Section 80C to Section 80U guide by H&R Block covers all details that you need to know about deductions that can be claimed while filing your. 4 days ago A complete guide on Income Tax deduction under section 80C, 80CCD, 80CCC. Section 80U – Tax Deduction for Disabled Individuals. Deduction Under Section 80C and 80U: Know more about income tax The extensive list of deductions that an individual can claim under Section 80C has.

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Candidate I want to discover awesome companies. Contribution by an employee to an Approved Superannuation Fund. Deduction under Section 80RRB Deduction available for income earned by deductiohs way royalty for a patent registered on or after Therefore, if you have made the investment on 30 Aprilyou will be eligible to claim such investment as a deduction during FY Resident Indian authors are eligible to claim deductions under section 80 QQB on royalty earned from the sale of books.

Deductions under section 80C to 80 U of Income Tax Act

Assessees deductios claim deductions on profit generated through industrial activities relating to telecommunication, power generation, industrial parks, SEZs, deducttions.

From FY any donations made in cash exceeding Rs 2, will not be allowed as deduction. Section 80 JJAA Indian companies which have gained profits from the manufacture of goods in factories. The Chartered Accountants should audit the accounts of these companies and produce a report reflecting the returns. In-kind contributions such as food material, clothes, medicines etc do not qualify for deduction under section 80G.

Here is quick chart of deduction from total income available under section 80C to 80U of the Income Tax Act. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

However, cash donations made more than Rs 10, are not eligible. These ot are available for individuals and Hindu Undivided Families. The purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members.


Signup to your Account. Deduction under Section IB Section IB Assessees who have earned profits from hotels, shops, multiplex theatres, cold storage plants, housing project, scientific research and development, etc. In case of single premium health insurance policies having cover of more than one year, it is proposed that the deduction shall be allowed on proportionate basis for the number of years for which health insurance cover is provided, subject to the specified monetary limit.

For interest payment on loan taken for higher studies for self or education of spouse or children. Deductions under Section 80D This section provides a deduction for expenses incurred towards medical insurance, preventive health checkup, and other medical expenses. Section 80C Deductions on Investments Under section 80C, a deduction of Rs 1,50, can be claimed from your total deductinos.

This benefit has been discontinued From A. Deduction under Section 80TTA shall not be available to senior deductioons in respect of interest on saving deposits.

Click here to know information on Tax Exempted Institutions. Get CA Assisted Plan. Section 80DD Disabled Dependent. The Post Office Saving Schemes come under central government run savings portfolio that offer a high amount of reliability. I am paying medical insurance premium for a medical policy taken in my name, my wife and children. Ceductions by an employee to Recognized Provident Fund.

Deductions on Section 80C, 80CCC & 80CCD

Read more about fixed deposit Interest rates, Deductins, benefits, investment amount, Banks applicable and how to open the SCSS account.

The income of a ti is computed under the following heads: Check out how can you claim this deduction and the maximum deduction allowed. An individual suffering from disabilities himself is eligible for tax deductions under section 80U.


Best Tax Saving Funds — Proofs for making investments are submitted to the employer before the end of a Financial Year FY so that the employer considers these investments while determining your taxable income and the tax deduction that needs to be made. Investments eligible under this section 80C are. A certain medical authority to certifies the ilst of disability in a person. Where To Invest In ? Deductions under Section 80C Tax deductions under section 80C allow you to claim a deduction of maximum Rs 1.

Check out the conditions that must be fulfilled and deductions under this section.

Deductions under section 80C to 80 U of Income Tax Act 1961 AY 2019-20 | FY 2018-19

Also remember that you need get a prescription for such medical treatment from the concerned specialist in order to be able to claim such deduction. Here’s how to get a certificate for claiming deduction under section 80DDB in your income tax return.

Deduction from gross total income of an individual or HUF, up to a maximum of Rs. Find out if you are eligible to claim a deduction under section 80DD or not. Individuals less than 60 years and HUFs are eligible for a deduction up to Rs 10, under this section. This loan should have been taken for higher education for you, your spouse or your children or for a student for whom you are a legal guardian.

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Sum deposited in Fixed Deposits FDs with tenure of five years. Assessee gets an additional deduction of 50, if he makes investment in NPS scheme notified by the Central Government.

Deduction available for income earned by the way royalty for a patent registered on or after