Deduction Under Section 80C and 80U: Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg. Section 80U. Deduction for Person suffering from Physical Disability. A deduction of Rs. By reducing the chargeable income, these provisions reduce the tax liability, increase The aggregate amount of deductions under sections 80C to 80U cannot.

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Any royalty income received by you on a patent registered on or after April 1, will be eligible for deduction under section 80RRB. Foul language Slanderous Inciting hatred against a certain community Others. In case of severe disability, deduction of Rs.

Deductions under Section 80C to Section 80U

Contribution by the employer to NPS is deductible under dwduction 80CCD 2 in the hands of the concerned employee in the year in which contribution is made. Read more on eligible deductions, exception. Resident Indian authors are eligible to claim deductions under section 80 QQB on royalty earned from the sale of books.

Age and maximum amount of deduction under section 80DDB Age of the person i. You can go ahead claiming the stamp duty for purchase of a house in the year in which the payment is made towards stamp duty under Section 80C.

Deductions on Section 80C, 80CCC & 80CCD

Signup to your Account. I am paying medical insurance premium for a medical policy taken in my name, my wife and children. Maximize your tax savings 80C. Download ClearTax Invest App. To claim this deduction a certificate of disability is required from prescribed medical authority. Section 80DDB is available for treatment of certain specified diseases with a limited amount of Rs 40, for people below 60 years of age and Rs 1,00, if the person treated, is a senior citizen.

Will be displayed Will not be displayed Will be displayed. Income from interest on savings bank account Interest earned on your savings account deposits either held with a bank or post office secrion taxable.


Deductions under section 80C to 80 U of Income Tax Act

Already have an account? Nature of amount spent Family Member Parents Age below 60 years Age 60 years or more Age below 60 years Age 60 years or more Medical Insurance 25, 50, 25, 50, CGHS 25, 50, — — Health Check-up 5, 5, 5, 5, Medical Expenditure — 50, — 50, Maximum deduction 25, 50, 25, 50, The Post Office Saving Schemes come under central government run savings portfolio that offer a high amount of reliability.

The maximum limit being Rs 3 lakhs. Wadhwa says, “Section 80DD deduction can be claimed only if dependent individual is suffering from specified diseases as mentioned in the Act and is either disabled or severely disabled. While claiming deductions under section 80DDB, the maximum amount of deduction available will be reduced by the amount of reimbursement, if deeuction, received from the employer or insurance company, adds Wadhwa Section 80E: Deduction under Section 80TTB Interest income of senior citizens up to Rs 50, on deposits with banks and post offices will be exempt, and no TDS will be calculated on such income under section A.

Start your Tax Return Now. The maximum deduction allowed under this section depends on the age of the person on whom money is being spent for the treatment. The maximum deduction that can be claimed under this section is Rs 3 lakh.

The deduction is available for the taxpayer, spouse, dependent children, parent dependent or independent. seciton

Deductions under section 80C to 80 U of Income Tax Act 1961 AY 2019-20 | FY 2018-19

The taxpayer, spouse or minor child should not own residential accommodation at the place of employment. It has been proposed by finance bill that the upper limit of this increased deduction should be raised to Rs. Before claiming this deduction, ensure that you have mentioned total interest earned from savings accounts in the ‘Income from other sources’ row.

If you claim deduction under this section, then any other individual cannot claim deduction on your behalf under section 80DDB as mentioned above, adds Wadhwa.


Section 80GGB Here deductions are allowed to Indian companies on funds donated to political parties or an electoral trust qualifying for such deductions. Principal Repayment on educational loan cannot be claimed as tax deduction.

Sum deducted by the government from the salary of an employee for securing a deferred annuity for self, spouse or children.

No deduction shall be allowed in respect of any sum contributed by way of cash. You can claim this deduction, tqx if you have exhausted the limit available to you under the head ‘Income from house property’. Hence, you can see that there are several tax deductions available for the taxpayers under various sections of the Income Tax Act mentioned above.

Deduction under Section IB Section IB Assessees who have earned profits from hotels, uncer, multiplex theatres, cold storage plants, housing project, scientific research and development, etc. The investment should be made in such listed investor as per the requirement specified under the notified scheme. Those involved in other yax of business other than mentioned above are eligible for deduction ranging between Rs 50, and Rs 1,00, depending on the type of work they are involved in.

Tax Filing Guides Useful and informative US tax content to help you be aware of everything you need to know. Check out the conditions that must be fulfilled and deductions under this section. This article will help you understand the deduction that can be claimed for the repayments. See all our plans. In simple terms, you can reduce up to Rs 1,50, from your total taxable income through section 80C. There is a proposal in Budget that no deduction under Section 80IA to 80RRB would be available if the return of ho is not filed within the due date.