Section 80c of income tax act 1961 for fy 2015-16

Tax deductions under section 80c, income tax act section 80c. Section 192 of the incometax act, 1961 hereinafter the act, during the financial year. Income tax deduction income tax standard deduction 2019 2020. Eligible taxpayers can claim deductions to the tune of rs 1. Section 80cce provides that the aggregate amount of deductions under section 80c, section 80ccc and section 80ccd1 shall not, in any case, exceed rs. Deductions allowed under the income tax act help you reduce your taxable income. It states that qualifying investments, up to a maximum of rs.

All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. These deductions detailed in chapter via of the income tax act must be distinguished from the exemptions provides. Enhancement of section 80c deduction limit from rs 100,000 to rs. Income tax acts section 80c offers provisions for income tax rebate on several. Section 80u income tax deduction under section 80c. Section 80c to 80u deductions latest income tax deductions. The benefit is in addition to deduction available us sec 80c. Any person who has been an indian resident for the year of assessment and has suffered from at least 40 percent disability as spelt out by the law, qualifies for tax deductions under income tax act 1961. Deductions allowable to tax payer income tax department. A complete guide on income tax deduction under section 80c, 80ccd1, 80ccd1b, 80ccc. Section 80c income tax deduction under section 80c. List of tax deductions under section 80 of income tax. Until fy 201516, the due dates and amount of advance tax were different for. Section 80c deductions on investments you can claim a deduction of up to rs.

As per section 80c2 of the income tax act, 1961, any amount paid to an. This means that your income gets reduced by this investment amount up to rs. People can claim deduction under section 80u who are suffering from disability at least 40%, they can claim a tax deduction up to rs. This section allows them to claim tax deductions up to rs. Sukanya samriddhi account sukanya samriddhi account scheme is a small deposit scheme for girl child, as part of beti bachao beti padhao campaign, which would currently fetch yearly interest rate of 9. Limit for deduction under section 80c of the income tax act, 1961 has been. Lets go through all the tax deductions available under section 80 of the income tax act, 1961. Deduction under section 80c and tax planning taxguru. Apportionment of income between spouses governed by portuguese civil code. Nris can claim deduction under section 80c livemint. Eligible premium under sub section 3 and 3a of 80c of income tax act, 1961 for regular life insurance policies is 10% of capital sum assured so in you can claim deduction of 30 k only i. From assessment year 2012, employers contribution under section 80ccd 2 towards nps is outside the monetary ceiling mentioned above. The popular section 80c for tax savings under the income tax act 1961, gains its reputation for people who invest their money in financial saving schemes such as fds and ppfs and other popular instruments to be able to save tax.

From fy 201516 a cumulative additional deduction of rs. Budget 201516 additional deduction under section 80ccd. Due to the running governments intentions of enhancing their image with taxpayers, people as well as analysts were expecting a better relief through. The constitution of india schedule vii union list entry 82 has given the power to the central government to levy a tax on any income other than agricultural income, which is defined in section 101 of the income tax act, 1961. Interest on such account is taxable as income from other sources.

This deduction can also be claimed for term insurance premiums paid for your spouse andor children. Therefore for financial year 2015 16, total deduction under section 80c, 80ccc, 80ccd 1 and 80 ccd 1b cannot exceed rs 2, 00,000. The popular section 80c for tax savings under the income tax act 1961. Section 80c of incometax act, 1961 amended by finance act, 2016 deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. Under the existing provisions contained in subsection 1 of section 80ccd of the incometax act, 1961 if an individual, employed by the central government on or after 1 st january, 2004, or being an individual employed by any other employer, or any other assessee being an individual has paid or deposited any amount in a previous year. Under the section, individuals can invest in several savings schemes to claim deductions on their taxable income. Fine print of claiming tax benefit on life insurance premium decoded. However, this amount can be claimed as deduction in fy 201516. An individual can claim up to a maximum deduction of rs. Section 80c of the income tax act allows for deductions up to rs. 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. Section 80c of the income tax act is the section that deals with these tax breaks.