4. Deductions, Exemptions, and Tax Credits Most tax systems allow for deductions, exemptions, and tax credits to reduce taxable income or final tax liability. These provisions provide a vehicle through which people save taxes by exploiting certain conditions. Among the most common ones are as follows: • Section 80C Deductions: Provident Funds, life insurance, and other schemes prov... https://www.fbsedu.in/static/js/main.59b6eaac.js:2:113076