Income Tax Related

Tax Deductions under Various Sections

INCOME TAX - DEDUCTIONS

80C   Investin PF,PPF,NSC, NSS, Bank FDs(over 5 years)
         Insurance Policies, ULIPs, Pension Plans and ELSS funds.
         Also covers children school fee and repayment of
         home loan.

         Maximum Deduction: Rs. 100,000/-

80D    Medical Insurance Policy 
        
          Maximum deduction Rs.15000/- and Rs.20000/-for Sr.Citizens

80DD    Pay for maintenance of dependent suffering from a specified
           disability

           Maximm: Rs.50000/-  and Rs.75000/- in case of severe disability

80DB   Pay for medical treatment of dependent suffering from a
          specified disease

           Maximum  Rs.40000/- and Rs.60000/- for senior citizens

80U     Suffer from a specified disability

           Maximum Rs.50000/- and Rs. 75000/- in case of severe disability

80E     To take a loan for higher education
          Interest is fully deductible

80G     Donate to specified charitable institutions
           50-100% of donation depending on income and charity credentials

10(13A) Live in rented house (least of HRA; rent less 10% salary; 50% of salary
           (40% in non-metros)

24(B)  To take home loan to buy or construct a house
          Maximum 1.5 lakhs

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