Deductions are the exemptions on the amount taxable as per Income Tax Act. They are. Deduction Under Section 80C and 80U: Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg. The aggregate amount of deductions under sections 80C to 80U cannot exceed gross total income(gross total income after excluding long term capital gains.

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Therefore, availing a loan from your employer will not entitle you to claim the interest under Section 80E.

Can I claim the 80C deductions at the time of filing return in case I have not submitted proof to my employer? The maximum deduction allowed under this section depends on the age of the person on whom money is being spent for the treatment.

Notify me of new posts by email. Age and maximum amount of deduction under section 80DDB Age of the person i. Can I claim 80C deduction for the premium paid? Law has not prescribed any upper limit for making a claim of deduction under Section 80E.

This section allows you a deduction of up to Rs. Person with disability If you are suffering from a disability, then you can claim deduction under section 80U. This amendment will take effect from 1st April, and will, accordingly, apply in relation to the assessment year and subsequent assessment years. Investments eligible under this section 80C are. Section 80DDB covers expenses made for the treatment of specified diseases either on self or a dependent.

I have availed a loan from my employer for pursuing higher education. From assessment yearno deduction shall be allowed in respect of any sum contributed by way of cash.

Deductions under Section 80C to Section 80U

Leave a Reply Cancel reply Your email address will not be published. Deduction under Section 80IA Assessees can claim deductions on profit generated through industrial activities relating to telecommunication, power generation, industrial parks, SEZs, etc. Your Reason has been Reported to the admin. Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped dependent relative b.


However, no deduction under section 80TTA shall be allowed in these cases. It is a secure way to invest in mutual fund. Deduction available unde income earned by the way royalty for a patent registered on or after See if you are eligible to claim this deduction. Exemption of interest from banks, post office, etc.

Read more on tax deduction. Investment in this scheme allows a tax benefit under Section 80C upto Rs 1.

How to claim deductions under section 80C to 80U while filing ITR1

While claiming deductions under section 80DDB, the maximum amount of deduction available will be deductio by the amount of reimbursement, if any, received from the employer or insurance company, adds Wadhwa Section 80E: The article gives a detailed understanding on the kinds of disabilities and eligibility for claiming deductions.

The Section 80E Deduction for interest paid on loan taken for higher education explained, how you can save on the tax you are paying. This deduction is allowed to an Individual or a HUF. To claim deductions while filing your income tax return ITRyou first need to fill in the details of your incomes.

Section 80 Deduction : Income Tax Deductions under Section 80C, 80CCD, 80CCC

Income undr deduction can be claimed on home loan interest. You can claim deductions and save tax even when you have missed income tax proof submission deadline. If the dependent individual has disability of at least 40 percent, then you can claim up to Rs 75, Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped dependent relative. The purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members.


Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. In this case, the maximum deduction Rohan can claim under section 80D is Rs. Nature of amount spent Family Member Parents Age below 60 years Age 60 years or more Age below 60 years Age 60 years or more Medical Insurance 25, 50, 25, 50, CGHS 25, 50, — — Health Check-up 5, 5, 5, 5, Medical Expenditure — 50, — deductkon, Maximum deduction 25, 50, 25, 50, Sign Deductiob Remember Password.

Hence, the insurance premium you are paying will also help you claim an 80C deduction.

Section 80GGB Here deductions are allowed to Indian companies on funds donated to political parties or an deductiin trust qualifying for such deductions. This deduction can be availed by scheduled banks having offshore banking units in SEZs, entities of International Financial Services Centres and banks which have been established outside India.

Can I claim a deduction for both premiums paid? Contribution by an employee to an Approved Superannuation Fund. It’s a secure way to invest in mutual funds. An additional deduction for insurance of parents is available to the extent of Rs 25, if they are less than 60 years of age or Rs 50, has been increased in Budget from Rs 30, if parents are more than 60 years old.