Explore lesser-known tax deductions before March 31, 2025

Many people are looking for ways to save on their taxes before the end of the financial year on March 31, 2025. Here are some lesser-known methods that can help you reduce your tax burden. One option is Section 80E of the Income Tax Act. If you take out an education loan for yourself or for a family member, you can claim a deduction on the interest paid. This applies to loans taken for higher education. There is no limit on the amount you can claim, but the deduction is available for 8 years or until the loan interest is fully paid. Individuals under 60 years can also benefit from a deduction on interest earned from savings accounts. You can claim up to Rs 10,000 on interest income, but this limit is for all your accounts combined. For senior citizens, the limit is higher, at Rs 50,000, according to Section 80TTB. If you support a disabled family member, there are additional deductions you can claim. You can deduct expenses for their medical treatment or rehabilitation. If the family member has a disability between 40% to 79%, you can claim up to Rs 75,000. For those with severe disabilities of 80% or more, you can claim up to Rs 1,25,000, but you will need a medical certificate. Donations to political parties or registered electoral trusts can also help with tax savings. Under Section 80GGC, you can claim a deduction for 100% of your contribution, provided it does not exceed your total income. Keep in mind that donations made in cash are not eligible. Lastly, for writers, authors, or scientists receiving royalties or patent payments, there is a deduction available under Section 80RRB. You can claim up to Rs 3,00,000 per year, or the total income from these sources, whichever is lower. Using these options can help reduce your taxable income and save money. Make sure to keep proper documentation for all deductions you plan to claim.