Deduction Under Section 80 of Income Tax Act For FY 2022-23 in Old Regime

In India, individuals and companies can reduce their income tax liability by taking advantage of various deductions and exemptions available under the Income Tax Act.

 Here is an overview of some common tax-saving options:

1. Section 80C: This section allows individuals to claim a deduction of up to INR 1.5 lakhs per financial year for investments made in specified tax-saving instruments, including Public Provident Fund (PPF), National Savings Certificate (NSC), and Equity-Linked Saving Schemes (ELSS).

2. Section 80CCC and 80CCD: This section provides for a deduction of up to INR 1.5 lakhs for contributions made to specified retirement savings schemes, such as the Employee Provident Fund (EPF) and the National Pension System (NPS).

3. Section 80D: This section provides for a deduction of up to INR 25,000 for medical insurance premium payment, and up to INR 50,000 for senior citizens. An additional deduction of INR 50,000 is allowed for senior citizens for preventive health check-ups.

4. Section 80E: This section provides for a deduction of up to INR 2 lakhs per financial year for interest paid on a loan taken for higher education.

5. Section 80G: This section provides for a deduction of up to 100% of the amount donated to specified charitable organizations and institutions, subject to certain conditions.

It's important to note that these tax benefits are subject to change, and individuals should consult with a tax professional or the Indian Income Tax Department for up-to-date information. Additionally, taxpayers must keep accurate records of their investments and expenses to claim these deductions.