Deduction under section 80c to 80u for ay 2014-15 pdf

Under section 80c, deduction is available from gti gross total incomeincome from the five heads after adjusting losses of cy and bf losses. Deductions from salary income for fy 2014 ay 201415. However, if your net taxable income after availing deductions under section 80c to 80u, exceeds rs 5 lakh then taxes will be calculated as per. The 19th century saw the establishment of british rule in india. Section 80c enables tax payers to claim a deduction of rs 1,50,000 from total income. Income tax deductions under section 80c, 80ccd, 80ccc, 80u. Section nature of deduction remarks 80ccc payment of premium for annuity plan of lic or any other insurer deduction is available upto a maximum of rs. But from assessment year 201415, in case of following categories premium paid upto 15% of sum assured. Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920 currently fy 201819, income tax on notional rent is payable if one has more than one selfoccupied house. What is the difference between section 80dd and section 80u. Section 80u income tax deduction under section 80c. In this article you may find complete details for how you can avail the benefit of deduction us 80c by investing in the govt schemes. All about deduction under section 80c and tax planning. No tax on notional rent on second selfoccupied house has been proposed.

The principal component of the emi qualifies for deduction under sec 80c. Section 80c provides deductions for savings for deduction under income tax and their limits. Under section 80u, individual suffering from a disability can claim for tax deductions. Chapter via all deductions, deductions under section 80c.

The tax assesse is first required to add all incomes i. Income tax deductions section 80c to 80u for tax saving in india updated the most comprehensive guide for all income tax deductions section 80c to section 80u covered in chapter vi a of income tax for the fy 201920 ay 202021. Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920 deductions under section 80c to. Deduction under sections 80c to 80u to be allowed on the basis of evidences of investment or expenditure as the case may be 5 taxable income for tds 34 6 tax payable. The section 80u deals with tax deductions meant for residents of india who are categorized as disabled according to government rules. Section 80c to 80u income tax short notes accounting. How to claim deductions under section 80c to 80u while filing itr1. How to claim deductions under section 80c to 80u while filing itr1 to reduce your gross total income and thereby your tax liability, you have to enter details of deductions that you want to claim under sections 80c to 80u of the act. Summary charts deduction under chapter vi a 80c to 80u gst reconciliation file. Lets take a look at the tax deductions that an individual is eligible for on investments under section 80c and section 80u of the income tax act, 1961. This deduction can be claimed for premiums paid towards insuring self, spouse, dependent children and any member of hindu undivided family. The constitution of india schedule vii union list entry 82 has given the power to the. Deductions cannot be claimed twice in the same assessment year.

Section 80u tax deduction for physically disabled persons. Tax benefit on home loan principal amount the amount paid as repayment of principal amount of home loan by an individualhuf is allowed as tax deduction under section 80c of the income tax act. Deductions under section 80c to 80 u of income tax act. The chart given below describes the deductions allowable. Deductions under section 80c to 80 u of income tax act 1961 ay 201920 fy 201819. Viewers are advised to ascertain the correct positionprevailing law before relying upon any document. What is section 80c income tax tamil deduction under 80c upto rs 45,000 in itr. Chapter via list of all deductions at a glance, deduction under chapter via. While sections 10, 10a, 10aa, 10b, 10ba and a specify taxfree incomes paras 104 to 106, sections 80c to 80u provide deductions from. These are mail tool of tax planning for individual and huf and one must take maximum benefit from deduction available under section 80c to 80u. For the assessment year 201617, individuals earning an income up to.

Chapter via list of all deductions at a glance, list of all income tax deductions from us 80c to 80u. Deduction under section 80c to 80u, assessment of individual in income tax 201819 duration. The maximum deduction that can be claimed under this section is rs. Swachh bharat kosh applicable from financial year 2014 15. If you are a government employee then you can save tax intelligently if you have some knowledge about tax saving sections 80c and 80u. Every company and partnership firm have to file income tax return of their income or loss. Premiums paid toward all life insurance policies are eligible for tax benefits under section 80c. Under section 80u, in computing the total income of an individual, being a resident, who. Article explains income tax deduction available to individual and huf under section 80c, section 80ccg, section 80d, section 80dd, section 80ddb, section 80e, section 80ee, section 80g, section 80gg, section 80ggb, section 80rrb, section 80tta, section 80ttb and section 80u of income tax act, 1961. Tax deductions under section 80c this section makes both individuals and hindu undivided families eligible for claiming deductions of up to inr 1. Deduction under chapter vi a helps assessee to reduce tax liability. The deduction is allowed for various investments, expenses and payments. Deductions are the exemptions on the amount taxable as per income tax act. Exemptions and deductions exemption available under sections 10, 10a, 10aa, 10b, 10ba, 10c, a, 80c to 80u are of special nature and are allowed to certain specified categories of taxpayers referencer 7.

Income tax deductions section 80c to 80u for tax saving in. No return if gross total income less than exemption limit. The deduction under section 80c is allowed from your gross total income. Section 80c of the income tax act provides provisions for tax deductions on a number of payments, with both individuals and hindu undivided families eligible for these deductions.

