In India, there are several tax deductions and exemptions available to individuals and businesses. Some of them are: Tax deductions for individuals: Standard deduction: A standard deduction of INR 50,000 is available to salaried individuals. Section 80C: This allows individuals to claim a deduction of up to INR 1.5 lakh for investments in specified instruments such as life insurance, Public Provident Fund (PPF), National Savings Certificates (NSC), and Equity Linked Savings Scheme (ELSS), among others. Section 80D: This allows individuals to claim a deduction of up to INR 25,000 for health insurance premiums paid for themselves, their spouse, and dependent children. An additional deduction of up to INR 50,000 is available for premiums paid for parents who are senior citizens. Section 80E: This allows individuals to claim a deduction of the entire amount of interest paid on education loans taken for higher studies for self, spouse, or children. Section 80TTA: This allows individuals to claim a deduction of up to INR 10,000 on interest earned from savings bank accounts. Tax deductions for businesses: Depreciation: Businesses can claim depreciation on fixed assets such as machinery, buildings, and vehicles, which reduces their taxable income. Section 80C: Similar to individuals, businesses can also claim deductions under Section 80C for certain investments. Research and development: Businesses can claim a deduction of up to 150% of the amount spent on research and development activities. Start-up deductions: New businesses can claim various deductions under the Income Tax Act to encourage entrepreneurship and innovation. It is important to note that the eligibility for deductions and exemptions varies based on the specific provisions of the Income Tax Act, and taxpayers should consult a tax professional for specific advice.