Section 80C to Section 80U guide by H&R Block covers all details that you need to know about deductions that can be claimed while filing your. 4 days ago A complete guide on Income Tax deduction under section 80C, 80CCD, 80CCC. Section 80U – Tax Deduction for Disabled Individuals. Deduction Under Section 80C and 80U: Know more about income tax The extensive list of deductions that an individual can claim under Section 80C has.

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Those involved in other forms of business other than mentioned above are eligible for deduction ranging between Rs 50, and Rs 1,00, depending on the type of work dedutions are involved in. Section IC deduction is available for assessees who have earned profits from states qualified as special states.

Did you know you can save on tax if you have a Home Loan?

It also lists the supporting deductiobs and the link to them, where the payment can be made. Rajiv Gandhi Equity Scheme has been discontinued starting from 1 April Employees working on contract basis for a period less than days in the preceding year or those working in managerial or administrative posts do not qualify.

This section allows you a deduction of up to Rs. Partial NPS withdrawals will be tax free – Budget Dductions 80D Medical Insurance.

Mode of donation plays a role in deciding the deduction limit. Individuals with income from business and professions can deructions the same under section Deduction under Section IB Section IB Assessees who have earned profits from hotels, shops, multiplex theatres, cold storage plants, housing project, scientific research and development, etc.

You can still claim these deductions while e-filing as long as you have the proof with you. Hence, the insurance premium you are paying will also help you claim an 80C deduction. I am paying medical insurance premium for a medical policy taken in my name, my wife and children.

Any reimbursement of medical expenses by an insurer or employer shall be reduced from the quantum of deduction the taxpayer can claim under this section.


Proofs for veductions investments are submitted to the employer before the end of a Financial Year FY so that the employer considers these investments while determining your taxable income and the tax deduction that needs to be made.

Deductions on Section 80C, 80CCC & 80CCD

In case of single premium health insurance policies having cover of more than one year, it is proposed that the deduction shall be allowed on proportionate basis for the number of years for which health tto cover is provided, subject to the specified monetary limit. Nature of amount spent Family Member Parents Age below 60 years Age 60 years or more Ti 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, It is a secure way to invest in mutual fund.

One of the deductions available under Chapter Vi A is section deductiona which is available for co-operative societies. Read more on eligible deductions, exception. From FY any donations made in cash exceeding Rs 2, will not be allowed as deduction.

This deduction can only be claimed when the contribution has been made via cheque or draft or in cash. Click here to know information on Tax Exempted Institutions.

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

The deduction amount varies with the severity of the disabled member. Entire amount of interest is deducatble deductipns max of 8 years. I want an expert to help me file.

Can I claim the interest paid on such loan as a deduction under Section 80E? Deductions under Section 80D This section provides a deduction for expenses lit towards medical insurance, preventive health checkup, and other medical expenses.

For a HUF, such deduction is available in respect of medical expenses incurred towards these prescribed ailments, for any of the members of the HUF. Any other fund or any institution which satisfies conditions mentioned in Section 80G 5 Government or any local authority to be utilized for any charitable purpose other than the purpose of promoting family planning Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation deductionw for the purpose of planning, development or improvement of cities, towns, villages or both Any corporation referred in Section 10 26BB for promoting the interest of minority community For repairs or renovation of any notified temple, mosque, gurudwara, church or other places.


Know more about the features, benefits and documents required for UAN. I have been paying life insurance premium to a private insurance company. A deduction of Rs. Payment of Tuition fees by an Individual Assessee at the time of admission to any university, college, school or other educational institutions within India for the purpose of full time education of any two children. Income from house property.

List of deduction from total income u/s 80C to 80U – Goodreturns

Hence, you can claim both premiums paid as a deduction under Section 80D. Section 80EE along with section 80C can help you yo your tax liabilities. Subscription ti deposit scheme of Public Sector, engaged in providing housing finance. Gold, Equities Or Debt: This article will help you understand the deduction that can be claimed for the repayments. The Maximum Deduction allowed is Rs. There is no limit on the amount of interest you can claim as deduction under section 80E.

Under section 80TTA offers a tax deduction on interest income earned from deposits held in savings accounts of some financial institutions.

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

Loans that are taken from approved charitable organisations and financial institutions only are eligible under this section. This amendment will take effect, from 1st April, Hence, a company or a firm cannot take the benefit of Section 80C. Section 80EE allows tax benefits for first time home buyers. Principle repayment of Housing Loan.

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