The HR Department at your company is gearing up to send out emails requesting that you submit proofs for your Income Tax Declaration with the new year approaching.

Section 80CCD of the Income Tax Act allows individuals aged between 18 and 60 years to avail of tax deductions for contributions made towards the Pension Scheme of the Central Government, National Pension Scheme (NPS), or Atal Pension Yojana (APY).

Section 80D of the Income Tax Act provides individuals and Hindu Undivided Families (HUFs) with a deduction for expenses related to medical insurance premiums, medical expenditures, and preventive health checkups within a financial year.

To alleviate this strain, the Income Tax Act offers a provision under section 80DD for tax deductions.