Hi Can any one tell me What is Section 80 Deductions? & also Section 80C Deductions. Thanks Sandy
From India, Madras
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From India, Madras
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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
Regards
shubha[/list]
From United Arab Emirates, Dubai
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19Under 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
Regards
shubha[/list]
From United Arab Emirates, Dubai
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Hi Shubha,
Thanks for elaborating on it. Can you provide any online resources from where I can get more information on Income Tax and related topics? I could not find the same on the IT website.
Thank you in advance.
Warmly,
Shashank
From India
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Thanks for elaborating on it. Can you provide any online resources from where I can get more information on Income Tax and related topics? I could not find the same on the IT website.
Thank you in advance.
Warmly,
Shashank
From India
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Dear Dipika , Rite now I dont know any infomation abt 217A .I shall find out and let u know . Regards shubha
From United Arab Emirates, Dubai
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From United Arab Emirates, Dubai
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Hi Shubha,
I need one more clarification for income tax calculation. What will be the maximum amount we can be exempted? For example:
1. Once income is 450,000/- p.a., then he will generally be exempted up to Rs. 1 lakh.
2. If he shows documents under Sec 80 for Rs. 1.10 lakh.
3. If he shows under Sec 80 C for Rs. 1 lakh.
Therefore, his total exemption is Rs. 3.10 lakh. The remaining Rs. 1.40 lakh, as he is eligible to pay the tax.
Can you provide your contact number or email ID for further contact?
Email: ramya@bioenabletech.com
Thanks & regards,
Ramya Shankar
From India, Pune
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I need one more clarification for income tax calculation. What will be the maximum amount we can be exempted? For example:
1. Once income is 450,000/- p.a., then he will generally be exempted up to Rs. 1 lakh.
2. If he shows documents under Sec 80 for Rs. 1.10 lakh.
3. If he shows under Sec 80 C for Rs. 1 lakh.
Therefore, his total exemption is Rs. 3.10 lakh. The remaining Rs. 1.40 lakh, as he is eligible to pay the tax.
Can you provide your contact number or email ID for further contact?
Email: ramya@bioenabletech.com
Thanks & regards,
Ramya Shankar
From India, Pune
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I was going through an article on Section 80D and have certain doubts.
Section 80D Limits
First, under Section 80D limits, the total for self and family is given as ₹25,000 without adding ₹5,000. Why is this done?
Example of Senior Citizen Deductions
The second doubt is related to the example where it discusses a senior citizen (self) and senior citizen parents. Here, the self is also a senior citizen, but still, ₹25,000 is taken and not ₹30,000. Why is this done?
I am attaching the article and have marked my doubts in red. Kindly help me out.
Regards,
Mariya
From India, Lucknow
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Section 80D Limits
First, under Section 80D limits, the total for self and family is given as ₹25,000 without adding ₹5,000. Why is this done?
Example of Senior Citizen Deductions
The second doubt is related to the example where it discusses a senior citizen (self) and senior citizen parents. Here, the self is also a senior citizen, but still, ₹25,000 is taken and not ₹30,000. Why is this done?
I am attaching the article and have marked my doubts in red. Kindly help me out.
Regards,
Mariya
From India, Lucknow
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls