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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Sign Up Remember Password. The sum so deducted should not exceed one-fifth of the salary. Payment or deposit to specified scheme for maintenance of dependent handicapped relative. The maximum amount available under section deductilns is Rs 1,00, according to union budget Hence, you can claim both premiums paid as a deduction under Section 80D.

Income from other sources. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier.

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

Deductions under Section 80D This section provides a deduction for expenses incurred towards medical insurance, preventive health checkup, and other medical expenses. 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. It has been proposed by finance bill that the upper limit of this increased deduction should be raised to Rs. Deductionns deductions are available for individuals and Hindu Undivided Deductoins.

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PPF is very popular with its twin benefits of tax saving and long term secure investment. Download and prepare rent receipts from parents. Deductions under Section 80J ]. Also remember that you need get a prescription for such medical treatment from the concerned specialist in order to be able to claim such deduction.

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

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Such deduction, for an individual, is available in respect of any expenses incurred towards treatment of certain specified medical diseases or ailments for himself or any of his dependents.

In this case, the maximum deduction Rohan can claim under section 80D is Rs. Max upto Rs 30, 40, incase of senior citizen. Hence, you can see that there are several tax deductions available for the taxpayers under various sections of the Income Tax Act mentioned above. If you plan your taxes carefully, you can easily maximise your tax savings. From FY a cumulative additional deduction of Rs.

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

The Section 80E Deduction for interest paid on loan taken for higher education explained, how you can save on the tax you are paying.

Deduction under Section 80TTA shall not be available to senior citizens in respect of interest on saving deposits. In case, a taxpayers age and parents age is 60 years or abovethe maximum deduction available under this section is to the extent of Rs. Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped dependent relative.

The Maximum permissible deduction is Rs. The deduction can be claimed maxim for 8 years. Email Me This Guide. Find out the mode of payment and eligible donations under section 80g and 80gga deductions. Sum deducted by the government from the salary of an employee for securing a deferred annuity for self, spouse or children.

Axis Long Term Equity Fund. Hence, the actual interest paid during a year can be claimed as a deduction.