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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Subscription to any deposit scheme or contribution to any Pension fund set up by the National Housing Bank. Before claiming this deduction, ensure that you have mentioned deducton interest earned from savings accounts in the ‘Income from other sources’ row.

This benefit has been discontinued From A. Wadhwa says, fax you are a self-employed person, living in a rented accommodation, then you can claim deduction under section 80GG.

The maximum limit being Rs 3 lakhs. In case the individual on behalf of whom such expenses are incurred is a senior citizen, a deduction upto Rs 1 lakh can be claimed by deducyion individual or HUF taxpayer.

To overcome this difficulty, the requirement of period of employment has been proposed to be relaxed.

Deductions on Section 80C, 80CCC & 80CCD

The maximum deduction allowed under this section depends on the age of the person on whom money is being spent for the treatment. In order to encourage creation of new employment, it is proposed to extend this relaxation to footwear and leather industry. Leave a Reply Cancel reply Your email address will not be published. It is important to note that the if you have income taxable under the head Capital Gains, then you cannot file return in Ujder Find out decuction income tax benefits to Employee on Medical Reimbursements.


This will alert our moderators to take action. Deruction can claim this deduction, only if you have exhausted the limit available to you under the head ‘Income from house property’. This section provides a deduction for expenses incurred towards medical insurance, preventive health checkup, and other medical expenses.

There is a proposal in Budget that no deduction under Section 80IA to 80RRB would be available if the return of income is not filed within the due date.

Tax Deduction | Section 80C: How to claim deductions under section 80C to 80U while filing ITR1

The maximum deduction that can be claimed under this section is Rs 3 lakh. Deduction under Section 80RRB Deduction available for income earned by the way royalty for a patent registered on or after Section 80C inxome Section 80U Deductions.

Your Reason has been Reported to the admin. Deduction under Section 80LA This deduction can be availed by scheduled banks having offshore banking units in SEZs, entities of International Financial Services Centres and banks which have been established outside India. Oncome amendment will take effect from 1st April, and will, accordingly, apply in relation to the assessment year and subsequent assessment years. I want an expert to help me file.

Find out the withdrawal limit and tax treatment on or before retirement and upon 8u of Subscriber.

Section 80C to Section 80U Deductions

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. Can I claim the 80C deductions at the time of filing return in case I have not submitted proof to my employer? An increased deduction of Rs. If the dependent individual has disability of at least 40 percent, then you can claim up to Rs 75, Deductions can be claimed on certain expenses like investments made in government schemes, fees for education, charitable contributions, insurance schemes, retirement plans, etc.


Section 80E Interest on Education Loan. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings.

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

Payment made to receive pension in future such as towards pension plans of insurance companies and mutual funds. Notify me of new posts by email.

Resident Indian authors are eligible to claim deductions under section 80 QQB on royalty earned from the sale of books. Find out if you are eligible to claim a deduction under section 80DD or not. Section 80D Medical Insurance. Interest on loan taken for higher education If you have paid interest in FY on an education loan taken for the higher education i.

Section 80CCF was available for Individuals and Hindu Undivided Family and provides tax deductions on subscription of long-term infrastructure bonds notified by the government. 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 they are involved in.

To claim this deduction, you are required to furnish a medical certificate from a government hospital as per the format suggested in the Form IA, adds Wadhwa. Find out how to reach Rs.

Plans start from Rs. This article will help you understand the deduction that can be claimed for the repayments.