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11474977
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USHA KIRAN SHARMA
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Under Section 80C, the maximum tax exemption limit is Rs 1.5 Lakhs per
annum. The various investments that can be claimed as tax deductions under
section 80c are listed below;
Section 80CCC
Contributions made towards Annuity plans available with any of the Life
Insurance Companies for receiving pension from the fund can be considered
for tax benefit. The maximum Tax deduction allowed under this section is Rs
1.5 Lakhs.
Section 80CCD
It is to be kindly noted that the total deductions under sections 80C, 80CCD
(1) and 80CCC put together cannot exceed Rs 1,50,000 for the financial year
2017-18.
Section 80DD
Section 80DDB
Any individual below the age of 60 years can claim upto Rs 40,000 for the
treatment of certain specified critical diseases. This can also be claimed for
his/her dependents.
Senior Citizens (above 60 years) can claim upto Rs 60,000 and very Senior
Citizens (above 80 years) can claim Rs 80,000 under this section.
Section 80U
This section is similar to Section 80DD but here the Tax deduction is
permitted for the employee himself who is physically or mentally challenged.
Section 80D
Upto Rs. 30,000 can be deducted towards the medical insurance premium for
senior citizens (above 60 years) and upto Rs. 25,000 can be deducted towards
medical insurance of self and dependents (spouse & children).
Section 24: Income Tax Benefit for Interest paid on Home Loan
Income tax benefit on payment of Interest paid on home loan is allowed for
deduction under Section 24. The maximum deduction allowed under this
Section for a self-occupied house property is upto Rs. 2 Lakhs.
In case, the home Loan has been taken for the property which is not self-
occupied, there is no maximum limit prescribed and the entire interest paid is
fully exempted.
If the taxpayer has availed a home loan for repair works or reconstruction, a
maximum deduction of upto Rs 30,000 per financial year is permitted.
Section 80EE
In Budget 2016-2017, a new proposal has been made in which, first time
home buyers are eligible for an additional tax deduction of up to Rs 50,000
on home loan interest payments under section 80EE. For claiming tax
deductions under this new section 80EE, the following criteria have to be met
Section 80 TTA
Under this section 80TTA, upto Rs. 10,000 from the total gross income can
be claimed towards income generated from interest on savings account
deposits with a bank or post office or co-operative society. This deduction
cannot be claimed on income generated from interest on fixed deposits.
Section 80GG
As per the budget 2016, the permissible tax deduction under 80GG has been
raised from Rs 24,000 p.a to Rs 60,000 p.a. 80GG is applicable only for those
individuals who do not receive HRA from employer and do not possess a
residential property.
The maximum tax deduction will be limited to the least of the following
criteria;
Section 80G
Section 80E
Interest paid towards your education loan can be claimed under Section 80E
as a tax deduction. This loan should have been ideally availed by you, your
spouse or children or by a student whom you are the legal guardian, for
higher education purposes. Only interest paid can be claimed and not the
principal.
Section 80GGC
A taxpayer can claim deduction for the amount that he/she has contributed to
a political party or an electoral trust formed to oversee the election
process. The contributions made in cash are not allowed for deductions.
(Political party refers to any political party registered under the section 29A
of the Representation of the People Act, 1951)
Section 80RRB