This is where #TaxDeductions come into picture.
Deductions allowed under #IncomeTax act help you reduce your taxable income.
A ThreadЁЯз╡on various #IncomeTax #Deductions.
Must read for everyone.
A simple & legitimate way to to save taxes every year!
(RT to maximize reach.)
Money Saved is Money Earned !
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
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This is where #TaxDeductions come into picture.
Deductions allowed under #IncomeTax act help you reduce your taxable income.
But there are various other common deductions which anyone can claim.
This thread is about such common deductions.
A deduction up to Rs 1,50,000 is allowed under #Section80C of Income Tax Act 1961 in respect of eligible investments or expenditures.
* See Note Ahead
Discussed in detail ЁЯСЙ https://t.co/a5tbOUJoHQ
#TaxSaving #TaxPlanning
A deduction up to Rs 1,50,000 is available under Section 80CCC of #IncomeTax Act 1961 in respect of contributions made by an individual towards specified pension funds.
* See Note Ahead
#TaxSaving #TaxPlanning #Investing
A deduction up to Rs 1,50,000 is available under Section 80CCD of Income Tax Act 1961 in respect of contributions made towards National Pension Scheme (NPS) or Atal Pension Yojana (APY)
* See Note Ahead
#TaxSaving
Note : The deduction limit of Rs 1.5 lakh deduction of Section 80C includes Section 80C, Section 80CCC & Section 80CCD.
#TaxSaving #TaxPlanning #Investing
An additional deduction of Rs 50,000 is made available in Budget 2015 through sub-section 1B, thereby raising maximum deduction available under Section 80CCD to Rs. 2,00,000
#TaxSaving #TaxPlanning #Investing
A deduction up to Rs 20,000 is available under Section 80CCF of Income Tax Act 1961 in respect of subscription to long-term infrastructure bonds.
#TaxSaving #TaxPlanning #Investing
A deduction up to Rs 10,000 is available under Section 80TTA of Income Tax Act 1961 in respect of interest on deposits in savings account.
#TaxSaving #TaxPlanning #Investing
A deduction up to Rs 50,000 is available (only for senior citizens) under Section 80TTA of Income Tax Act 1961 in respect of interest on both deposits in savings account and fixed deposits in banks.
#TaxSaving
A deduction up to Rs 25,000 (50,000 for senior citizens) is available under #Section80D of #IncomeTax Act 1961 in respect of health insurance premium for self, spouse and dependent children and parents.
#TaxSaving #TaxPlanning
A deduction of Rs 75,000 (Rs 1,25,000 for severe disabilities) is allowed under #Section80DD of Income Tax Act 1961 in respect of maintenance including medical treatment of a dependant who is a person with disability.
#TaxSaving
A deduction up to Rs 40,000 (1,00,000 for senior citizens) is available under #Section80DDB of #IncomeTax Act 1961 in respect of medical treatment of certain specified ailments for self or dependent.
#TaxSaving #TaxPlanning
A deduction of Rs 75,000 (Rs 1,25,000 for severe disabilities) is allowed under #Section80U of Income Tax Act 1961 for people suffering from certain disabilities.
#TaxSaving #TaxPlanning #Investing
A deduction up to Rs 60,000 per year is allowed under #Section80GG of #IncomeTax Act 1961 in respect of rents paid when HRA is not received.
#IncomeTaxIndia #TaxSaving #TaxPlanning
A deduction (without any maximum limit) is available under #Section80E of #IncomeTax Act 1961 in respect of interest paid for a period of 8 years on loan taken for higher education.
#TaxSaving #TaxPlanning #Investing
A deduction up to Rs 50,000 is available under #Section80EE of Income Tax Act 1961 in respect of interest on loan taken for residential house property.
#TaxSaving #TaxPlanning #investing
A deduction up to Rs 1,50,000 is available under #Section80EEB of Income Tax Act 1961 in respect of interest paid on loan taken for purchase of an electric vehicle for personal or business use.
#EV #ElectricVehicle #TaxSaving
A 50% or 100% deduction (without any maximum limit) is available under #Section80G of #IncomeTax Act 1961 in respect of donations to certain funds, charitable institutions, etc.
#TaxSaving #TaxPlanning #Investing
A deduction (without any maximum limit) is available to companies under Section 80GGB in respect of contributions given by companies to political parties.
