BENGALURU: Are you planning to save this New Year but are still in a dilemma on what tax deductions to choose and what to overlook so as to save some penny from your hard earned money.

Based upon the compilation by Yahoo Finance we bring you four tax deductions you should consider this year in the process of safeguarding your New Year resolution of saving money. Read below to know more.

Health Insurance Premiums

Having a health Insurance not only beneficial for your health but is healthy for your pockets as well. Under Section 80D, premiums for insuring the health of self, spouse and dependent children are eligible for up to 15,000 deduction in one financial year.

You can be eligible for an additional deduction of up to 15,000 if your parents have health insurances as well and you are paying for the cover. If your parent’s are more than 60 years of age, you are eligible for 20,000 deduction. Do remember that health insurance premiums paid in cash are not eligible for any deduction in taxes.

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