Among the various taxsaving options, most individuals prefer to claim tax deduction under section 80c of the income tax act, 1961. Income tax deductions fy 201617 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. Income tax deductions under section 80c to 80u for a. The maximum tax exemption limit under section 80c has been retained as rs 1. In this article we provide complete list of deductions with name of section. Aug 12, 2018 deductions are the exemptions on the amount taxable as per income tax act. Income tax deduction income tax standard deduction 2019. Ppf public provident fund epf employees provident fund. You have to file for tax deductions, with relevant proof to support your claims, to avail the provisions mentioned in the income tax act, 1961. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below. Mar 19, 2019 download list of all deductions under section 80c with analysis. The author has spent twenty years with income tax department and desire to service common citizen of india which include professionals like tax practioners,ca,icma, cs and tax lawyers by advising them on the direct tax matters for a very affordable fee.
Apart from the disability certificate issued by a medical authority, there is no other documents required for claiming tax deductions under section 80u. Chapter via list of all deductions at a glance, deduction under chapter via. Income tax deductions under section 80c, 80ccd, 80ccc, 80u, 80ee. A free powerpoint ppt presentation displayed as a flash slide show on id. Income tax deduction under section 80c and 80u in india. They are the investments made by the persons for them, their. Download deductions under sections 80c to 80u file in pdf. Tax deductions provide a means for individuals to reduce their tax burden. Jul 19, 2019 how to claim deductions under section 80c to 80u while filing itr1 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 act. 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 deductions under section 80c to 80u compliance india. Feb 26, 2017 deduction under chapter via section 80c 80u income tax, 1961 1. Deductions under chapter vi a of income tax act for fy 201920. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. The individuals who are eligible to pay taxes can claim income tax deductions up to rs. The aggregate amount of deductions under sections 80c to 80u cannot exceed gross total income. Under this section of income tax, individuals can avail income tax exemptions on up to rs 1,50,000, if he or she has invested or deposited in any annuity plan with lic or another insurer. Income tax acts section 80c offers provisions for income tax rebate on several payments, with hindu undivided families and individuals eligible for such deductions. Claimants can include individuals or a hindu undivided family huf. Download list of all deductions under section 80c with analysis. An individual gets a tax deduction under section 80u. Background for section 80c of the income tax act india what are eligible investments for section 80c.
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. Income tax calculator, tax deduction under 80c, tax saving. A glance of deductions available us 80c to 80u goodreturns. The section 80u deals with tax deductions meant for residents of india who are categorized as disabled according to government rules. Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg. Chapter via all deductions, deductions under section 80c to 80u. Deduction under income tax 80c to 80u with their limits. Sometimes, you may have deductions or investments eligible for 80c, but havent. Deduction under chapter via section 80c 80u income tax, 1961. If you want to continue this discussion or have a follow up question, please post it on the network. Download deduction under section 80c to 80u file in docx format. It deductions allowed under chapter via sec 80c, 80ccc, 80ccd, 80d, 80dd, 80ddb etc. 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.
Relevant documents showing the payment of premium and gst must also be submitted in order to. Here is quick chart of deduction from total income available under section 80c to 80u of the income tax act. 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 of incometax act, 1961amended by finance act, 2016 deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. However, in case of illness such as autism and cerebral palsy, form 10ia additionally needs to be filled up. 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. Jan 10, 2017 deductions under section 80c guide to saving income tax overview of deduction under section 80c. Guide to section 80 deductions under sec 80c to 80u cakart. Today we are providing the complete details of income tax deductions under section 80c to 80u. By using this file you may easily understand all deductions covered under section 80c of income.
Income tax deduction under section 80c, 80ccd, 80ccc. Jan 12, 2018 80c came into force with effect from 1st april, 2006. Income tax deductions under section 80c to 80u taxguru. Tax deduction helps in reducing your taxable income. Deductions us 80c to 80u for assessment year 2012 onwards. These provisions are contained inchapter via and are in the form of deductions80c to 80u from the gross income. In simple terms, you can reduce up to rs 1,50,000 from your total taxable income through section 80c. The aggregate amount of deductions under sections80c to 80u cannot. Hire our smartest ecas to file your income tax return and get maximum refunds. Deductions are the exemptions on the amount taxable as per income tax act.
If you are a government employee then you can save tax intelligently if you have some knowledge about tax saving sections 80c and 80u. Download the book into available format new update. Income tax deduction under section 80c, 80ccd and 80ccc. When it comes to income taxes, most people start sweating and running around looking for ways in which they can save on it. Deductions under chapter vi a section 80c, 80d, 80e. 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. 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. Deductions under section 80c to 80 u of income tax act 1961 ay 201920 fy 201819. This income tax exemption is allowed to huf members as well as non. Apr 15, 2020 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. Income tax deductions section 80c to 80u for tax saving in. Section 80c of the income tax act provides provisions for tax deductions on a number of. Income tax, 1961 as amended by finance act, 2015 2.
