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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80 maximum limit being Rs 3 lakhs. Any royalty income received by you on a patent registered on or after April 1, will be eligible for deduction under section 80RRB. Section 80 JJAA Indian companies which have gained profits from the manufacture of goods in factories. You can claim deduction for investments made in the return of income for the year in which you have made the investment.

Is there any restriction or maximum limit upto which I can claim a deduction under Section 80E? The sixth tab is divided into 4 sections and deduction can be claimed as either percent or 50 percent of the amount donated with subject to ‘With’ or ‘Without’ the upper limit. Gross adjusted income is your gross total income minus a all exempted income, b long-term capital gains and iii all deductions under section 80C to 80U except for 80G. Have you taken home loan from any of your friends and relatives?

Deductions on Section 80C, 80CCC & 80CCD

To see your saved stories, click on link hightlighted in bold. This article will help you understand the deduction that can be claimed for the repayments. Find out if you are eligible to claim a deduction under section 80DD or not. Deductions under Section 80D This section provides a deduction for expenses incurred towards medical insurance, preventive health checkup, and other medical expenses.

The tax payer must produce a certificate in the prescribed form duly signed by the concerned authority. Find this comment offensive?

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

Knowledge Center Income Tax Guides Guides that help you file your taxes and help understand everything about tax calculations U. Deduction under Section 80RRB Deduction available for income earned by the way royalty for a patent registered on or after It is important to note that the if you have income taxable under the head Capital Gains, then you cannot file return in ITR This will alert our moderators to take action Name Reason for reporting: Under section 80TTA offers a tax deduction on interest income earned from deposits held in savings accounts of some financial institutions.


The next step is to check and make sure that your TDS that has already automatically been filled in tab 4 called ‘Taxes paid’ by the software is correct as per the TDS certificates received by you.

Any taxpayer making donations towards specified institutions, funds etc will be eligible to claim a deduction under Section 80G. Never miss a great news story! Deductions under Section 80J ].

Join Us On Telegram. Five secfion to e-verify your ITR. The permitted deduction is Rs 75, under normal disability and Rs 1,25, under deducttion disability. The maximum deduction amount available depends on the nature of disability.

Deductions under Section 80C to Section 80U

Deduction under Section 80C is available in respect of life insurance premium paid to any insurer approved by the Insurance Regulatory and Development Authority of India, whether public or private.

The government of India has provided such deductions to inculcate the habit of saving and investing in the individual and institutional tax payers. The maximum deduction allowed under this section depends on the age of the person on whom money is being spent for the treatment.

Proofs for making 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.

Section 80P veduction for percent deduction in respect of profit of cooperative society which provide assistance to its members engaged in primary agricultural activities.


Maximum deductkon under this section is Rs 20, Hence, a company or a firm cannot take the benefit of Section 80C. You are eligible to claim deduction for both new policy and renewal of existing health insurance ho, adds Wadhwa. If treatment is being received in a government hospital, then it must have name and address of that hospital as well. Hence, the actual deducttion paid during a year can be claimed as a deduction.

Deduction available for income earned by the way royalty for tto patent registered on or after It is proposed to extend similar benefit to Farm Producer Companies FPChaving a total turnover upto Rs Crore, whose gross total income includes any income from.

Applicable only to senior citizens. This otherwise means, now it 880c a common deduction available upto Rs 1 lakh for all senior citizens including super senior citizens unlike earlier. For claiming the deduction three documents are required such as stamped receipt, the photocopy of the 80G certificate.

A deduction of up to Rs 25, is available for health insurance premium paid for self, spouse, dependent children. Therefore, availing a loan from your employer will not entitle you to claim the interest under Section 80E. This loan should have been taken for higher education for you, your spouse or your children or for a student for whom you are a legal guardian.

Deduction under Section 80GG Section undwr is a provision which allows a deduction on the rent paid by an individual who is not receiving HRA from his employer in any form or who is a self-employed person. 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. Read on to know everything about PPF.

Payment of interest on home loan You ujder claim additional deduction of Rs 50, on the interest paid on home loan if you satisfy the following conditions:

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