Age 60 and above Senior Citizen Rs 1 lakh This deduction can be claimed only if you have a prescription for such medical treatment from a specialist doctor. If treatment is being received in a government hospital, then it must have name and address of that hospital as well. Section 80E: Interest on loan taken for higher education If you have paid interest in FY on an education loan taken for the higher education i. Wadhwa says, "There is no limit on the maximum amount claimed as deduction. However, this deduction is available for up to 8 years starting from the year in which interest payment began or until interest is paid in full. An additional deduction of Rs 50, can be claimed if the following conditions are satisfied: a The loan taken by you was sanctioned between April 1, and March 31, ; b The home loan taken does not exceed Rs 35 lakh; c The value of house purchased by you does not exceed Rs 50 lakh; d The house for which loan is taken is your first house.
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Senior Citizens Saving Scheme Sub-sections under Section 80C The extensive list of deductions that an individual can claim under Section 80C has encouraged the creation of a sub-section for enhanced transparency of the provisions to the taxpayers and their better understanding. Here is the list of sub-sections and the tax benefits that an individual can claim. This deduction is applicable for individual taxpayers only. Section 80CCD This section provides tax deductions for investments towards specific pension schemes, as notified by the Central Government.
This section serves as a boost for taxpayers to inculcate the habit of savings. Section 80CCF This sub-section provides tax deductions on subscription of specific long-term infrastructure bonds, as notified by the government. Benefits under this section have been discontinued from A. Tax Deductions under Section 80U This section is aimed at providing tax deductions for physically disabled individuals. Individuals suffering from physical conditions like autism, cerebral palsy, etc. Frequently Asked Questions Who is eligible for filing deductions under 80C?
What are the expenditure that make me eligible for tax exemptions under Section 80C of the Income Tax Act? What is the maximum deduction that I can claim under 80C? An individual is eligible to claim tax deductions of a maximum of INR 1.
What are the schemes that I can invest in to be eligible for tax deductions under 80C of the Income Tax Act, ?
How to claim deductions under section 80C to 80U while filing ITR1
Today we are providing the complete details of income tax deductions under section 80C to 80U. Tax deduction helps in reducing your taxable income. It decreases your overall tax liabilities and helps you save tax. However, depending on the type of tax deduction you claim, the amount of deduction varies. You can claim tax deduction for amounts spent in tuition fees, medical expenses and charitable contributions. Also, you can invest in various schemes such as life insurance plans, retirement savings schemes, and national savings schemes etc.
IT Deductions Under Section 80C to 80U