Deductions available under chapter vi of income tax section brief. List of income tax deductions for individuals 201920 aubsp. Section 80u deduction under section 80u of income tax act. 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. How to claim deductions under section 80c to 80u while filing. Here we are providing list of all deductions covered under chapter via of income tax act.
This deduction is allowed to an individual or an huf. Download deductions under sections 80c to 80u file in pdf format. Download deductions under section 80c in xlsx format. Income tax exemptions under section 80c to 80u for fy 2020. File contains a complete analysis of deductions under section 80c of income tax act, 1961. Section 80g offers deductions up to 50% or 100% of the donation subject to the limits stated in the income tax act. Ppt deductions powerpoint presentation free to download. List of income tax deductions from section 80c to 80u of income tax act for fy 201920ay 202021. Aug 07, 2018 income tax deductions under section 80c to 80u. Under the provisions of the act, indian citizens and companies can avail of the tax deductions under section 80c, 80ccd, 80ccc, 80ccce, to save tax by investing upto 1. In the previous article, we have given section 80d. All about deduction under section 80c and tax planning. Income tax deduction sections 80c to 80u for fy 201819 and 201920.
Section 80c replaced the existing section 88 with more or less the same investment mix available in section 88. Provident fund five year bank or post office tax saving deposits. Under section 80c, a deduction of rs 1,50,000 can be claimed from your total income. Documents required to claim tax benefits under section 80u. Income tax deductions and standard deduction 20192020. These tax deductible expenses can be claimed under section 80c to. Rule 2 these deductions are to be allowed only if the assessee claims these and gives the proof of. Income tax deductions under section 80c, 80ccd, 80ccc, 80u, 80ee, 80e, 80d, income tax rebate under 80c, exemption under 80c, tax 80c limit. Section 80c deductions latest income tax deductions. If by chance, you have paid taxes in excess and have invested in ppf, lic and mediclaim, you can claim deductions under section 80c.
Section 80c provides deductions for savings for deduction under income tax and their limits. Deduction under section 80c to 80u tax for cacs by nakul. 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 available to. All about deduction under section 80c and tax planning what. Get savings on income taxes with a ca to help you file. Deductions basic rule the aggregate amount of deductions under sections 80c to 80u cannot exceed the gross total income investment in infrastructure bonds us 80ccf. Gives a simplified in depth detail about the various tax provisions and incentives in india us 80c to 80u.
Therefore, do crosscheck the information from the relevant documents available to you. These deductions are however not allowed from the following incomes although these are part of gti long term capital gain. Chapter via list of all deductions at a glance, list of all income tax deductions from us 80c to 80u. Chapter via all deductions, deductions under section 80c. Indian tax laws contain certain provisions,which are intended to act as an incentive forachieving certain desirable socioeconomicobjectives.
Deductions under section 80c to 80 u of income tax act 1961. 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. Rent paid for furnishedunfurnished residential accommodation subject to certain conditions. The income tax act of 1961 has 298 sections and xiv schedules. List of income tax deductions from section 80c to 80u of income.
The maximum tax exemption limit under section 80c epf. Deduction under section 80u of income tax act in india. Mar 19, 2020 chapter via list of all deductions at a glance, list of all income tax deductions from us 80c to 80u. Every tax payer should know income tax deductions under section 80c to 80u. It deductions allowed under chapter via sec 80c, 80ccc. Section 80c allows individuals and hufs to claim tax deduction of up to rs. Deduction under section 80c to 80u, assessment of individual in income tax 201819 duration. Income tax deductions under section 80c to 80u home blog income tax deductions under section 80c to 80u taxes are an integral component in our country, with them accounting for a major portion of the income earned by the government, income which is utilised to provide certain basic provisions to citizens. Chapte r sections description i definitions ii 49a residential status iii 10b exemptions iv 1459 heads of income v 6065 clubbing provisions vi 6680 setoff provisions via 8080u deductions 3. Deductions under section 80c guide to saving income tax. Deduction in respect of payment of premium for annuity plan of lic or any other insurer. The deduction under section 80c is allowed from your gross total income.
584 520 556 662 695 895 158 1347 844 2 557 1371 1164 202 1241 1518 919 844 1 831 375 1265 1396 624 832 1032 662 960 1391 861 58 1363 454 99 55 1410 1379 508 1361 1034 17 911 1456 754 533 1042 891 1166 332 1284