New Delhi, April 23 -- The new financial year 2025-26 has already started. That is why in the given circumstances it is vital for taxpayers to clearly understand several key sections of the Income Tax Act 1961. The understanding of these sections can be immensely helpful and can significantly influence the tax planning and compliance of taxpayers.

Here are five important income tax provisions that every Indian taxpayer should acknowledge and be aware of:

The Section 80C provides for a deduction of up to Rs.1.5 lakhs annually for individuals and HUFs who decide and invest in several notified financial instruments. Financial instruments such as PPF, EPF, ELSS, 5 year tax saving FDs (fixed deposits), Sukanya Samriddi Yojana and even life i...