What are deductions in Indian income tax?
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Deductions in Indian income tax refer to certain expenses and investments that are eligible for deduction from the total income, thereby reducing the taxable income and the tax liability. Examples of deductions include contributions to Provident Fund (PF), Public Provident Fund (PPF), life insurance premiums, health insurance premiums, and investments in specified tax-saving schemes such as Equity Linked Savings Schemes (ELSS) and National Pension System (NPS).