(Read: Old or new income tax regime: which one to choose?) If you have opted for the new tax regime, you need not submit any such document/proofs. This document with the investments or expenses eligible for section 80 deductions will help lower the TDS deduction, of course under the old tax regime. If you are a salaried employee, your employer might be asking you to submit a proposed investment declaration along with the tax regime opted for, to calculate the estimated tax on your salary. Not only in a savings plan, but you are also eligible to claim deductions on certain specified expenses done on medical treatment, education, home buying, etc. not only reduce the tax liability but also encourages savings and investments amongst taxpayers. ![]() Income tax deductions under section 80C, 80CCD, 80D, etc.
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