Section wise income tax deductions list | The deduction for the taxable amount is available in various sections of the Income Tax Act, 1961. The deduction must be mentioned on the relevant ITR form when filing the tax return.

Section 80C

The deduction in this section is only available for individuals and HUF. This section allows certain investments such as NSC, etc. to be exempt from taxation. and charges up to Rs.1,5 lakh.

 

Section 80CC

The deduction in this section applies to payments made to LIC or any other approved insurance company under an approved retirement plan. The pension policy should be up to Rs 1.5 lakh and should be deducted from the taxable income for the individual himself.

 

Section 80CCD

The deduction under this section is for the contribution to the New Pension Scheme by the assessor and the employer. The deduction is equal to the contribution, not exceeding 10% of his salary.

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The total deduction available under Sections 80C, 80CCC and 80CCD is Rs 1.5 lakh. However, the contribution to the pension scheme notified under section 80CCD is not counted in the limit of Rs 1,5 lakh.

 

Section 80D

This is the section that deals with the income tax deduction of insurance premiums paid. In the case of individuals, the insurance policy can be taken out for oneself, spouse, dependent children - up to Rs 15,000 and for parents (dependent or not) - up to Rs 15,000.

 

If the insured is a senior, an additional deduction of Rs 5,000 is applicable. In the case of HUF, any member can be insured and the normal deduction will be up to Rs 15,000 and there will be an additional deduction of Rs 5,000.

Total Rs. 2.0 lakhs can be claimed if the valuer is an individual or a HUF.

 

Section 80DDB

This section is for the deduction of medical expenses resulting from the treatment of diseases or illnesses specified in the rules (11DD) for the assessor, a family member or any member of the HUF.

 

Section 80E

This section deals with the deductions that apply to interest paid on education loans for education in India.

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Section 80EE

This section deals with the tax savings applicable to first homeowners. Applicable for people whose first home value is less than Rs 40 lakh and the loan is taken for which is Rs 25 lakh or less.

 

Section 80 TTA

This section deals with the tax savings that are applied to interest accrued in savings bank accounts, post offices or cooperatives. Individuals and HUFs can apply for the interest income deduction of up to Rs 10,000.

 

Section 80U

This section deals with the flat-rate deduction of income tax that applies to the handicapped, upon presentation of the certificate of disability. Up to Rs, 1.0 lakh may be non-taxable depending on the severity of the disability.

 

Section 24

This section deals with the interest paid on those real estate loans that are exempt from taxation. You can request a deduction of up to Rs 2,0 lakh per year and this is in addition to u / s deduction 80C, 80CCF and 80D. This is for self-occupied properties only. For the properties that have been leased, 30% of the rent received and the municipal taxes paid can benefit from the tax exemption.

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On February 11, 2022 by www.taxexcel.net

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 Section 80U - Tax Deduction for Persons with Disabilities| There are certain sections of the income tax

 laws of India which offer tax benefits to individuals if they or any member of their family suffers from

 certain disabilities. 

Section 80U provides tax benefits if an individual has a disability, while Section 80DD provides tax benefits if a dependent family member of an individual taxpayer has a disability. This article about on discussing the tax benefits in section 80U.

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Who can claim the deduction under section 80U

A resident person who has been certified as a person with a disability by a medical authority can claim tax benefits under section 80U. A disabled person is defined as having at least 40% of the disability ascertained by the health authorities.

 

Given below the purposes of this section,

blindness

low vision

freedom from leprosy

hearing problems

locomotor disability

mental delay

mental disease

 

This section also provides a definition of major disability which refers to a condition in which the disability is 80% or more. Major disabilities along with multiple disabilities, autism, and cerebral palsy.

 

Amount of deduction less than 80U

Deduction of Rs. 75,000 is allowed for the disabled and Rs. Deduction of 1.25.000 for people with severe disabilities.

 

Section 80U. Requirements for requesting the deduction pursuant to art

No documents are required in Form 10-IA other than a certificate of disability issued by a recognized medical authority. There is no need to submit an invoice for the cost of continued treatment or other similar expenses.

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To submit the application referred to in this section, it is necessary to submit a medical certificate certifying the disability together with the tax return referred to in Article 139 of the relevant AA. In the event that the certificate of assessment of invalidity has expired, it is still possible to request this deduction in the year of the expiry of the certificate. However, a new certificate will be required from next year to apply for Section 80U benefits.

