Deductions are the exemptions on the amount taxable as per Income Tax Act. They are. Deduction Under Section 80C and 80U: Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg. The aggregate amount of deductions under sections 80C to 80U cannot exceed gross total income(gross total income after excluding long term capital gains.

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Get done in 7 mins. Invest in best performing Mutual funds for building long term wealth. Plans start from Rs. File all GST returns for your clients with automated data reconciliation – No download required. Updated on Dec 27, – Under section 80C, a deduction of Rs 1,50, can be claimed sectio your total income.

In simple terms, you can reduce up to Rs 1,50, from your total taxable income through section 80C. This deduction is allowed to an Individual nuder a HUF. Start your Tax Return Now. I want an expert to help me file. This deduction is available for rent paid when HRA is not received. The taxpayer, spouse or minor child should not own residential accommodation at the place of employment. The taxpayer should not have self-occupied residential property in any other place.

The assessee should be a new retail investor as per the requirement specified under the notified scheme. The investment should be made in such listed investor as per the requirement specified under the notified scheme. The minimum lock in period in respect of such investment is three years from the unrer of acquisition in accordance with the notified scheme.

Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped dependent relative. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

Paid E-filing by Expert CAs. How to file GST Returns? Log In Sign Up. Maximize your tax savings 80C. See all our plans. Home Income Tax 80 Deductions.

Discussed in too article are some of the important deductions under Section 80C a taxpayer is eligible to claim. Section 80E Interest on Education Loan.

Section 80D Medical Insurance. Section 80DD Disabled Dependent. Section 80U Physical Disability. Section 80C Deductions on Investments Under section 80C, a deduction of Rs 1,50, can be claimed from your total income. You can still claim these deductions while e-filing as long as you unver the proof with you.

Deductions under section 80C to 80 U of Income Tax Act

Get CA Assisted Plan. Rajiv Gandhi Equity Scheme has been discontinued starting from 1 April A deduction of Rs.

An additional deduction for insurance of parents is available to the extent of Sectipn 25, if they are less than 60 years of age or Rs 50, has been increased dedjction Budget from Rs 30, if parents are more than 60 years old. In case, a taxpayers age and parents age is 60 years or abovethe maximum deduction available under this section is to the extent of Rs. In this case, the maximum deduction Rohan can claim under section 80D is Rs. From FY a cumulative additional deduction of Rs.

Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped dependent relative b. To claim this deduction a certificate of disability is required from prescribed medical authority. The deduction that can be claimed is Rs 40, Such deduction, for an individual, is available in respect of any expenses incurred towards treatment of certain specified medical diseases or ailments for himself or any of his dependents. For a HUF, such deduction is available in respect of medical expenses incurred towards these prescribed ailments, for any of the members of the HUF.


In case the individual on behalf of whom such expenses are incurred is a senior citizen, a deduction upto Rs 1 lakh can be claimed by sectino individual or HUF taxpayer.

This otherwise means, now it is a common deduction available upto Rs 1 lakh for all senior citizens including super senior citizens unlike earlier. Any reimbursement of medical expenses by an insurer or employer shall be reduced from the quantum of deduction the taxpayer can claim under this section. Also remember that you need get a prescription for such medical treatment from the concerned specialist in order to be able to claim such deduction.

Read our detailed article on Section 80DDB. In case of severe disability, deduction of Rs. From FY any donations made in cash exceeding Rs 2, will not be allowed as deduction.

Government or any approved local authority, institution or association to be utilized for the purpose of promoting family planning Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India.

Any other fund or any institution which satisfies conditions mentioned in Section 80G 5 Government or any local authority to be utilized for any charitable purpose other than the purpose of promoting family planning Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns, villages or both Any corporation referred in Section 10 26BB for promoting the interest of minority community For repairs or renovation of any notified temple, mosque, gurudwara, church or other places.

Can I claim the 80C deductions at the time of filing return in case I have not submitted proof to my employer?

