Deduction under section 80c to 80u for ay 2015-16 pdf

For person categorized under section 80u the maximum deduction is 20% of sum assured. Simple income tax calculator fy 201516 xls download archive. The total deduction under this section alongwith section 80ccc and 80ccd is limited to rs. Income tax deductions for employees as per section 80c. What are the conditions and amount of deduction under. Deductions under chapter vi a of income tax act for fy. Guide to section 80 deductions under sec 80c to 80u cakart. Section 80cce provides that the aggregate amount of deductions under section 80c, section 80ccc and section 80ccd1 shall not, in any case, exceed rs. Therefore, there is need for easy chart of all tax deduction us 80c to 80u for an individual taxpayer. Deduction under section 80c a complete list basunivesh. Section 80c of the income tax act allows for deductions up to rs. Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg. Download tax planning ebook for fy 201516 ay 201617 2. Deductions under income tax act 80c to 80u simple tax india.

Complete guide on income tax deduction under section 80c with maximum tax exemption limit of rs 1. Also, income is before making a deduction under section 80gg. Find out the deduction under section 80c for ay 201819. Deduction under income tax 80c to 80u with their limits under the section. Section 80c constitutes many investment options for tax savers. Total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 201415 assessment year 2015.

Kindly note that the total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 201617. Under this section deduction from total income in respect of various investments expenditurespayments in respect of which tax rebate us 88 was earlier available. The contributions can be upto 10% of the salary or gross income and rs 50,000 additional tax benefit us 80ccd 1b was proposed in budget 2015. Under this section, you can claim deduction upto rs 1. The deduction under section 80c is allowed from your gross total income. There is no maximum limit for investment in nsc but the deduction is only till maximum of rs 1. It covers all tax saving sections sec 80c, sec 80ccc, sec 80ccd, sec 80d, sec 80ddb, sec 80dd, sec 80u, sec 80g, sec 80gga, sec. People can claim deduction under section 80u who are suffering from disability at least 40%, they can claim a tax deduction up to rs.

Raising the limit of deduction under section 80u for persons with disability and severe disability. Therefore, if you are in the 30% tax bracket, if you invest a maximum of rs 1,00,000 you save rs 30,000. Chapter vi section 80 erp human capital management. Article explains income tax deduction available to individual and huf under section 80c, section 80ccg, section 80d, section 80dd, section 80ddb, section 80e, section 80ee, section 80g. Deduction under income tax 80c to 80u with their limits. Employers take this investment into account while deducting tds. The existing provisions of section 80u, inter alia, provide for a deduction to an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability as defined under the said section.

List of tax deductions under section 80 of income tax. List of income tax deductions from section 80c to 80u of income tax act for fy 201920 ay 202021. Download deduction under section 80c to 80u file in docx. The deduction is allowed for various investments, expenses and payments. Section 80c income tax deduction under section 80c.

Eligible taxpayers can claim deductions to the tune of rs 1. Sever disability means having any of the above disability of 80% or above. Section 80u income tax deduction under section 80c. A taxpayer, any huf or individual, can claim various deductions on their total income under section 80c of the income tax act and its allied sections like 80ccd and 80ccc to reduce the taxable income and thereby bring down the tax outgo. Lets take a look at the tax deductions that an individual is eligible for on investments under section 80c and section 80u of the income tax act, 1961. Under section 80ddb of the income tax act 1961, an individual can claim tax deduction for medical treatment of certain specified ailments availed for self or a dependent. But many believe that only investments can be claimed for deduction under section 80c but the reality is some expenses like tuition fee or home. Income tax deductions under section 80c to 80u for a. Apart from below 80c deductions, you can also check other tax benefits under 80d to 80u read my other post important things to know before you file your income tax returns 1. For salaried employees, pf is default investment which qualifies for deduction us 80c. For fy 201516 assessment year 201617 a new section 80ccd1b has been introduced to provide for additional deduction for amount contributed to nps of up to rs 50,000. Tax deduction helps in reducing your taxable income. This section can help you to plan your salary components in case your company offers such facility.

Income tax online software income tax excel softwaredownload updated on. A complete guide on income tax deduction under section 80c, 80ccd1, 80ccd1b, 80ccc. Deductions are the exemptions on the amount taxable as per income tax act. The total deduction that an assessee can claim under sections 80c, 80ccc and 80ccd1 would be restricted to. This section allows them to claim tax deductions up to rs. The section 80u of income tax act 1961 takes care of deductions meant for the indian residents categorised into the disabled category as per the rules of the government. Income tax deductions under section 80c to 80u last. Also, total deduction under this section shall not be more than 1. These are mail tool of tax planning for individual and huf and one must take maximum benefit from deduction available under section 80c. The chart given below describes the deductions allowable. In this article you may find complete details for how you can avail the benefit of deduction us 80c by investing in the govt schemes.

The tax benefits under section 80c allow one a maximum investment of rs 1 lakh. Deduction in respect of contribution to pension account cpsby assessee section 80ccd1 allows an employee, being an individual employed by the central government or any other employer, on or after the 01. Click here to know income tax salb rates fy 201415ay 201516 and also see 80c tax deductions. From financial year 201819 onwards assessment year 201920, an assessee is eligible to claim tax deduction of rs. As per section 80ccd1b an additional exemption up to rs.

A quick and simple deck covering all tax saving investments available for individuals in india for fy 201415 ay 201516. No deduction under section 80ccg income tax from ay 201819. Easy chart of deductions us 80c to 80u every individual. Deductions under chapter vi a section 80c, 80d, 80e. Life insurance premium paid on a policy taken on his own life, life of thespouse or any child child may be dependent. Section 80c deductions on investments you can claim a deduction of up to rs. Disallowance for nondeduction of tax from payment to resident from ay 201819 under income from other sources. Section 80d deduction for health insurance premium upto rs 1 lakh you can claim deduction upto rs 25000 for any medical insurance premium paid for yourself, spouse, dependent children, parents. Section 80u tax deduction for physically disabled persons. In the previous article, we have given section 80d. The various investments that can be claimed as tax deductions under section 80c are listed here.

New tax saving options other than 80c fy 2014ay 201415. Section 80ccd1 allows an employee, being an individual employed by the central government or by any other employer on or after 01. Tax deductions under section 80c this section makes both individuals and hindu undivided families eligible for claiming deductions of up to inr 1. Income tax deduction under section 80c and 80u in india. Deductions under income tax act 80c to 80u there are various deduction available to persons under income tax act while calculating the taxable income of a person. As per section 80 ee, loan taken by individual for the purpose of buy a house should not be more than 25 lakh. Total deduction under section 80c, 80ccc and 80ccd1 cannot exceed rs 1,50,000. Circular no 12018 processing of incometax returns under section 1431 of the incometax act. Section 80c of the income tax act provides provisions for tax deductions on a number of payments, with both individuals and hindu undivided families eligible for these deductions. New tax saving options other than 80c fy 2014ay 201415 tax saving options under 80d, 80dd, 80ddb, 80e, 80g, 80gg, 80ggc, 80u, 80ccg, 80gga, 80tta. It deductions allowed under chapter via sec 80c, 80ccc. It basically allows certain expenditures and investments to be exempt from tax. Today we are providing the complete details of income tax deductions under section 80c to 80u.