Let us go through time tested tax and investment strategies for fy 201415 to achieve our desired results. In this guide we have explained all the investment options available under 80c alongwith their eligibility criteria. Part c deductions and taxable total income refer to instructions for limits on amount of deductions as per lncome tax act. In this article we have analyzed tax rate chart after giving effect to. Maximum deduction under this section is rs 20, these amendments will take effect, 8c 1st april, and will, accordingly, apply in relation to the assessment year and subsequent assessment years. May 31, 2014 a quick and simple deck covering all tax saving investments available for individuals in india for fy 201415 ay 201516. Chapter vi section 80 erp human capital management. Section 80c deduction under section 80c of the income tax.
An individual and huf can claim section 80c deductions on payments being made in the following. Gains from these savings and investments are taxfree under section. Details of deduction under section 80c available from gross total income. This deduction can be claimed for premiums paid towards insuring self, spouse, dependent children and any member of hindu undivided family. Thus, an investor or taxpayer should possess comprehensive knowledge of different tax saving schemes, as the different benefits available under this act can help you save a substantial amount from your tax liability. Section 80ee deductions on home loan interest for first time home owners a deduction of upto rs. Income tax calculator for fy 201415 ay 201516 taxguru. Below given are several investments, expenses and payments allowed to be claimed under section 80c. Assessment year 201516, relevant to financial year 201415. Here a list of types of deductions covered under section 80c. This deduction is allowed to an individual or a huf. Section 80c income tax deduction under section 80c limit in. Deduction from gross total income of an individual or huf, up to a maximum of rs. Section 80c of the income tax act of india is a clause that points to various expenditures and investments that are exempted from income tax.
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. Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund. Income tax deductions list fy 202021 new vs old tax. Loan from a notified organization like banks or financial institution. Income tax deductions section 80c to 80u for tax saving in. The aggregate deduction allowed under this section cannot exceed rs 1 lakh and is allowed for fy 2014 and fy 201415. Tax deductions under section 80c allow you to claim a deduction of maximum rs 1. Under this heading many small savings schemes like nsc, ppf and other pension plans. Section 80c income tax deduction under section 80c limit. The maximum limit of deduction under section 80c is rs 1. Premiums paid toward all life insurance policies are eligible for tax benefits under section 80c. Section 80c provides deductions on various investments up to.
Income tax calculator for fy 201415 ay 201516 click on the excel logo to download the income tax calculator. You dont need to show any tax proof to the it department but you must keep. Tax break on interest paid on education loan will not be claimablesection 80e. Applicable deductions under chapter vi a for year 201415 a. However, maximum deductions including the subsections of 80c are up to rs. How to claim deductions under section 80c to 80u while filing itr1. List of tax deductions under section 80 of income tax. Under section 80c of the income tax act, the maximum deduction allowed. There is no maximum limit for investment in nsc but the deduction is only till maximum of rs 1 lakh us 80c you can buy nsc in denominations of rs 100, 500, 5000 and 0 maturity value of a certificate of rs100 purchased on or after april 1, 2012 shall be rs 152. Income tax 201415 exemptions available to salaried employees.
However, as per section 80cce, aggregate of 80c, 80ccc and 80ccd cannot exceed inr 1,50,00. Deduction is limited to whole of the amount paid or deposited subject to a maximum of rs. Tax break on donations to charitable institutions available under section 80g will not be available so, all deductions under chapter via like section 80c, 80ccc, 80ccd. Equal to the amount invested and amount received on maturity shall be exempt. Nov 08, 2014 if you are looking for long term investment with higher returns while saving tax, equity linked savings schemes elss is the best tax saving investment option. The deductions claimed us 80c of the act combined with amounts claimed as deductions on account of pension contributions 80ccc and new pension scheme nps us 80ccd 1 cannot exceed the aggregate amount of. The senior citizen savings scheme is the best possible investment scheme for senior citizens. This tax benefit was available for only two years fy 2014 and fy 201415.
Whereas section 80ccc provides a deduction of up to. Dec 26, 2019 under these two subsections, tax deductions can be claimed within the overall rs 1. You can still make investment ppf,nsc or lic premium before march 31 st 2015 and declare it as an investment in section 80c when you file your return. Income tax deductions list fy 202021 new vs old tax regime. Through it you can get details of new deduction limit under section 80c, 80d etc. Income tax 201415 exemptions available to salaried. Section 80c allows individuals and hufs to claim a tax deduction of up to rs. Income tax 201415 what are all the changes affecting. Let us go through time tested tax and investment strategies for fy 2014 15 to achieve our desired results. Section 80c deductions on investments you can claim a deduction of up to rs. Deduction under section 80c to 80u for ay 201819 pdf. Income tax amendment for the assessment year 201415. Investment in ppf 15 years lockin period employees share of epf contribution. Mar 05, 2020 section wise income tax deductions for a.
