1What's the most commonly missed tax deduction?
Health insurance for senior-citizen parents under 80D. It's a separate deduction of up to Rs 50,000, over and above your own family cover, and many people simply forget it.
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ArticleEvery year people overpay tax simply by forgetting deductions they were entitled to. Here are the ones most commonly left unclaimed — all old-regime, all easy to miss.
Reviewed by CA Harika Chebolu, FCA · Last updated 2026-06-13
Quick answer
The deductions taxpayers most often miss — parents' health insurance, savings interest, the extra NPS, education-loan interest and more — and how to claim each.
Most people claim 80D for their own family but forget that premiums for their parents are deductible separately — up to Rs 50,000 if the parents are senior citizens, over and above your own Rs 25,000. If you're paying for your parents' cover, this is money left on the table.
A voluntary NPS contribution gives a Rs 50,000 deduction that sits on top of the Rs 1,50,000 under 80C. People who've maxed out 80C often don't realise there's a further deduction available just for contributing to NPS.
Interest on your savings account is deductible up to Rs 10,000 under 80TTA. For senior citizens, 80TTB is far more generous — up to Rs 50,000, and it covers fixed-deposit interest too. Both are routinely forgotten because the amounts feel small.
Interest on a loan taken for higher education is fully deductible — with no monetary cap — for up to eight years. Whether the loan is for you, your spouse or your children, this is a sizeable break that borrowers frequently overlook.
Home-loan interest up to Rs 2,00,000 under Section 24(b) is sometimes under-claimed, and Section 80DDB allows a deduction (up to Rs 40,000, or Rs 1,00,000 for senior citizens) for treating specified diseases with a specialist's prescription. Families dealing with illness or a property purchase should check both.
Health insurance for senior-citizen parents under 80D. It's a separate deduction of up to Rs 50,000, over and above your own family cover, and many people simply forget it.
Yes — under 80TTB, up to Rs 50,000. Unlike 80TTA (savings interest only, Rs 10,000), 80TTB for senior citizens also covers fixed-deposit interest.
Yes — fully, with no cap, for up to eight years, under 80E. It applies to loans for higher education for you, your spouse or your children.
Worried you've been missing deductions? Write to the firm and we'll review what you can claim.