Presentation on permissible deductions from gross total income under income tax act 1961 by dr. Employers take this investment into account while deducting. Total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 201415 assessment year 2015. Deduction us 80c in respect of life insurance premium, contribution to pf, etc. Deductions under section 80c to 80 u of income tax act 1961. Total deduction amount of assessment year 2014 15 and 201516 shall be rs. All about deduction under section 80c and tax planning what.
Section 80c income tax deduction under section 80c. Section 80c replaced the existing section 88 with more or less the same investment mix available in section 88. The deduction was 50 % of amount invested in such equity shares or 25,000, whichever is lower. Swachh bharat kosh applicable from financial year 2014 15. For fy 2014 15 assessment year 201516 total deduction under section 80c, 80ccc and 80ccd1 cannot exceed rs 1,50,000. Now you can scroll down below and check complete list of various deductions under section 80c. Section 80c deduction on investments an individual can claim up to a maximum deduction of rs. Compute tax liability for the assessment year 201415 and also interest under section 234a, 234b and 234c. Deduction in respect of contribution to pension account cpsby assessee section 80ccd1 allows an employee, being an individual employed by the central government or any other employer, on or after the 01. With effect from 142014 deduction will not be allowed if sum is contributed in cash. Section 80u tax deduction for physically disabled persons. Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920. List of income tax deductions from section 80c to 80u of income tax act for fy 201920ay 202021. Dec 01, 2014 the amendment of section 80c take effect from 1st april, 2015 i.
Deductions under section 80c to 80 u of income tax act. The benefit is in addition to deduction available us sec 80c. Let us go through time tested tax and investment strategies for fy 201415 to achieve our desired results. 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. Deductions from gross total income under section 80c to 80. A higher tax deduction of rs 1, 25,000 can be claimed under section 80u if the taxpayer has severe disability. Let us go through time tested tax and investment strategies for fy 2014 15 to achieve our desired results. However, you can claim deduction up to rs 10, on the interest earned either from your savings bank account or post office savings account or. Under this heading many small savings schemes like nsc, ppf and other pension plans. This deduction is allowed to an individual or a huf. The aggregate deductions from income under sections 80c, 80ccc and 80ccd applicable. Section 80c of the income tax act allows for deductions up to rs.
Income tax 201415 what are all the changes affecting salaried employees. Apart from below 80c deductions, you can also check other tax benefits under 80d to 80u read my other post important things to know before you file your income tax returns 1. The deduction under section 80c is allowed from your gross total income. It covers all tax saving sections sec 80c, sec 80ccc, sec 80ccd, sec 80d, sec 80ddb, sec 80dd, sec 80u, sec 80g, sec 80gga, sec 24, sec 80ee, sec 80gg, sec 80ccg, sec 80tta, sec 87a. The current maximum limit of deduction under section 80c is rs. Under the section, individuals can invest in a number of savings schemes to claim deductions on their taxable income. 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. Deduction under section 80c a complete list basunivesh. Taxsaving fixed deposits fds of scheduled banks with a tenure of five years are also entitled for section 80c deduction.
The amendment of section 80c take effect from 1st april, 2015 i. The article deals with deduction under section 80c of the income tax act and explains who is eligible for the deduction, eligible investments, limit for deduction, who can invest for whom and time period for investment. In finance act,2014,an internal limit of rs 1,00,000 has been fixed us 80ccd1. As per section 80ccd1b an additional exemption up to rs. The following investments and payments are eligible for deduction under section 80c of the income tax act, 1961. Thanks for asking taxes are mandatory for any country to boost its economic development as they are the sources of income for any government. Total deduction amount of assessment year 201415 and 201516 shall be rs. Income tax deductions under section 80c to 80u last. Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg.
Tax deduction under section 80c of the income tax act. However amount of deduction us 80c is computed as lower of. For fy 201415 assessment year 201516 total deduction under section 80c, 80ccc and 80ccd1 cannot exceed rs 1,50,000. Jul 24, 2014 note 2 amount of deduction gross qualifying amount is the figure derived above. You can use the 2014 standard deduction tables near the end of this publication to figure your standard deduction. Dec 02, 2017 cs professional advance tax laws and practice 80c tax deductions 80c tax deductions. Others apart from the above, things like childrens education expenses that can be claimed as deductions under section 80c.
Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for financial year 2014. Chapter vi section 80 erp human capital management. Income tax 201415 exemptions available to salaried employees. Know more about income tax admin march 23, 2019 march 23, 2019 no comments on deduction under section 80c to 80u pdf deductions are the exemptions on the amount taxable as per income tax act. Time limits stated under section 80ia4 have been extended from 3 2014 to 32017. Jan 27, 2014 deductions from gross total income under section 80c to 80 u of income tax act 1961 1. Apr 14, 2020 list of various deductions under section 80c. Know more about income tax admin april 27, 2019 april 27, 2019 no comments on deduction under section 80c to 80u pdf deductions are the exemptions on the amount taxable as per income tax act. Total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 2014 15 assessment year 2015. However, a smart investor goes beyond 80c tax benefits to avail deductions apart from section 80c investment options. Guide to section 80 deductions under sec 80c to 80u cakart.