Oct 23, 2020 section 80c is the most popular income tax deduction for tax saving. Mar, 2015 there is change in limit of income tax deduction 201415 a. The chart given below describes the deductions allowable. Deductions to be made with reference to the income included in the gross total income. The following investments and payments are eligible for deduction under section 80c of the income tax act, 1961. We can say that it is an amount based deduction and total deduction should not be more than rs. The same can be claimed as a deduction by the employee. Seeking to boost household savings, the government has hiked the exemption limit for investments by individuals in financial instruments to rs.
Introduced in fy 2014, this section offered a deduction of upto rs. Income tax proof and forms required under section 80c. Information relates to the law prevailing in the year of publication as indicated. With effect from assessment year 201415 a investment in listed units of an. Jul 16, 2020 this section contains many deductions however most popular of them are discussed below. The maximum investment permissible for claiming deduction under rgess is rs. Swachh bharat kosh applicable from financial year 2014 15. Learn more about income tax deduction under section 80c as per the income tax act, 1961.
No deduction shall be allowed in respect of any sum contributed by way of cash. The maximum amount eligible for tax deduction under section 80c is rs. Jun 18, 2020 multiple taxsaving instruments feature under section 80c of the income tax act. Tax deductions which falls under section 80c of income tax act. The limit for financial year 201516 is also rs 1,50,000. However, only the latter qualifies for tax deductions under section 80c of the income tax act, and the maximum amount that you can claim as deductions is rs. The above deduction to be within the overall limits of rs 15,000 rs 20,000 prescribed under the said section of the act. There is change in limit of income tax deduction 201415 a. Taxpayers are advised to match the taxes deductedcollectedpaid by or on behalf. A deduction of up to rs 25, is available for health insurance premium paid for self, spouse, dependent children. There are multiple investment options that provide deductions under section 80c of the income tax act, 1961. Viewers are advised to ascertain the correct positionprevailing law before relying upon any document.
Section 80c to 80u deductions latest income tax deductions. Eligible deductions us 80c as per section 80c deduction eligible us 80c. Dec 10, 2020 deductions under section 80c to 80 u of income tax act 1961 ay 201920 fy 201819 this deduction can be availed by scheduled banks having offshore banking units in sezs, entities of international sectuon services centres and banks which have been established outside india. Tax deductions are covered between the scope of section 80c to 80u of the income. The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. The maximum deduction amount under section 80c stops until it reaches rs.
Jul 21, 2020 deduction under section 80c, section 80ccc, section 80ccd maximum amount of income tax deduction rs. Section 80cce thereby limits the total exemption limit upto. The deduction claimed for medical insurance premium under section 80d will also not be claimable. Deductions allowable to tax payer income tax department. Life insurance premiums either for yourself or family members. Deduction shall be allowed under section 32ad in addition to deduction under. May 05, 2018 total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 201415 assessment year 201516. Deduction not to be allowed unless return furnished. Interest shall be paid on annual basis and it will be taxable and deduction under section 80c is not allowed.
The sum invested in the nsc is eligible for tax deduction under section 80c up to the rs 1. Only section 80ccd1b can be claimed as an extra deduction of inr 50000. Section 87a of the income tax act claim tax rebate under. 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. It has been proposed to insert a new provision to allow deduction of up to rs. Deduction under section 80ccg 80d payment of medical insurance premium. 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. The deduction was 50 % of amount invested in such equity shares or 25,000, whichever is lower. Deduction in respect of life insurance premia, deferred annuity, contributions to. Mar 28, 2020 deductions under section 80c to 80 u of income tax act. Section 80ee is the income tax deduction on home loan interest towards your.
Section 80u tax deduction for disabled individuals. I bought flat in year 2014 15 on home loan of 15lacs in 20142015, i taken loan from bob. This section provides a deduction for expenses incurred towards medical insurance, preventive health checkup, and other medical ynder. For claiming the tax benefit itr filing is mandatory. Also check the eligibility, when to claim deductions under section 80c of the income tax act and subsections of section 80c. Section 80c deductions under section 80c limit in india. Provisions under section 80c are broadly classified into. Total deduction amount of assessment year 201415 and 201516 shall be rs. Section 80ccc tax deduction contributions made towards pension plans by individuals to purchase annuity plans or retirement plans qualify for deductions under this section. Enhancement of section 80c deduction limit from rs 100,000 to rs 150,000.
Deduction for additional wages in certain cases section 80jja. Since the interest earned on the nsc is automatically reinvested, it can be claimed as a deduction under section 80c. The benefit is in addition to deduction available us sec 80c. Clean ganga fund applicable from financial year 2014. 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. It is worth noting that the deductions are not savings of the income tax but the reduction in the amount of total taxable income for the respective financial year. Income tax deductions under section 80c, 80ccd, 80ccc this amendment will take effect, from seciton april, to claim this deduction, you are required to furnish a medical certificate from a government hospital as per the format suggested in the form ia, adds wadhwa. Deductions under section 80c to 80u chaper vi a deductions. We provide you the latest income tax rates in india for everyone and tax benefits for the current financial year 201415, to know more about.
548 1393 152 186 987 1229 507 237 827 593 281 1373 142 534 1089 1007 95 1214 768 1162 1617 514 796 1622 1260 284 402 796 485 202 1425 725 1458 714 162 295