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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Deductions under section 80C to 80 U of Income Tax Act

If you are a deductiobs citizen above 60 years of age, then your interest income from a Fixed Deposit is exempt under Section 80TTB. You can claim deduction for investments made in the return of income for the year in which you have made the investment. However, even if you miss submitting these proofs to your employer, the claim for such investments made can be done lit the time of filing your return of income as long as these investments have been made before the end of the relevant FY.

Find out how to reach Rs. The individual taxpayers are eagerly hoping that the Budget be deductionw more common man friendly one when compared to that of last year For claiming the deduction three documents are required such as stamped receipt, the photocopy of the 80G certificate.


Find out the mode of payment and eligible donations under section 80g and 80gga deductions. Click here to know information on Tax Exempted Institutions.

Profits and gains of business or profession. Section 80CCD provides deductions for investment in pension schemes notified by the Central Government. Can I claim 80C deduction for the premium paid? Candidate I want to discover awesome companies.

Section 80C to Section 80U Deductions

Can I claim the interest paid on such loan as a deduction under Section 80E? 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. Please clarify the effect is from 1st April are from 1st April The benefit can be availed only by individuals.

Deduction under Section ID Section ID Assessees who have earned profits from hotels and convention centres provided their establishments located in certain specified areas, can claim deduction under this section.

Tax Saving Investments Made Simple.

Tax deductions under section 80C allow you to claim a deduction of maximum Rs 1. Assessee gets an additional deduction of 50, if he makes investment in NPS scheme notified by the Central Government. Applicable only to senior citizens. For maintenance including treatment or insurance the lives of physical disable dependent relatives. Section 80D Medical Insurance.

A taxpayer ho save up to Rs 880u. Get CA Assisted Plan. Read our detailed article on Section 80DDB. Section IC deduction is available for assessees who have earned profits from states qualified as special states. Contibution by an employee towards notified pension scheme.


Law has not prescribed any upper limit for making a claim of deduction under Section 80E. Gratuity in India — Explained in Detail April 25, Income tax deduction can be claimed on home loan interest. There is no limit on the amount of interest you can claim as deduction under section 80E. Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped lisg relative b.

Hence, the actual interest paid during a year can be claimed as a deduction.

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

Can I claim a deduction for both premiums paid? Start your Tax Return Now.

Leave a Reply Cancel reply Your email address will not be published. Max dsductions Rs 30, 40, incase of senior citizen. You can claim deductions and save tax even when you have missed income tax proof submission deadline.

Section 80EE along with section 80C can help you minimise your tax liabilities.