Deductions u/s 80 C to 80 U for Individuals for F/Y 2011-12

Friends,

(Public Provident Fund (Amendment) Scheme, 2010) 

Now its the time to finalize your Income Tax Calculations for this financial year i.e. 2010-11. Every one is planning to save tax while making some savings. Here are the details of Income Tax Sections from 80 C to  80 U with the help of these section you will find yourself easy to make calculations. The season of tax has arrived. Therefore , there is need for easy chart of all tax deduction u/s 80c to 80U for an Individual taxpayer?Under Income tax , deduction u/s 80C, 80CCC, 80CCF, 80D, 80DD, 80DDB, 80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U  are relevant to Individuals depending on the condition fulfillment. (TAX PLANNING)

The following chart of deductions will give instant and fair idea about certain deductions to individual tax payers. (section 80IAB to 80IE are not discussed which are specific to business men ) .

Sl No	Section	Details of deductions		Quantum
1	80C	General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc		Maximum Rs 1 ,00,000 is allowed.Investment need not be from taxable income.
2	80CCC	Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.		Maximum is Rs 1,00,000
3	80CCD	Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.		Maximum is sum of employer’s and employee’s contribution to the maximum : 10 % of salary.
4		It should be noted that as per section 80CCE , the maximum amount of deduction which can be claimed in  aggregate of 80C ,80CCC & 80CCD is Rs 1,00,0000
5	80D	Medical insurance on self, spouse , children or  parents	Rs 15,000 for self , spouse & childrenExtra Rs 15,000 for insurance on parents. IF parents are above 65 years, extra sum should be read as Rs 20,000 Thus maximum is RS 35,000 per annum
6	80DD	For maintenance including treatment or 7insurance the lives of physical disable dependent relatives (CLICK HERE FOR MORE DETAILS)	Rs 50,000 . In case disability is severe , the amount is Rs 75,000.
7	80DDB	For medical treatment of self or relatives suffering from specified disease	Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000
8	80E	For interest payment on loan taken for higher studies for self or education of spouse or children. (Eligibility - Who Can Claim This)	Actual amount paid as interest and start from the financial year in which he /she starts paying interest and runs till the interest is paid in full.
9	80G	Donations to charitable institution. (Make Donations and Cut down your Tax)	100% or 50% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. )
10	80GG	For rent paid.	This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month.  Rule 11B is method of computation.
11	80GGA	For donation to entities in scientific research or rural development f	Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.
12	80GGC	For contribution to political parties	100 % of donations
13	80QQB	Allowed only to resident authors for royalty income for books other than text book	Royalty income or Rs 3,00,000 whichever is less.
14	80RRB	For income receipt as royalty on patents of resident individuals	Actual royalty or Rs 3,00,000 whichever is less.
15	80U	Deduction in respect of permanent physical disability including blindness to taxpayer	RS 50,000 which goes to Rs 75,000 in case taxpayer is suffering from severe disability.

And for this Financial Year a one can make Deduction 
u/s 80 CCF for Rs. 20000/- in addition to Rs. 100000 u/s 80C.  

 

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