Feb 28, 2020 a complete guide on income tax deduction under section 80c, 80ccd1, 80ccd1b, 80ccc. Jul 19, 2019 investments made under rajeev gandhi equity savings scheme rgess till march 31, 2017 are eligible for deduction under section 80ccg. Jul 27, 2016 kindly note that the total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 2016 17. Deduction in case of a person with disability upper limit for 80u deduction. Check out the deduction under section 80c for fy 201819. Find out how you can claim deductions under section 80gg for rent paid. Surcharge on total income in fy 2016 17 ay 1718, the surcharge for individuals is applicable for those who have total. Deduction us 80c in respect of life insurance premium, contribution to pf, etc. Ppf, lic and mediclaim, you can claim deductions under section 80c. Income tax deductions under section80c for fy201819. How to claim deductions under section 80c to 80u while. Therefore, there is need for easy chart of all tax deduction us 80c to 80u for an individual taxpayer. Income tax exemptions under section 80c to 80u for fy 2020. 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.
Surcharge on total income in fy 2016 17 ay 17 18, the surcharge for individuals is applicable for those who have total. The section provides deduction for specified qualifying amounts paid or deposited by the assessee in the previous year related to the applicable assessment year. Deductions under chapter vi a section 80c, 80d, 80e. The aggregate amount of deductions under section 80c, section 80ccc and sub section 1 of section 80ccd shall not exceed. Deduction under section 80u of income tax act, 1961 for disabled persons. List of various deductions under section 80c tax saving. Jul 08, 2016 deduction under section 80c is a great taxsaving tool. This deduction is allowed to an individual or a huf. List of income tax deductions for individuals 201920 aubsp. Deduction under section 80c a complete list basunivesh.
Under section 80c, a deduction of rs 1,50, can be claimed from your total income. A complete guide on income tax deduction under section 80c, 80ccd1, 80ccd1b, 80ccc. Deduction under section 80u of income tax act, 1961 for disabled persons the income tax act, 1961 provides deduction us. Elss fund this is a type of mutual fund which invests at least 80% of their assets in equity. Here is a list of income tax deductions for ay 201819 as per various sections of the income tax act, 1961. The stamp duty value of the property should not exceed 45 lakhs. List of income tax deductions from section 80c to 80u of income tax act for fy 201920 ay 202021. Additional deduction of 80ccd for contribution in new pension. The aggregate amount of deductions under section 80c, section 80ccc and subsection 1 of section 80ccd shall not exceed. The maximum tax exemption limit under section 80c epf. Mar 04, 2015 the limits under section 80dd and section 80u in respect of a person with disability were fixed at fifty thousand rupees by finance act, 2003. Section 80u deduction under section 80u of income tax act. These provisions are contained inchapter via and are in the form of deductions 80c to 80u from the gross income.
Note that in any case the aggregate amount of above deductions i. Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920. 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. Deductions under section 80c to 80 u of income tax act.
Read morebudget 2015 section 80u deduction limit raised, certificate. Deduction under chapter vi a helps assessee to reduce tax liability. Kindly note that the total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 2016 17. Unit linked insurance plan is insurance cum investment plan, which offers tax benefit under section 80c of it act on the premium paid towards the policy. The assessee needs to file form 10ba containing details of payment of rent.
Presentation on permissible deductions from gross total income under income tax act 1961 by dr. Find list of income tax deduction under section 80c. Today we are providing the complete details of income tax deductions under section 80c to 80u. Below given are several investments, expenses and payments allowed to be claimed under section 80c. The section 80c deductions are available for the following types of investments. Mar 01, 2015 under the existing provisions contained in sub section 1 of section 80ccd of the incometax act, 1961 if an individual, employed by the central government on or after 1st january, 2004, or being an individual employed by any other employer, or any other assessee being an individual has paid or deposited any amount in a previous year in his account under a notified pension scheme, a deduction. Income tax deductions fy 201617 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. Only residents of india who are individual taxpayers with disabilities are eligible for deduction under section 80u. A tax deduction is a reduction in the total amount payable to the income tax department of india. His total income before deduction under section 80gg is rs.
The section 80u deals with tax deductions meant for residents of india who are categorized as disabled according to government rules. Public provident fund ppf this is a government backed savings scheme with a tenure of 15 years. Income tax deductions under section 80c to 80u for a. As per the persons with disability equal opportunities. For those who have invested in the scheme in fy 201617 are eligible for deduction in the years 201718, 201819 and 201920.
Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920 currently fy 201819, income tax on notional rent is payable if one has more than one selfoccupied house. However, while claiming deduction, individual should meet other conditions as well. Under section 80c, deduction is available from gti gross total incomeincome from the five heads after adjusting losses of cy and bf losses. Taxpayers who can produce certified proofs issued by a government authorised medical practitioner can claim deductions of up to rupees 75,000 per year. Can i claim deduction from income under section 80dd or 80c of it act. Therefore, if you are in the 30% tax bracket, if you invest a maximum of rs 1,00,000 you save rs 30,000. Income tax deductions under section 80c to 80u ramsahoo income tax army income tax return, e filling, income tax return, online e filing, section 80c to 80u, section 80ddb 1 with the start of new year, it is time to prepare for the income tax returns for the assessment year ay 201819. List of income tax exemptions for fy 20172018 and ay 20182019. Currently fy 201819, income tax on notional rent is payable if one has more than one selfoccupied house. Section 80u tax deduction for physically disabled persons. Every tax payer should know income tax deductions under section 80c to 80u. Exemptions and deductions available under the act may broadly be grouped as under. Therefore for financial year 201516, total deduction under section 80c, 80ccc, 80ccd1 and 80 ccd1b cannot exceed rs 2,00,000.
This return form is applicable for assessment year 201617 only, i. Additional deduction of 80ccd for contribution in new. Section 80c to 80u income tax short notes accounting. Income tax deductions under section 80c, 80ccd, 80ccc, 80u. The deduction is allowed for various investments, expenses and payments. What is section 80c income tax tamil deduction under 80c upto rs 45,000 in itr filling duration. Deduction under section 80u of income tax act in india. Income tax deductions under section 80c, 80ccd, 80ccc, 80u, 80ee. From fy 201617 available deduction has been raised to rs 5,000 a month from rs 2,000 per month. This section allows them to claim tax deductions up to rs. Under section 80u, in computing the total income of an individual, being a resident, who. Income tax deductions under section 80c to 80u ram. Deductions under chapter via myitreturn help center. Aug 14, 2019 the tax assesse is first required to add all incomes i.
Find out the deduction under section 80c for ay 201819. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below. Income tax slab rates for fy 201617 ay 201718 budget. Tax deduction helps in reducing your taxable income. These are mail tool of tax planning for individual and huf and one must take maximum benefit from deduction available under section 80c to 80u. Under the existing provisions contained in sub section 1 of section 80ccd of the incometax act, 1961 if an individual, employed by the central government on or after 1st january, 2004, or being an individual employed by any other employer, or any other assessee being an individual has paid or deposited any amount in a previous year in his account under a notified pension scheme, a deduction. Ca final indirect direct tax summary book pdf may 2020. Easy chart of deductions us 80c to 80u every individual. List of income tax exemptions for fy 20172018 and ay 2018. Tax deduction under section 80c of the income tax act.
Aug 14, 2019 kindly note that the total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 2016 17. Section 80cce provides that the aggregate amount of deductions under section 80c, section 80ccc and section 80ccd1 shall not, in any case, exceed rs. Find out the investments and payments that are sdction for 80c deductions. Indian tax laws contain certain provisions,which are intended to act as an incentive forachieving certain desirable socioeconomicobjectives.
How to save tax under section 80c deduction under section 80c section 80c of income tax act. Further, the limit under section 80dd and section 80u in respect of a person with severe disability was last enhanced from seventy five thousand rupees to one lakh rupees by finance no. Besides the tax deductions under section 80c and 24b, an individual can now claim up to rs 1. The additional tax deduction of rs 50,000 us 80ccd 1b is over and above this rs 1. Sever disability means having any of the above disability of 80% or above. As per the scheme rules, the tax benefit is available for three consecutive years. Also deduction under section 80gg is to be excluded.
Income tax deduction under section 80u only residents of india who are individual taxpayers with disabilities are eligible for deduction under section 80u. Let me list the options available from fy 2016 17 ay 201718 onward under this section. Ppf public provident fund epf employees provident fund. Deduction under chapter vi a section 80c to section 80u in computing total income of an assessee, deduction under chapter vi a us 80c to us 80u are allowed from gross total incomegti. Let us have a thorough explanation about section 80c to 80u.
