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.

Author: Voodookus Jukus
Country: Algeria
Language: English (Spanish)
Genre: Personal Growth
Published (Last): 10 January 2018
Pages: 318
PDF File Size: 20.35 Mb
ePub File Size: 1.51 Mb
ISBN: 793-3-31980-497-7
Downloads: 60243
Price: Free* [*Free Regsitration Required]
Uploader: Daigrel

Government or any approved local authority, institution or association to be utilized for the purpose of promoting family planning Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India. But if any deduction is allowed under section 80CCD 1then no deduction will be allowable under this section for the same contribution.

For interest payment on loan taken for higher studies for self or education of spouse or children. Investments and payments that are eligible tax-saving deductions under Section 80C.

Choose your Account Type.

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

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.

This benefit has been discontinued From A.

Please clarify the effect is from 1st April are from 1st April Sum deducted by the government from the salary of an employee for securing a deferred annuity for self, spouse or children. Signup to your Account.


Read this article to know more about EPF withdrawal. Related Lisg November 2, An additional deduction for insurance of parents is available to the extent of Rs 25, if they are less than 60 years of age or Rs 50, has been increased in Budget from Rs 30, if parents are more than 60 years old. In ULIP, a part of the money goes towards insurance and the rest towards investments.

Premium paid on insurance on life of the Individual or HUF. The Maximum permissible deduction is Rs. In case of severe disability, deduction of Rs. The processing of the agricultural produce of its members. Subscription to deposit scheme of Public Sector, 80 in providing housing finance. Deduction under Section 80DDB 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 reductions, if the person treated, is a senior citizen.

Know more on the procedure for PF transfer online. Enter the username or e-mail you used in your profile. 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. Email Me This Guide. For claiming the deduction three documents are required such as stamped receipt, the photocopy of the 80G certificate.

A glance of deductions available u/s 80C to 80U

Know how to claim section 87A rebate in ClearTax Software. If you have been a generous soul in the past year, you can save some amount of tax. The Deductipns 80E Deduction for interest paid on loan taken for higher education explained, how you can save on the tax you are paying.

In case the individual on deructions of whom such expenses are incurred is a senior citizen, a deduction upto Rs 1 lakh can be claimed by the individual or HUF taxpayer.


Hence, you can see that there are several tax deductions available for the taxpayers under various sections of the Income Tax Act mentioned above. Deductions can be claimed for amounts contributed in any way other than cash.

Get done in 7 mins. Hence, the actual interest paid during a year can be claimed as a deduction. Individuals less than 60 years and Deducitons are eligible for a deduction up to Rs 10, under this section. For maintenance including treatment or insurance the lives of physical disable dependent relatives. Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped dependent liist.

In which year can I claim deduction of the stamp duty paid for purchase of a house property.

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

A deduction of interest paid on education loan under Section 80E can be made only if the loan has been availed from a financial institution for pursuing higher education. Deduction under Section 80IA Assessees can claim deductions on profit generated through industrial activities relating to telecommunication, power generation, industrial parks, SEZs, etc.

Here’s a step-by-step guide to register yourself for an i-SIP facility for netbanking of other banks.

Applicable only to senior citizens. Can I claim the 80C deductions at the time of filing return in case I have not submitted proof to my employer? You can claim deductions and save tax even when you have missed income tax proof submission deadline.