A penny saved is a penny earned. There are many income tax deductions you can avail of while filing your income tax returns. Since salaried individuals constitute the major chunk of taxpayers, they should know about all possible deductions to claim while filing the form to maximise their returns. Allowances take up a significant part of salaried employees’ compensation packages, which can be claimed to reduce their tax burden. From House rent allowance, deductions based on education loans, medical insurance, home loans, etc. the options are many. Before you begin filing your ITR make sure to gather all relevant documents and receipts to substantiate your claims and streamline your filing process.