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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Find out the mode of payment and eligible donations under section 80g and 80gga deductions.

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

For a HUF, such deduction is available in respect of medical expenses incurred towards these prescribed ailments, for any of the members of the HUF. File all GST returns for your clients with automated data reconciliation – No download required. Your Reason has been Reported to the admin. Section 80CCC provides deductions for contributions in certain pension schemes.

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A deduction of interest paid on education loan under Section 80E can be made only if the loan has been availed from a financial institution for pursuing higher education. If you plan your taxes carefully, you can easily maximise your tax savings.

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

Deduction under Section 80RRB Deduction available for income earned by the way royalty for a patent registered on or after The book written by you should not be textbooks sectioj school and college. An individual suffering from disabilities himself is eligible for tax deductions under section 80U. Plans start from Rs. The deduction can be claimed maxim for 8 years. It is a safe deposit scheme that offers tax exemptions and attractive interest rates.


Here is a Step by step guide on how to add i-sip URN number for mutual fund investments in your kotak netbanking account. Employees working on contract basis for a period less than days in the preceding year or those working in managerial or administrative posts do not qualify.

To reduce your gross total income and thereby your tax liability, you have to enter details of deductions that you want to claim under sections 80C to 80U of the Income Tax Act. Tax payer is an individual and he is employed by the central government on or after January 1,or employed by any other person or self employed.

The deduction that can be claimed is Rs 40, If the dependent individual has disability of at least 40 percent, then you can claim up to Rs 75, I have availed a loan from my employer for pursuing higher education.

Section 80C to Section 80U Deductions

ULIP is an investment underr that also gives insurance benefits. You can still claim these deductions while e-filing as long as you have the proof with you.

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.

Assessees can claim deductions on profit generated through industrial activities relating to telecommunication, power generation, industrial parks, SEZs, etc. The investment should be made in such listed investor as per the requirement specified under the notified scheme.


If you are a senior citizen above 60 years of age, then your interest income from a Fixed Deposit is exempt under Section 80TTB. 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.

Sum deposited in Fixed Deposits FDs with tenure of five years. Find this comment offensive? Rajiv Gandhi Equity Scheme has been discontinued starting from 1 April Read this article in: Find out the withdrawal limit and tax treatment on or before retirement and upon death of Subscriber.

The marketing of agricultural produce grown by its members. For claiming this deduction the gross total income of producer companies should include income from:. Unddr out who should invest in them. Investments eligible under this section 80C are. Start your Tax Return Now. Drag according to your convenience. See all our plans.

The most common deductions that can be claimed under section 80C are for: The minimum lock in period in respect of such investment is three years from the date of acquisition in accordance with the notified scheme. Deduction under Section 80C is available in respect of life insurance premium paid to any insurer approved by the Insurance Regulatory and Development Authority of India, whether public or private.