Deduction under sections 80c to 80u to be allowed on the basis of evidences of investment or. The deduction is available from assessment year 2017 18 and subsequent assessment years. Nsc national saving certificate tax benefit, interest rates. Following deductions are available to individual and huf under section 80c. Under the section, individuals can invest in a number of savings schemes to claim deductions on their taxable income. List of income tax deductions from section 80c to 80u of income tax act for fy 201920ay 202021. The following investments and payments are eligible for deduction under section 80c of the income tax act, 1961. Those who live in rented accommodations and claim rebate on tax against housing rent allowance, can simultaneously enjoy deductions under section 24 and section 80ee. Deductions under chapter vi a section 80c, 80d, 80e. Income tax it is proposed to amend this section 80d to include any payment made by an assessee on account of preventive health checkup of self, spouse, dependant children or parentss during the previous year as eligible for deduction within the overall limits prescribed in the section.
The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below. Although decuction under 80c has been claimed in fy 2012 as the nsc purchased on 18. This deduction is allowed to an individual or a huf. Tax rebate under section 87a reduced to rs 2,500 for income up to rs 3. Act from the gross total income of the assessees having income from salaries. Salaried employees to declare deductions and savings under. Individual who has paid or deposited any amount in annuity plan of lic or any other insurer. The incometax act of 1961 enables a person to claim deductions for the rent paid by him under section 80gg. Posts about income tax deductions for salaried employees how to save tax for fy 2017 18 pdf chapter vi a deductions for ay 2017 18 80c deduction for fy 2017 18 80d deduction for ay 2017 18 80c deduction for ay 20 written by camurlidharkhatri. How to save tax under section 80c deduction under section 80c section 80c of income tax act duration. 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. The value of the property must be less than rs 50 lakh and the home loan must be less. Tax deductions under income tax acts section 80u are made available for rs. Income tax deductions under section 80c, 80ccd, 80ccc, 80u, 80ee, 80e, 80d, income tax rebate under 80c, exemption under 80c, tax 80c limit.
Besides the tax deductions under section 80c and 24b, an individual can now claim up to rs 1. Section 80d provides for tax deduction from the total taxable income for the payment by any mode other than cash of medical insurance premium paid by an individual or a huf. Following are the list of various deductions available for certain payments made by taxpayers who can claim such deductions while calculating hisher taxable income under the income tax act, 1961. Do note here that the deduction under 80ee can be claimed only after exhausting the rebate under section 24 b.
The chart given below describes the deductions allowable under chapter via of the i. All india itr your personal tax expert all india itr is about providing excellent services towards affordable online tax filing solutions for individuals and businesses. Premiums paid toward all life insurance policies are eligible for tax benefits under section 80c. Deduction for contribution to certain pension funds.
Income tax deduction 80c ay 2017 18 income tax deduction 80gg ay 2017 18 income tax deduction 80tta ay 2017 18. Deductions under section 80c to 80 u of income tax act 1961 ay 201920 fy 201819. This section allows them to claim tax deductions up to rs. Income tax deduction under section 80c, 80ccd and 80ccc. It basically allows certain expenditures and investments to be exempt from tax. This is a short 43 slide power point presentation in pdf which covers all the tax saving sections and investments applicable for salaried or business tax payers. For which year itr i have to show it as income in fy 2017 18 or in fy 201819 as the nsc matured in fy 2017 18 but my redemption is in fy201819. This deduction can be claimed for premiums paid towards insuring self, spouse, dependent children and any member of hindu undivided family. How to claim deductions under section 80c to 80u while filing itr1. Section 80c income tax deduction under section 80c. From fy 2017 18, this limit has been increased for the selfemployed individuals to 20% of the gross total income with the maximum limit being capped at rs.
Section 80ee for firsttime buyers while announcing the budget of 2016, arun jaitley reintroduced section 80ee of income tax act wherein the individual can claim an additional benefit of. Deductions under chapter vi a of income tax act for fy 201920. It must be noted that combined maximum limit for section 80c, 80ccc and sec 80ccd 1 deduction is rs 1, 50,000. Various deductions that are allowed to a taxpayer under section 80c, section 80d etc. Deduction under section 80u of income tax act 1961 can be claimed by an individual who is a resident in india for the financial year relevant to the assessment year in which the person is taking the benefit. The various investments that can be claimed as tax deductions under section 80c are listed below. Income tax slabs for financial year 2017 18 assessment year 1718 what is income tax slab. Section 80c was introduced in place of section 88 w. Any investment made in scheme from fy 201718 is not eligible for deduction. 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.
Maximum deduction allowed under section 80c for tax savings on income. The home loan should have been sanctioned between 1st april, 2019 to 31st march 2020. Section 80gg house rent allowancehra deduction for ay. 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. Income tax slabs income tax rates and deductions for fy 201718. Above we discussed few allowances, which you can use wisely to save tax. Under section 80c, the maximum tax exemption limit is rs 1.
