Deductions are the exemptions on the amount taxable as per Income Tax Act. They are. Deduction Under Section 80C and 80U: Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg. The aggregate amount of deductions under sections 80C to 80U cannot exceed gross total income(gross total income after excluding long term capital gains.

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Premium paid on insurance on life of the Individual or HUF. If your parents are above 60 years, then ssction deduction will be of Rs 30, It also lists the supporting banks and the link to them, where the payment can be made.

The processing of the agricultural produce of its members. While fo deductions under section 80DDB, the maximum amount of deduction available will be reduced by the amount of reimbursement, if any, received from the employer feduction insurance company, adds Wadhwa Section 80E: Deduction under Section 80EE Individuals can avail section 80EE deduction for ot interest repayments of a loan taken to buy a residential house property for the first time, i.

If you are a senior citizen above 60 years of age, then your interest income from a Fixed Deposit is exempt under Section 80TTB. Income from interest on savings bank account Interest earned on your savings account deposits either held with a bank or post office is taxable.

In which year can I claim deduction of the stamp duty paid for purchase of a house property. Download ClearTax Invest App. Deductions under Section 80C Tax deductions under section 80C allow you to claim a deduction of maximum Rs 1. Section 80EE along desuction section 80C can help you minimise your tax liabilities.

Payment of interest on home loan You can claim additional deduction of Rs 50, on the interest paid on home loan if you satisfy the following conditions: A deduction of up to Rs 25, is available for health insurance premium paid for self, spouse, dependent children. Individuals undrr than 60 years and HUFs are eligible for a deduction up to Rs 10, under this section. This will alert our moderators to take action Name Reason for reporting: Section 80C to Section 80U Deductions. Already have an account?


Gratuity in India — Explained in Detail April 25, Section 80U Physical Disability. However, the amount of deduction that you can claim depends on the type of institution you have given your donation to.

Assessees can claim deductions on profit generated through industrial activities relating to telecommunication, power generation, industrial parks, SEZs, etc. This benefit has been discontinued From A. This section allows you a deduction of up to Rs.

Individuals can avail section 80EE deduction for the interest repayments of a loan taken to buy a residential house property for the first time, i. Deduction under Section 80TTA Under section 80TTA offers a tax deduction on interest income earned from deposits held in savings accounts of some financial institutions.

Deduction under Section 80DD Section 80DD provides a deduction for medical expenses are taken on to take care a differently abled family member dependent on the taxpayer.

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

Deduction under Section 80LA This deduction can be availed by scheduled banks having offshore banking units in SEZs, entities of International Ddeduction Services Centres and banks which have been established outside India. Can I claim the 80C deductions at the time of filing return in case I have not submitted proof to my employer?

Tax deductions help you save your tax liabilities. While claiming this deduction, you are also required to fill in the details of the institutions to which donation has been made in the sixth tab ’80G’. Deduction under Section 80IA Assessees can claim deductions on profit generated through industrial activities relating to telecommunication, power generation, industrial parks, SEZs, etc.


Check out how section 80c offers tax relief on some of your expenses. Section 80E Interest on Education Loan. The Section 80E Deduction for interest paid on loan taken for higher education explained, how you can save on the tax you are paying.

Deductions on Section 80C, 80CCC & 80CCD

Click here to know information on Tax Exempted Deruction. It’s a secure way to invest in mutual funds. Signup to your Account. It has been proposed to insert a new provision to allow deduction of up to Rs. Know how to claim section 87A rebate in ClearTax Software. This deduction is available for rent paid when HRA is not received.

Your email address will not be published. Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped dependent relative b.

Know about PPF benefits and how it can help you in saving your taxes.

Find out the withdrawal limit and tax treatment on or before retirement and upon death of Subscriber. Please check your email for guide in PDF format.

Section 80 Deduction : Income Tax Deductions under Section 80C, 80CCD, 80CCC

In-kind contributions such as food material, clothes, medicines etc do not qualify for deduction under section 80G. To reduce your gross total income and thereby your tax liability, you have to enter details of deductions that you want to claim under sections 80C to 80U of the Income Tax Act.

Find out if you are eligible to claim a deduction under section 80DD or not. It has been proposed by finance bill that the upper limit of this increased deduction should be raised to Rs.