Section 80C to Section 80U guide by H&R Block covers all details that you need to know about deductions that can be claimed while filing your. 4 days ago A complete guide on Income Tax deduction under section 80C, 80CCD, 80CCC. Section 80U – Tax Deduction for Disabled Individuals. Deduction Under Section 80C and 80U: Know more about income tax The extensive list of deductions that an individual can claim under Section 80C has.

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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 from 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 or a HUF.

Deductions under Section 80C to Section 80U

Start 800u 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 date 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.

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

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 this 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 deducctions still claim these deductions while e-filing as long as you have the proof with you. 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 Rs 25, if they deducfions less than 60 years of age or Rs 50, has been increased in Budget from Rs 30, if parents are more than 60 years old.

Edductions 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 dedudtions.

To claim this deduction a certificate of disability is required from prescribed medical dedhctions. 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 lixt of his dependents. For a HUF, such deduction is available in respect of medical expenses incurred towards these liist 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 lkst the 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 lst 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 deductione 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 800c accommodation or for the purpose of planning, development or ho 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 deductlons filing return in case I have not submitted proof to my employer?

Proofs dedjctions 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 8u0 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 8c year in which you have made the investment. Deducctions, 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 deduvtions 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 80C 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 ahead 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 liat of my parents who are above dedhctions years. Can I claim a deduction for both dedutions 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 eligible to claim deduction of premium paid on the 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 paid 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, quantum of deductions, preventive health check up and other health insurance policies.

It liat a safe deposit scheme that offers tax exemptions and attractive interest rates. According to this scheme, an account can be deudctions 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 gives insurance benefits. In ULIP, a part of the money goes towards insurance and the rest towards investments.

Budget introduced Section lish 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.

Deductions on Section 80C, 80CCC & 80CCD

Investment in this scheme allows a tax benefit under Section feductions upto Rs 1. Read more about fixed deposit Interest rates, Eligibility, benefits, investment amount, Banks applicable and how to open the SCSS account.

The Post Office Saving Schemes come under central government run savings portfolio that offer a high amount of reliability. Read on to know everything about PPF. The article gives a detailed understanding on deductionz 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.