The Income Tax Act provides certain deductions from your gross total income. These deductions are given in Chapter VIA of the Income Tax Act. Few of them are;

SECTIONS AVAILABLE TO SAVE YOUR INCOME TAX
Section Deduction be allowed on
80C Payment of Life Insurance   Premium for self, spouse & children – (SA should be   atleast 10 times of annual premium)
Contribution   to Unit Linked Insurance Scheme – ULIP for self, spouse & children (SA should be atleast 10 times of annual premium)
Deposit in Public Provident Fund-PPF (For self, spouse & children)
Purchase of   National Saving Certificates – NSC (Self)
Contribution to Equity Linked Savings Scheme (Self)
Payment of   tuition fees for children to any School, College, University or Educational   Institution
Repayment of   Principal of housing loan
Fixed Deposit for 5 years with a Scheduled Bank
80CCC Contribution to Pension Plans (Self)
80CCF Investment in Infrastructure Bonds (Currently it has been removed for the AY 2012-13)
24 Repayment of Interest on Housing Loan
80D Mediclaim Policy Premium (For self,   spouse, children & dependent parents)
80DD Expenses incurred on medical treatment, training rehabilitation of a handicapped dependent
80E Payment of interest on loan taken for   higher education for a full time course
80G Donation of funds to certain charitable institutions etc.
80U Deduction in case of self being totally blind or physically handicapped
Save your Income Tax with the available deductions

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