Every year, we see the same handful of deductions get missed — not because they're obscure, but because they're easy to forget when you're rushing to submit proof of investments. Here's a checklist worth going through before you finalize anything.
Commonly missed deductions
- Section 80D — health insurance premiums for yourself, your family, and (separately) your parents each have their own limit.
- Section 80TTA / 80TTB — interest earned on savings accounts (and, for senior citizens, on deposits) is deductible up to a limit.
- HRA vs. home loan interest — if you're paying rent in one city while servicing a home loan for a property elsewhere, both may be claimable together.
- Section 80G — donations to eligible charitable institutions, provided you keep the receipt with the registration number.
Old regime or new regime?
The right choice depends on how much you're actually claiming in deductions and exemptions — there's no universal answer. It's worth running the numbers both ways before you commit for the year, since switching later isn't always straightforward depending on your income type.
Keep documentation as you go
The most common reason a legitimate deduction gets disallowed isn't ineligibility — it's missing documentation at the time of assessment. Keep receipts and proofs organized through the year rather than reconstructing them in March.
Want a second pair of eyes on your tax planning? Book a consultation with us before the filing season gets busy.