deepikan19 Started The Discussion:
Hi Can any one tell me What is Section 80 Deductions? & also Section 80C Deductions. Thanks Sandy
Dear Sandy ,
Under Sec 80
Equity Linked Saving Scheme (ELSS) Maximum amt Rs 10,000 Tax Savings 15% or 20%
Mutual Fund Pension Plan Maximum amt Rs 70,000, Savings 15% or 20%
Infrastructure Bonds Maximum amt Rs 1,00,000,Savings 15% or 20%
Public Provident Fund (PPF) Maximum amt Rs 70,000,Savings 15% or 20%
National Saving Certificate (NSC) Maximum amt Rs 70,000,Savings 15% or 20%
ULIP of UTI Maximum amt Rs 70,000,Savings 15% or 20%
LIC premiums Maximum amt Rs 70,000,Savings 15% or 20%
Return of Principal of Housing Loan Maximum amt Rs 20,000,Savings 15% or 20%
Maximum amount eligible for tax relief under section 88 and 80CCC. Rs 1,10,000
Under 80C, an employee is entitled to deductions for the amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.100, 000/-:
• Life Insurance Premium
• Contributions to recognized Provident Fund / V P F / P P F
• Contributions to approved Superannuation Fund
• Cumulative Time Deposit A/c with P O
• Contribution to U L I P, 1971 of Unit Trust of India
• Contribution to U L I P of LIC Mutual Funds
• Annuity with Insurance Company
• Subscription to Mutual Fund
• Subscription to deposit schemes of National Housing Bank
• Subscription to NSC & Interest accrued on NSC subscription
hope this helps u
I need one more clarifiation for income tax calculation what will be the maximium amount we can exempted. For Example:
1. Once income is 450000/- p.a
then he will be generally exempted to Re. 1lkh
Then If he shows document under Sec 80 to rs. 1.10 lkh
Then if he show under sec 80 C to rs. 1 lkh
Therefore his exemption is 3.10 lk, the remaining 1.40, as he eligible to pay the tax?
Can give your contact number or mail ID to contact u further.
Thanks & regards,
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