Section 80C to Section 80U Deductions

Proofs for making investments are submitted to the employer before the end of a Financial Year FY so that the employer considers these investments while determining your taxable income and the tax deduction that needs to be made.

However, even if you miss submitting these proofs to your employer, the claim for such investments made can be done at the time of filing your return of income as long as these investments have been made before the end of the relevant FY.

I have made an 80C investment on 30 April For which year can I claim this investment as a deduction? You can claim deduction for investments made in the return of income for the year in which you have made the investment. Therefore, if you have made the investment on 30 Aprilyou will be eligible to claim such investment as a deduction during FY I have availed a loan from my employer for pursuing higher education.

Can I claim the interest paid on such loan as a deduction under Section 80E? A deduction of interest paid on education loan under Section 80E can be made only if the loan has been availed from a financial institution for pursuing higher education. Therefore, availing a loan from your employer will not entitle you to claim the interest under Section 80E.

Is there any restriction or maximum limit upto which I can claim a deduction under Section 80E? Law has not prescribed any upper limit for making a claim of deduction under Section 80E. Hence, the actual interest paid during a year can be claimed as a deduction.

Hence, a company or a firm cannot take the benefit of Section 80C. I have been paying life insurance premium to a private insurance company. Can I claim deducttion deduction for the premium paid? Deduction under Section 80C is available in respect of life insurance premium paid to any insurer approved by the Insurance Regulatory and Development Authority of India, whether public or private.


Hence, the insurance premium you are paying will also help you claim an 80C deduction. In which year can I claim deduction of the stamp duty paid for purchase of a house property.

You can go dwduction claiming the stamp duty for purchase of a house in the year in which the payment is made towards stamp duty under Section 80C. Any taxpayer making donations towards specified institutions, funds etc will be eligible to claim a deduction under Section 80G. I am paying medical insurance premium for a medical policy taken in my name, my wife and children.

I am also paying premium on a medical policy taken in the name of my parents who are above 60 years. Can I claim a deduction for both premiums paid? The premium you have paid on the policy taken for yourself, spouse and children is eligible for a deduction under Section 80D upto a maximum of Rs 25, In addition to this, you will also be 880u to claim deduction of premium paid on undfr policy taken for your senior citizen parents upto a maximum of Rs 50, this limit was Rs 30, until FY Hence, you can claim both premiums 80d as a deduction under Section 80D.

If you are a senior citizen above 60 years of age, then your interest income from a Fixed Deposit is exempt under Section 80TTB. Read this article to know about medical insurance under Section 80D, its applicability, ro of deductions, preventive health check up and other health insurance policies. It is wection safe deposit scheme that offers tax exemptions and attractive interest rates.

According to this scheme, an account can be opened in the name of girl child by her parent or legal guardian until she attains the age of ten years. ULIP is an investment product that also desuction insurance sectipn. In ULIP, a part of the money goes towards insurance and the rest towards investments. Budget introduced Section 80TTB which provides for a deduction of Rs from total income of senior citizens of interest from bank deposits. One of the deductions available under Chapter Vi A is section 80P which is available for co-operative societies.

Read more on eligible deductions, exception. Investment in this scheme allows a tax benefit under Section 80C upto Rs 1. Read more about fixed deposit Interest rates, Eligibility, benefits, investment amount, Banks applicable and how to open sectiln SCSS account. The Post Office Saving Schemes come under central government run savings portfolio unfer offer a high amount of reliability.

Read on dduction know everything about PPF. The article gives a detailed understanding on the kinds of disabilities and eligibility for claiming deductions.

It also lays out the difference between section 80DD and Section 80U. It also lists the supporting banks and the link to them, where the payment can be made. Know more on the procedure for PF transfer online. Know about PPF benefits and how it can help you in saving your taxes. There is a proposal in Budget that no deduction under Section 80IA to 80RRB would be available if the return of income is not filed within the due date.