Total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 201415 assessment year 2015. Ca, cs, cma 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. Deductions from gross total income under section 80c to 80. List of tax deductions under section 80 of income tax. The tax benefits under section 80c allow one a maximum investment of rs 1 lakh. Jun 11, 2016 total deduction us 80c, 80ccc, 80ccd1 is limited to rs. Income tax deductions list fy 201920 how to save tax. If you are a government employee then you can save tax intelligently if you have some knowledge about tax saving sections 80c and 80u. For fy 201516 assessment year 2016 17 a new section 80ccd1b has been introduced to provide for additional deduction for amount contributed to nps of up to rs 50,000.
Instructions for sahaj income tax return ay 201617 general. Deduction under chapter vi a for ay 201920 section 80c. How to save tax under section 80c deduction under section 80c. Deductions under income tax act 80c to 80u there are various deduction available to persons under income tax act while calculating the taxable income of a person. The government allows provision for tax benefits which can be availed by individuals and hindu undivided families huf as per section 80c of income tax act, an act which came into action on 1st april 2006. So, you can now hold 2 selfoccupied properties and dont have to show the. Deductions from gross total income under section 80c to 80 u of income tax act 1961 1. Ppf public provident fundepf employees provident fund five year bank or. List of deduction from total income us 80c to 80u goodreturns. The benefit is in addition to deduction available us sec 80c.
Guide to section 80 deductions under sec 80c to 80u cakart. Deductions under chapter vi a of income tax act for fy. Under the income tax act, 1961, any individual who has been a resident of india for the assessment year and suffers from at least 40% disability as specified by the law are eligible for deductions. However, from ay 201819 fy 201718, the rebate is restricted to people having total income upto rs. In the previous article, we have given section 80d. Section 80c replaced the existing section 88 with more or less the same investment mix available in section 88. Taxpayers who can produce certified proofs issued by a government authorised medical practitioner can claim deductions.
Deductions are the exemptions on the amount taxable as per income tax act. Background for section 80c of the income tax act india what are eligible investments for 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. Deductions under section 80c to 80 u of income tax act 1961 ay 201920 fy 201819. Deductions in cases of treatment of a dependent with a disability under the section 80dd deduction for ay 2016 17 and deduction under section 80u. No tax on notional rent on second selfoccupied house has been proposed. Under section 80c, the maximum tax exemption limit is rs 1. Income forming a part of total income on which no incometax is payable.
Amount of deduction is limited to 10% of the salary. Mediclaim deduction for the ay 201617 policybazaar. Deductions under income tax act 80c to 80u simple tax india. The deduction under section 80c is allowed from your gross total income. Find tax saving investments under 80c to 80u of income tax act of india. Chapter vi a deductions and tax slab rates for fy 20152016. A higher tax deduction of rs 1, 25,000 can be claimed under section 80u if the taxpayer has severe disability. The impact of deductions available under various sections of income tax act is not. The home loan should have been sanctioned between 1st april, 2019 to 31st march 2020. Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920 deductions under section 80c to 80 u of. Section 80c deductions latest income tax deductions.
Know complete income tax deduction under section 80c, 80ccd, 80ccc. The maximum tax exemption limit under section 80c has been retained as rs 1. The chart given below describes the deductions allowable. How to claim deductions under section 80c to 80u while filing itr1. The various investments that can be claimed as tax deductions under section 80c are listed below. In order to claim tax deduction under section 80u, the individual must be certified as a person with a disability by appropriate medical authority. All about deduction under section 80c and tax planning. Section 80u of the income tax act, 1961 includes provisions for tax deduction benefit to individual taxpayers suffering from a disability. Income tax deduction sections 80c to 80u for fy 201819 and 201920. Useful educational information covered in single excel sheet. Download deductions under sections 80c to 80u file in pdf. Under this scheme, the tax deduction is applicable up to the maximum limit of rs. Deductions under section 80c to 80 u of income tax act 1961.
The maximum deduction that can be claimed under this section is rs. The amount can be claimed over and beyond the deduction of section 24 which is rs. Section 80u tax deduction for disabled individuals. For those who have invested in the scheme in fy 2016 17 are eligible for deduction in the years 201718, 201819 and 201920.