Ways to Save Income Tax for 2021

How to Calculate returns on an assured savings plan?

What are Deferred Savings Plans?

What is ITR & How to File Income Tax Return?

Types of Riders in Insurance Policy

Income Tax Exemption for Physically Handicapped Dependent

Tax Exemption and Scope of Coverage

How to File TDS Return?

What is Form 16B?

How to Check Income Tax Refund Status Online in India

ITR 2 Form – Complete Guide

Section 80C Deductions as per Income Tax Act, 1961

Presumptive Taxation for Business and Profession

What Is Advance Tax and How Is It Calculated?

Tax Benefit of Investing in Term Plan

Do Beneficiaries Pay Taxes on Life Insurance?

Tax Saving for Self Employed in India

How To Save Tax Using Life Insurance?

Insurance and Endowment: Everything You Need to Know!

Tax Benefits of ULIP Plans Available for NRIs

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

Tax Saving Options other than Section 80C