Cut your Income Tax Beyond 80C
Basically most of the people are not aware of all income tax exemption options.
This article is written to put more light on all income tax exemption ways.
For current income tax slabs Go Here
Following table give you more idea about income tax exemption plans,
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Section
Product to Invest
Amount to
Invest
Other Details
80C
NSC, notified bank
deposits and post
office time deposits,
EPF and PPF,
ELSS, life insurance
plans,deferred
pension plans.
Cannot exceed
Rs.1 lakh
Mandatory
requirements -
Payment has to
be made before
31 March 2008.
Who can avail
the deduction -
Individuals and
HUF (both
resident and non-
resident).
80CCC
Pension plans of life
insurers.
Limit of Section
80C (upto to
Rs.1 lakh)
Mandatory
requirements -
Payment has to
be made before
31 March 2008.
Who can avail
the deduction -
Individuals
80D
Medical insurance
policies taken for
self, spouse,
dependent parents
or children,or any
member of HUF.
Upto Rs.15,000;
senior citizens
can claim up to
Rs.20,000
Mandatory
requirements -
Premium should
be paid through
a cheque out
of income
chargeable to tax
Who can avail
the deduction -
Individuals and
HUF.
80DD
Expenses on the
medical treatment
of a dependent who
is a person with a
disability.
Upto Rs.50,000,
or upto
Rs.75,000 if the
dependent is
a person with
severe disability.
Mandatory
requirements -
Certification by a
medical authority
Who can avail
the deduction -
Resident
individual or HUF.
Section
Product to Invest
Amount to Invest
Other Details
80DDB
Expenses on the medical treatment of a
specified disease (cancer,AIDS,neurological
diseases,chronic renal failure and more)
Rs.40,000 (if the person
treated upon is less than 65
years of age),or Rs 60,000
(if the age of the person
treated is 65 years or more)
Mandatory requirements -
Certificate in Form No.10-l
to be submitted along with
the income tax is available
if the amount is actually paid
for treatment.
Who can avail the deduction -
Resident individual or HUF.
80E
Payment of interest on loan taken for
higher studies.
Deduction available on the
total interest portion of
education loan,the principal
repayment gets no tax
advantage
Mandatory requirements -
Decuction is available in the
year in which repayment starts
and only for eight immediately
succeeding assessment years.
Who can avail the deduction -
Individual.
80G
Donations to certain funds and charitable
institutions.
50 or 100 per cent deduction
on the entire donated
amount,or 50 or 100 per cent
deduction subject to 10 per
cent of gross total income.
Mandatory requirements -
Not applicable
80GG
Rent paid for residental purpose
Excess of actual rent paid
over 10 per cent of GTI,or 25
per cent of GTI,or Rs.2,000
per month,whichever is the
lowest.
Mandatory requirements -
Should not be getting house
rent allowance. Actual rent
paid is in excess of 10% of the
total income
Who can avail the deduction -
Self-employed or salaried.
80U
Expenses incurred on self, if disabled
Rs.50,000 for a person with
disability,Rs.75,000 for a
person with severe disability
(disability of over 80 per cent)
Mandatory requirements -
Certification by a medical
authority to be furnished along
with the income tax return form.
Who can avail the deduction -
Resident individuals.
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