Every tax payer should know income tax deductions under section 80c to 80u. However, you can claim deduction up to rs 10, on the interest earned either from your savings bank account or post office savings account or from both. Deductions under income tax act 80c to 80u simple tax india. The amount can be claimed over and beyond the deduction of section 24 which is rs. Deduction under section 80ccf of upto rs 20,000, for subscription to longterm infrastructure bonds was available for fy 201011 and fy 201112 ay 201112 and ay 2012. Deductions from gross total income under section 80c to 80 u of income tax act 1961 1. Section 80u deduction under section 80u of income tax act. Due date to file income tax return assessment year 201415. Under the income tax act, 1961, any individual who has been a resident of india for the assessment year and suffers from at least 40% disability as specified by the law are eligible for deductions. The article about deduction of income tax ay 2014 15 has not been updated and misguides the public. The following investments and payments are eligible for deduction under section 80c of the income tax act, 1961. What is the procedure involved to claim deduction under 80u section. Deductions permissible under chapter via certain deductions are available from the gross taxable income, under sections 80c to 80u.

These provisions are contained inchapter via and are in the form of deductions 80c to 80u from the gross income. The maximum tax deduction allowed under section 80c is rs. To claim the tax deductions under section 80u, the claimant needs to furnish a copy of the certificate issued by the medical authority along with the itr us 9, subject to the assessment year for which the deduction is claimed. All india itr your personal tax expert all india itr is about providing excellent services towards affordable online tax filing solutions for individuals and businesses. Background for section 80c of the income tax act india what are eligible investments for section 80c. Deductions allowable to tax payer income tax department. Deduction under chapter vi a for ay 201920 section 80c. Deductions from gross total income under section 80c to 80. Presentation on permissible deductions from gross total income under income tax act 1961 by dr. Although both the sections provide income tax deduction on the grounds of disability, the beneficiaries under the respective sections are different. No income tax return return required to be filed if gross total income is less than the exemption limit income before deduction us 80c to 80u and section 10a and 10b, section 10ba.

Deduction under section 80u of income tax act in india. Deductions under income tax act 80c to 80u there are various deduction available to persons under income tax act while calculating the taxable income of a person. Act from the gross total income of the assessees having income from salaries. A higher tax deduction of rs 1, 25,000 can be claimed under section 80u if the taxpayer has severe disability. Ca sandeep kanoi, income tax deductions, section 80c, section 80ccc, section 80ccd, section 80ccf, section 80d. Form2 for the assessment year 201920 relating to the financial year 201819. Deductions under chapter via myitreturn help center.

As per section 16iii deduction is allowed for any tax on employment paid by the assesee to the state under article 80c 276 of the constitution. The individuals who are eligible to pay taxes can claim income tax. Income tax deduction under section 80c, 80ccd and 80ccc. Deduction under chapter vi a section 80c to section 80u in computing total income of an assessee, deduction under chapter vi a us 80c to us 80u are allowed from gross total incomegti. This deduction was in addition to overall limit of deduction under section 80c. His total income before deduction under section 80gg is rs. This section allows them to claim tax deductions up to rs. Total deduction under section 80c, 80ccc and 80ccd1 together cannot exceed rs 1,50,000 for the financial year 2014 15 assessment year 2015. Deductions under chapter vi a section 80c, 80d, 80e. Under section 80c deduction would be available from gross total income. Income tax deduction under section 80c and 80u in india. Budget 2015 proposed to amend section 80u to raise limit of deduction in respect of a person with. Guide to section 80 deductions under sec 80c to 80u cakart.

Also deduction under section 80gg is to be excluded. Eligible taxpayers can claim deductions to the tune of rs 1. As per the current income tax laws, the total investment amount under sections 80c, 80ccc and 80ccd 1 cannot exceed rs 1. The benefit is in addition to deduction available us sec 80c.

Here we are providing list of all deductions covered under chapter via of income tax act. Comparative analysis of the companies amendment bill, 2020 visavis the companies act, 20. A taxpayer, any huf or individual, can claim various deductions on their total income under section 80c of the income tax act and its allied sections like 80ccd and 80ccc to reduce the taxable income and thereby bring down the tax outgo. Deductions permissible under chapter via certain deductions are available from the gross taxable income, under sections 80c to 80u maximum upto rs 1,00,000. List of income tax deductions for individuals 201920 aubsp. The chart given below describes the deductions allowable under chapter via of the i.

Section 80cce provides that the aggregate amount of deductions under section 80c, section 80ccc and section 80ccd1 shall not, in any case, exceed rs. Tax deduction under section 80ee of the income tax act 1961, can be claimed by firsttime home buyers for the amount they pay as interest on home loan. Information relates to the law prevailing in the year of publication as indicated. Fy 2014 and fy 201415 during these financial years, the deduction available under this section was firsttime house worth rs 40 lakh or less. Income tax deduction sections 80c to 80u for fy 201819 and 201920. Following are the list of various deductions available for certain payments made by taxpayers who can claim such deductions while calculating hisher taxable income under the income tax act, 1961. Section 80c replaced the existing section 88 with more or less the same investment mix available in section 88.