 

Certificates can be obtained from official physicians who may be neurologists with a Doctor of Medicine (MD) degree in neurology (in the case of children, a pediatric neurologist with an equivalent degree) or civil surgeons in a government hospital or medical executive. ,

 

Note: If the invalidity is temporary and requires re-evaluation after a certain period, the validity of the certificate starts from the year of assessment relating to the year in which it was issued and during the assessment year relating to the financial year. in which the certificate expires.

 

Difference between section 80U and section 80DD

Section 80DD provides for the tax deduction for family members and relatives of the disabled taxpayer, while section 80U provides for the tax deduction for the disabled person.

 

Article 80DD is applicable when a taxpayer deposits a specific amount as an insurance premium for the assistance of their disabled employee. Under section 80DD, the deduction limit is the same as section 80U. Here, an employee refers to the assessor's siblings, parents, spouse, children, or a member of an integrated Hindu family.

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On February 10, 2022 by www.taxexcel.net

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 Income Tax benefits from Medical Insurance U/s 80 D | The Income Tax Act, 1961, allows personal

 income tax deduction by reducing the amount of tax payable. It is important to know the relevant

 sections to make the most of these deductions.

 

What is section 80D?

Section 80D of the Income Tax Act provides for tax deduction relating to medical insurance premiums paid for you and your family members. You can claim a tax deduction for health insurance premiums paid for yourself, your parents, your children and your spouse.

 

Additionally, this section also allows Hindu Undivided Families (HUFs) to claim a deduction of 80D. If you want to know how you will benefit from this section, read on to know more about Section 80D deductions and the proposed tax deduction.

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Which investment comes under section 80D?

Deduction under section 80D of the Indian Income Tax Act can be claimed on the premium paid for a health insurance policy and the cost of preventive health check-ups.

 

Individuals can also claim a deduction on the health insurance premiums paid for the policies of their parents. The amount of deduction will depend on the age of the main policyholder.

 

Critical illness coverage available with life insurance plans like health bikers is also covered under Section 80D of Income Tax.

 

Deduction under section 80D: Deduction of medical expenses

80D deduction pertains to medical insurance policies only. These deductions are shown as follows:

personal and family

If you pay insurance premiums for yourself, your spouse and your children, you can claim a maximum tax allowance of Rs.25,000 per year. In the case of senior citizens, the limit is Rs. 50,000 per annum

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If you pay health insurance premiums for your parents, you can claim a maximum tax benefit of Rs 25,000 per year if your parents are below 60 years of age. However, if your parents are elderly, you can apply for tax benefits up to Rs 50,000 per year

Preventive health checkup under section 80D

 

In 2013-14, the government implemented a preventive health check-up cut to encourage citizens to become more health-conscious. The goal of preventive health check-ups is to detect any disease early and reduce risk factors by consulting a doctor on a regular basis.

 

Payment for preventive health check-ups under section 80D is deducted at the rate of Rs 5,000. This exemption is limited to Rs 25,000/ Rs 50,000 depending on the situation. Individuals can claim this deduction for themselves, their spouse, their dependent children or their parents. Additionally, cash can be used to pay for preventive health checkups.

 

80D. additional deduction of

You are eligible to claim an additional 80D income tax deduction of Rs 5,000 for health check-up related expenses. This includes all expenses for the family check-up.

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What the exclusions are under section 80D?

The exemption U/s 80D is as follows:

If you are making payments on behalf of your grandparents, siblings or working children, you are not eligible for tax benefits. This applies to any other relative not explicitly covered by your policy.

 

If you are paying your health insurance premiums in cash, you will not be eligible for health insurance tax benefits. Preventive health benefits can also be used with cash payments.

 

If the company pays a group health insurance premium on behalf of the employee (non-contributory), it will not be eligible for tax exemption. However, if taxpayers choose to pay additional premiums to improve group (contributory) coverage, they can claim tax benefits on the additional amount paid.

You will not be required to avail of any GST and Cess tax benefits on premium payment.

 

Who is eligible for tax deduction under section 80D?

You are entitled to claim tax deduction under section 80D for yourself, your spouse, your children and your parents. Also, as mentioned above, HUFs can also apply for deduction in this section. Any member of HUF can claim tax deduction on the amount paid towards the health insurance premiums. This deduction is subject to the upper limit under section 80D of the Income Tax Act.

 

Who is eligible for tax deduction under section 80D of the Income Tax Act, 1961?

Individuals and Hindu Undivided Families (HUFs) can apply for tax deduction from taxable income under section 80D.

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On February 09, 2022 by www.taxexcel.net

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