Esi contribution
This query is : Resolved
26 October 2012
Dear Sir,
ESI Contribution deducted from my salary @1.75% being Rs.105/- per month. Can I claim deduction of the amount u/s 80C in my income tax computation
ESI Contribution deducted from my salary @1.75% being Rs.105/- per month. Can I claim deduction of the amount u/s 80C in my income tax computation
26 October 2012
No this cannot be claimed as a deduction u/s 80C . Since ur esi is being deducted so ur salary must be below Rs15000- pm I presume and the Non Taxable Limit is Rs. 200000/-p.a so why are u worrying abt 80C deduction? Do u have any other sources of Income
26 October 2012
Even if you have income from other sources making your income more than taxable limit, ESI contribution cannot be claimed under 80C.
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27 October 2012
Dear Sir/Madam,
Thank u. I have House Property income (after local tax and deduction 30) 260000/- and interest from post office monthly income 30,000/- besides my annual salary income Rs.72,000/- (EPF Rs.8640/-) my taxable income 3,53,360/-. Tax thereon 15996/- advance tax paid in sept, 2012 rs.5,000/-. Hence I wanted your advice in ESI though I may get poltry sum as deduction
Thank u. I have House Property income (after local tax and deduction 30) 260000/- and interest from post office monthly income 30,000/- besides my annual salary income Rs.72,000/- (EPF Rs.8640/-) my taxable income 3,53,360/-. Tax thereon 15996/- advance tax paid in sept, 2012 rs.5,000/-. Hence I wanted your advice in ESI though I may get poltry sum as deduction
27 October 2012
No u cannot claim ESI deduction u/s 80C, Try to invest Rs.1,00,000- u/s 80C, if u have medicliam claim deduction u/s 80D and if u have hra element in your salary claim exemtption u/s 10 (13A), if you have children going to school claim school fees as deduction u/s 80C
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