Here is a list of income tax deductions for fy 201920 and ay 202021 as per various sections of the income tax act, 1961. List of income tax exemptions fy 201718 ay 201819 chapter via deductions list section 80c. List of income tax exemptions for fy 20172018 and ay 2018. Among the various taxsaving options, most individuals. Deductions under section 80c to 80 u of income tax act 1961 ay 201920 fy 201819. Section 80c of income tax act for tax exemption what are the limits, components, list of deduction under section 80c and section 80d for fy 201819. You can pay rs 25,000 premium for medical insurance policies for yourself and family and claim a deduction of the same amount from gross total income under section 80d. You are eligible to claim deduction for both new policy and renewal of. Tax deductions provide a means for individuals to reduce their tax burden. The maximum tax exemption limit under section 80c has been. List of income tax deductions for individuals 201920 aubsp. People can claim deduction under section 80u who are suffering from disability at least 40%, they can claim a tax deduction up to rs. In this post you will get to know more about income tax deductions under section 80c, 80ccd, 80ccc for ay 201819 fy 201728. Income tax deductions under section 80c, 80ccd, 80ccc for.
Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920. How to claim deductions under section 80c to 80u while. Income tax deductions list fy 201920 how to save tax for ay 20. Explanation of income tax sections like section 80c, 80ccd and others. Income tax deduction sections 80c to 80u for fy 201819 and 201920. The various investments that can be claimed as tax deductions under section 80c are listed below. The maximum tax exemption limit under section 80c has been retained as rs 1. What is section 80c income tax tamil deduction under 80c upto rs 45,000 in itr filling duration. All about deduction under section 80c and tax planning. Section 80c was introduced in place of section 88 w. Income tax deduction under section 80c, 80ccd and 80ccc. As per the tax rules that are applicable for fy 201718 ay 201819 a salaried individual can claim annual transport allowance conveyance allowance of up to rs 19,200 rs 1,600 pm and up to rs 38,400 rs 3,200 pm by differentlyabled persons the salaried can also claim up to rs 15,000 rs 1,250 pm medical reimbursement. The section 80u of income tax act 1961 takes care of deductions meant for the indian residents categorised into the disabled category as per the rules of the government.
What are the tax benefits under section 80c and section 80d for ay 201920. As per the current income tax laws, the total investment amount under sections 80c, 80ccc and 80ccd 1 cannot exceed rs 1. Note that in any case the aggregate amount of above deductions i. Click here to know more about income tax deduction available under section 80c to 80u of the income tax act for ay 201819, ay 201920, ay 201716. This is the most important section for deductions for every taxpayer. Under section 80c, the maximum tax exemption limit is rs 1. Partial nps withdrawals will be tax free budget the section 80e deduction for interest paid on loan taken for higher education explained, how you can save on the tax you are paying.
How to save income tax for salaried and professionals for. This deduction is on an accrual basis and is available only to individuals. Deductions under chapter via myitreturn help center. This deduction is in addition to the deductions under section 80c rs. Is rs 40000 standard deduction from fy 201819 really. List of tax deductions under section 80 of income tax. In this article you may find complete details for how you can avail the benefit of deduction us 80c by investing in the govt schemes. Background for section 80c of the income tax act india what are eligible investments for section 80c.
Deductions under chapter vi a of income tax act for fy. However, from ay 201819 fy 201718, the rebate is restricted to people having total income upto rs. If deduction is claimed under this section, then no deduction can be. Currently fy 201819, income tax on notional rent is payable if one has more than one selfoccupied house. Section wise income tax deductions for ay 202122 fy 202021. It basically allows certain expenditures and investments to be exempt from tax. You can also invest rs 50,000 under section 80ccd 1b in the national pension scheme. This deduction is allowed to an individual or a huf. We give a brief of all the tax saving sections below. Section 80cce provides that the aggregate amount of deductions under section 80c, section 80ccc and section 80ccd1 shall not, in any case, exceed rs.
Deduction under section ic section ic deduction is available for assessees who have earned profits from states qualified as special states. Download tax planning ebook for fy 201819 ay 201920 1. Information relates to the law prevailing in the year of publication as indicated. Life insurance premium paid on a policy taken on his own life, life of thespouse or any child child may be dependent. Income tax deductions list fy 201819 ay 201920 chapter via deductions list section 80c. A complete guide on income tax deduction under section 80c, 80ccd1, 80ccd1b, 80ccc. Thats how, section 80c was divided into many subsections, one such being section 80ccc. These expenditures are classified under certain sections. Compliance manual fy 202021 ay 202122 emi and loan schedule calculator excel. For full list, please refer to section 80c of the incometax act.
Section 80c came into force from 1st april, 2006, replacing the. The various investment avenues or expenses that can be claimed as tax deductions under section 80c. The most popular tax savings instruments are deduction under section 80c of the income tax act. Below given are several investments, expenses and payments allowed to be claimed under section 80c.
