sections 80C to 80U. • However, the Condition (s). The maximum amount deductible under section 80C, 80CCC, TO A.Y. Qualifying. Under Section 80C, deduction would be available from Gross Total Income. . referred to insection 80U or suffering from disease or ailment specified in section . during the previous years relevant to assessment year or Chapter VI-A of Indian Income Tax Act deals with these deductions. For financial year (Assessment Year ), following are few important.

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The loan can be for individual, spouse or children. Prabhat April 17, at Scope of ‘higher education’ is enlarged with effect from assessment year to cover any course of study pursued after passing the Senior Secondary Examination or its equivalent from any school, Board or university recognised by the Central Government or State Government or local authority or by any other authority authorized by the Central Government or State Government or local authority to do so.

Dear Sir, I am Satheshkannan. An amount of Rs.

The limit of 10 per cent will be applicable only in the case of policies issued on or after Specified incomes [subject to varying limits specified in sub-section 2 ]. Individual HUF For self, spouse and dependent children: So in our view you should file return on the basis of form 16 and other details related to salary like payslips etc. Expenses actually paid for medical treatment of specified diseases and ailments subject to certain conditions 7. The additional deduction is not subject to ceiling limit of Rs.

N K K August 1, at However, it is to be noted that addition deduction of Rs.


Arrear of Salary and 80 under section 89 1. This section is not applicable on interest income from 800c deposit Section 80U Deduction of Rs 75, revised from Rs 50, can be claimed by individual who is suffering from physical disability.

I resigned from the service of a company and opted for full payment standing to my credit in the company managed recognized Trust Fund in the year and joined a new service in India. With effect from Assessment Yearthe deduction shall be available to all assessees [not just Indian companies]engaged in the business of manufacturing of goods in a factory.

Anonymous May 21, at 2: With dedduction from assessment yearsub-section 1A of Section 80CCD which laid down maximum deduction limit of Rs. Computation of ‘Profit in Lieu of Salary’ Sec 3. I have given 15 G to bank for my Fixed deposit. Deduction up to Rs 40, can be claimed towards expenditure incurred on self or dependent for the medical treatment of specified disease or ailment. I have not opted for Pension in With effect from assessment year a investment in listed units of an equity oriented fund is also permitted; b deduction shall be allowed for three consecutive assessment years, beginning with the assessment year relevant to previous year in which the listed equity shares or listed units of equity oriented fund were first acquired and c gross total income of the assessee for relevant assessment year shall not exceed twelve lakh rupees.

I have also investments in shares and i have been filing itr2 regularly. Deduction is limited to whole of the inder paid or deposited subject to a maximum of Rs.

Rebate u/s 87A of the Income Tax Act » Sensys Blog.

Income from Other Sources except if exempt. Further you should provide form 16 deductoin in tds schedule. But somebody is saying that tax will be deducted from your sip income at the time of redemption and you have to refund it from tax department. Maximum deduction of 20, is allowed for investment towards long term infrastructure bond.


Assessee being Developer of SEZ. Any sum deposited during the year in SukanyaSamriddhi Account by an individual would be eligible for deduction. Author can claim deduction on income by way of royalty on Books.

The contents of this site cannot be treated or interpreted as a statement of law. August 28, at Deduction under section 80C is available only to individual or HUF. It is high time now to invest and get the benefit defined under Chapter VI-A: Would be very thankful and i guess it would be very useful to all.

In our view both service tax and income tax is applicable.


Deduction under section 80C- How to find out. First you office must have deducted tax on pension also. Deduction of Rs 75, revised from Rs 50, can be claimed by individual who is suffering from deducton disability.

If a person who is required to quote his Permanent Account Number fails to do so or intimates or quotes false number which he either knows or believes to be false or does not believe to be true, the Assessing Officer may direct that such sectioon shall pay, by way of penalty, a sum of Rs.