It deductions allowed under chapter via sec 80c, 80ccc. No tax on notional rent on second selfoccupied house has been proposed. We can say that it is an amount based deduction and total deduction should not be more than rs. Deductions are the exemptions on the amount taxable as per income tax act. This deduction can be claimed for premiums paid towards insuring self, spouse, dependent children and any member of hindu undivided family. The interest is market linked and changes every year. A tax deduction is a reduction in the total amount payable to the income tax department of india. For fy 201516 assessment year 201617 a new section 80ccd1b has been introduced to provide for additional deduction for amount contributed to nps of up to rs 50,000.
Background for section 80c of the income tax act india what are eligible investments for section 80c. With effect from 14 2014 deduction will not be allowed if sum is contributed in cash. The deduction is allowed for various investments, expenses and payments. Let us also hope that the new financial year would bring new flavor of tax and investment planning ideas in the lives of tax payers. Under section 80c, you can invest a maximum of rs 1. Under section 80c deduction would be available from gross total.
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. Budget 2014 0 0 raj kumari thursday, july 10, 2014 edit this post under the existing provisions of section 80c of the act, an individual or a hindu undivided family, is allowed a deduction from income of an amount not exceeding one lakh rupees with respect to sums paid or deposited in the. So centralstate government or any other employee contributing to the npscpf can claim maximum deduction of rs 1,00,000 for financial year 201415 onwards. Premiums paid toward all life insurance policies are eligible for tax benefits under section 80c. Deduction us 80ccd for cpf nps upper limit one lakh only. 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.
Sever disability means having any of the above disability of 80% or above. Deductions from gross total income under section 80c to 80 u. This tax deduction under section 80c can be claimed by individuals and hindu undivided families hufs while filing an income tax return. This article is applicable for fy 20142015 and is updated as per the budget announcements on july 10, 2014.
Click here to know income tax salb rates fy 2014ay 2014 15 tax options beyond 80c click here this an attempt to focus on tax saving instruments, which helps to the tax payer even without professional or specialized knowledge in tax related, can also plan properly for hard earning money. Highlights of changes announced in budget 2014 and finance bill 2014 as far as income tax provisions relating to salaried employees income tax 201415 assessment year 201516 in case of individual other than ii and iii below and huf. Deduction under section 80ccg 80d payment of medical insurance premium. 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. Note 2 amount of deduction gross qualifying amount is the figure derived above. How your income tax has changed over the last 9 years. 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. Income tax 201415 exemptions available to salaried. All about deduction under section 80c and tax planning. Find list of income tax deduction under section 80c. A quick and simple deck covering all tax saving investments available for individuals in india for fy 201415 ay 201516. Currently fy 201819, income tax on notional rent is payable if one has more than one selfoccupied house.
Income tax amendment for the assessment year 201415. The chart given below describes the deductions allowable. Proposed tax slab for financial year 14 assessment year 1415 for men below 60 years of age. However, you can claim deduction up to rs 10, on the interest earned either from your savings bank account or post office savings account or from both.
For salaried employees, pf is default investment which qualifies for deduction us 80c. Tax saving options under 80c fy 2014ay 201415 ap teacher. Cs professional advance tax laws and practice 80c tax deductions 80c tax deductions. For senior citizens age 60 years or more but less than 80 years. The stand ard deduction for some taxpayers who do not itemize their deductions on schedule a of form 1040 is higher for 2014 than it was for 20. Deductions under chapter vi a section 80c, 80d, 80e. It basically allows certain expenditures and investments to be exempt from tax. The maximum limit of deduction under section 80c is rs 1. The maximum investment permissible for claiming deduction under rgess is rs.
Due date for filing of roi in case of partnership firm is 31. Time limits stated under section 80ia4 have been extended from 32014 to 32017. Tax slab for financial year 201415 assessment year 1516. Deduction under section 80c and tax planning taxguru. Jun 02, 2019 thanks for asking taxes are mandatory for any country to boost its economic development as they are the sources of income for any government.
May 31, 2014 a quick and simple deck covering all tax saving investments available for individuals in india for fy 2014 15 ay 201516. Caknowledge ca, cs, cma, income tax, gst, banking 2019. However such person can claim deduction of rs 1,50,000 through other scheme available us 80c like ppf. Fy 2014 and fy 201415 during these financial years, the deduction available under this section was firsttime house worth rs 40 lakh or. Deductions under chapter vi a of income tax act for fy 2019.
Jul 10, 2014 raising the limit of deduction under section 80c. Deduction in respect of any income by way of royalty in respect of a patent registered on or after 01. Information and filing deduction, standard exemptions. List of various deductions under section 80c tax saving. Eligible taxpayers can claim deductions to the tune of rs 1. Deductions under chapter vi a of income tax act for fy. Click here to know income tax salb rates fy 2014ay 201415 tax options beyond 80c click here this an attempt to focus on tax saving instruments, which helps to the tax payer even without professional or specialized knowledge in tax. How to claim deductions under section 80c to 80u while filing itr1.
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