Section 80ccc income tax deduction is with respect to the contributions made towards pension plans by an individual. Viewers are advised to ascertain the correct positionprevailing law before relying upon any document. Income tax deduction from salary for the financial year 201819. The tax deductions that are allowed under the section 80tta is considered to be over and above the deductions of rs. No deduction shall be allowed under this section from assessment year 201819. Section 80c of the income tax act allows for deductions up to rs. Salient changes made in ay 201819 rebate us 87a the tax rebate which was available for all assesses with total income upto rs. Deductions under section 80c to 80 u of income tax act 1961 ay 201920 deductions from gross total financial gain beneath section 80 c to 80 u of tax act 1961 with automated arrears relief calculator us 891 with form 10e for f. Income tax deductions list fy 201819 how to save tax.
The aggregate amount of deduction under section 80c, 80ccc and 80ccd1 shall not exceed rs. Article explains income tax deduction available to individual and huf under section 80c, section 80ccg, section 80d, section 80dd, section 80ddb, section 80e, section 80ee, section 80g. Income tax deductions under section 80c, 80ccd, 80ccc. If the gross total income of an individual is less than the minimum taxable income, then the benefit from section 80tta cannot be availed even if the income from interest. Deductions under chapter vi a section 80c, 80d, 80e. Deductions are the exemptions on the amount taxable as per income tax act. Entities falling under section 80la are eligible for tax deductions of up to 100% for the first 5 years and 50% deduction the following years after the first 5 years. However, an assessee who has claimed deduction under this section for assessment year 201718 and earlier assessment years shall be allowed deduction under this section till the assessment year 201920 if he is otherwise eligible to claim the deduction as per the. Calculation of income tax for the financial year 20182019 a. Deduction of interest on savings bank account us 80tta. Tds deduction reporting for tds return filing excel file. Deduction in respect of life insurance premium, contribution. The benefit was available only to individuals this means that hindu undivided families, association of persons or companies, cannot avail of the benefits under section 80ee. Also, since the benefit is meant exclusively to firsttime buyers, the tax payers should not own a.
Section 80c in india was designed to offer exhaustive contents, as a result it made tax planning a bit cumbersome. In this article we have discussed income tax deduction available to taxpayers. Income tax deduction under section 80c limit in india. Deduction for contribution to certain pension funds. Section 80u income tax deduction under section 80c. A deduction of rs 1,50,000 can be claimed from your total income under section 80c.
Section 80c deductions on investments you can claim a deduction of up to rs. Deductions under chapter vi a of income tax act for fy 201920. Maximum amount of income which is not chargeable to incometax in the. Section 80c income tax deduction under section 80c. Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920 deductions under section 80c.
A taxpayer, any huf or individual, can claim various deductions on their total income under section 80c of the income tax act and its allied sections like 80ccd and 80ccc to reduce the taxable income and thereby bring down the tax outgo. It works in concurrence with section 80c and 80ccd 1 so that the maximum deduction amount available under all the three sections is rs 1. The aggregate amount of deductions under section 80c, section 80ccc and sub section 1 of section 80ccd shall not exceed. The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. I think on some platforms the above button is not clear, in that case click here to download the tax planning ebook. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below. Following deductions are available to individual and huf under section 80c. If your employer has made a contribution to national pension system nps on your behalf, then, you can claim deduction under section 80ccd2. Income tax deductions under section 80c, 80ccd, 80ccc, 80u. Income tax deductions and income tax exemptions us 80 c for fy.
Section 80c provides deductions for savings for deduction under income tax and their limits. No tax on notional rent on second selfoccupied house has been proposed. The maximum exemption limit in the section is inr 1. Resident indian authors are eligible to claim deductions under section 80 qqb on royalty earned from the sale of books. Finance in mumbai on wednesday rbi governor raghuram rajan said that there is a need for increase in tax exemption limit under section 80c on financial investments by individuals. Deduction under section 80ee from the financial year 201617, a 1sttime buyer of a residential property can claim a deduction of interest on a home loan up to rs. List of income tax exemptions for fy 20172018 and ay 20182019. Individual who has paid or deposited any amount in annuity plan of lic or any other insurer. Under the section, individuals can invest in a number of savings schemes to claim deductions on their taxable income. Section 80c replaced the existing section 88 with more or less the same investment mix available in section 88. Download deductions under sections 80c to 80u file in pdf. No deduction under section 80ccg shall be allowed from assessment year 201819. Income tax deductions list for fy 201718 or ay 201819. Find out the deduction under section 80c for ay 201819.
Total income gross total income minus long term capital gains, shortterm capital gains under section 111a, deductions under sections 80c to 80u other than 80gg and income under section 115a. How to claim deductions under section 80c to 80u while filing itr1. Section 80c enables tax payers to claim a deduction of rs 1,50,000 from total income. This section allows them to claim tax deductions up to rs. To avail this benefit, the entity must have obtained relevant permission, either under the sebi act, banking regulation act or are registered under any other relevant law. Tax benefits are currently available on tier1 deposits only fy 201819.
1289 291 1209 889 113 553 287 387 1323 887 1271 257 488 1025 367 415 1189 403 900 293 1135 1292 43 1011 446 1020 309 529 840 1211 124