You can pay rs 25,000 premium for medical insurance policies for yourself and family and claim a. Section 80u income tax deduction under section 80c. Chapter via all deductions, deductions under section 80c. Income tax deductions fy 201617 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. A complete guide to tax exemptions for financial year 201819. Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920 deductions under section 80c to 80 u of.
Background for section 80c of the income tax act india what are eligible investments for section 80c. Previously for fy 201718, the limit was inr 60,000 for senior. Eligible taxpayers can claim deductions to the tune of rs 1. But, i have neither shown its interest as income nor exemption under 80c. It is for individuals who do not get the benefit of house rent allowancehra from their employer. Now let us move on and discuss more the alternatives to tax savings options other than sec. 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.
In this article we provide complete list of deductions with name of section, brief details for section, list of assessees who can avail that exemption, amount of deduction etc. The deduction under section 80ee is available only to homeowners individuals having only one house property on the date of sanction of the loan. The stamp duty value of the property should not exceed 45 lakhs. Income tax deductions list fy 201920 how to save tax. The chart given below describes the deductions allowable. Income tax 201920 section 192 2d all salaried employees to declare deductions and savings under form 12bb download form 12bb as a word, excel or pdf file all employees to file declaration under form 12bb to claim deduction for savings under section 80 c, payment of house loan interest under section 24, and hra exemption under section 10. The maximum tax exemption limit under section 80c epf. If deduction is claimed under this section, then no deduction can be. Income tax deduction sections 80c to 80u for fy 201819 and 201920. This tax deduction is available over and above the deduction of rs. All about deduction under section 80c and tax planning. No tax on notional rent on second selfoccupied house has been proposed. The various investment avenues or expenses that can be claimed as tax.
Fy 201718 and fy 201617 this deduction is available in fy 201718 if the loan. Income tax deductions section 80c to 80u for tax saving in india updated the most comprehensive guide for all income tax deductions section 80c to section 80u covered in chapter vi a of income tax for the fy 201920 ay 202021. You can also invest rs 50,000 under section 80ccd 1b in the national pension scheme. Below given are several investments, expenses and payments allowed to be claimed under section 80c. What are the tax benefits under section 80c and section 80d for ay 201920 the most popular tax savings instruments are deduction under section 80c of the income tax act. Section 80c limit,80ccd,80d,24b,80e,80g,80ee,87a,80tta. Section 80u tax deduction for physically disabled persons. Here we are providing list of all deductions covered under chapter via of income tax act. Section 80c replaced the existing section 88 with more or less the same investment mix available in section 88. Income tax exemptions benefits rebates for fy 201617 ay 2017 18. The maximum tax exemption limit under section 80c has been retained as rs 1. 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.
Deductions under chapter via myitreturn help center. Pdf to study the planning of individual income tax and tax saving instruments of. Kindly note that the total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the. Deductions allowable to tax payer income tax department. List of income tax deductions for individuals 201920 aubsp. Section 80c of the income tax act allows for deductions up to rs. Income tax deductions and income tax exemptions us 80 c for fy. Deductions under section 80c to 80 u of income tax act 1961.
The maximum deduction allowable under section 80c is rs. Moreover, it applies to both salaried and nonsalaried individuals. These limits got modified from that of the previous limits of rs. Income tax exemptions benefits rebates for fy 201617 ay 201718. Ppf public provident fund epf employees provident fund. We are releasing the ebook on tax planning which tells you how to save income tax for fy 2017 18 ay 201819. Tax saving scheme and tax saving instruments of income tax in. Tax deduction under section 80u can be claimed in addition to all other income tax deductions available under income tax act 1961 unless. Chapter via list of all deductions at a glance, deduction under chapter via. Section 80c of the income tax act provides provisions for tax deductions on a number of payments, with both individuals and hindu undivided families eligible for these deductions. Section nature of deduction remarks 80ccc payment of premium for annuity plan of lic or any other insurer deduction is available upto a maximum of rs. The benefit was over the tax deduction allowed under section 24 and section 80c. The deduction of house rent is one of the continue reading section 80gg house rent allowance hra deduction.
Fy 2017 18 and fy 201617 this deduction is available in fy 2017 18 if the loan has been taken in fy 201617. First you can claim standard deduction of rs 50,000 for fy 201920. However, the proposed deduction on account of expenditure on. Section 80cce provides that the aggregate amount of deductions under section 80c, section 80ccc and section 80ccd1 shall not, in any case, exceed rs. Income tax deductions under section 80c, 80ccd, 80ccc, 80u. Financial year 2017 18 onwards, selfemployed individuals can claim a maximum deduction of 20% of gross salary instead of 10% earlier subject to a maximum of rs1, 50,000. List of income tax exemptions for fy 20172018 and ay 20182019. As per the provision of section 80c of the income tax act, india, an aggregate sum not exceeding rs. Find out the deduction under section 80c for ay 201819. List of income tax exemptions fy 201718 ay 201819 chapter via deductions list section 80c.