The term Tax Deduction is a core concept under taxation. Get to know the definition of Tax Deduction , what it is, the advantages, and the latest trends here. Explore tax-saving strategies for salaried employees under Chapter VI-A, including deductions for investments, insurance, education, and more. Reduce your tax liability effectively. Think of deductions as discount coupons on your taxable income. You earn money, much before that the government decides how much to tax, it says: “If you spent some money on good things such as insurance, retirement, or education, we’ll let you subtract that amount from your income.” Standard deduction applies to income from salary and helps reduce the taxable income for individuals. For the financial year 2024-25, under the new tax regime, salaried individuals can claim a standard deduction of up to Rs 75,000.
