What are the recent provisions related to tax exemptions and deductions available for individuals, especially in areas such as housing, education, and healthcare?

Recent Provisions for Tax Exemptions and Deductions for Individuals

When it comes to tax exemptions and deductions for individuals, there have been several recent provisions introduced, especially in key areas like housing, education, and healthcare. Here are some of the notable ones:

Housing:

• Increased deduction limits on home loan interest payments under Section 24 of the Income Tax Act.
• Additional deductions for first-time homebuyers under the Affordable Housing Scheme.

Education:

• Expansion of deductions for tuition fees paid for children's education under Section 80C.
• Introduction of deductions for interest paid on education loans under Section 80E.

Healthcare:

• Enhanced deductions for health insurance premiums paid for self, spouse, and dependents under Section 80D.
• Introduction of deductions for medical expenses for super senior citizens under Section 80DDB.

It's important for individuals to stay updated on these recent provisions to optimize their tax planning and savings. Consulting with a tax advisor or financial expert can help in maximizing the benefits available under these exemptions and deductions.