(This article is meant for informational purposes only and must not be considered a substitute for advice provided by qualified professionals.)
80C investments are a popular way to reduce taxes. You can deduct up to Rs 1,50,000 per year with this.
If you pay rent for a house, the deduction you can get is the smallest amount among the rent minus 10 percent of your total income, the house rent allowance given to you, or 25 percent of your total income.
If you're looking after a dependent relative who is handicapped, you can get a deduction of Rs 75,000 if their disability is between 40 percent and 80 percent. If their disability is over 80 percent, you get a fixed deduction of Rs 1,25,000.
If you have a physical disability, you can get a deduction of Rs 75,000. If your disability is severe, you can get a deduction of Rs1,25,000.
If an Indian company gives money to a political party or an electoral trust, it can get deductions under this rule.
If you give money to a political party or an electoral trust, you can get a deduction for it under the 80GGC deduction rule.
If you're a person who lives in India and owns a patent, and you're getting money for letting others use your patent, you can deduct either up to Rs 3 lakh or the amount of money you received as income, whichever is less.