Esi contribution

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sreevisalam (Querist)
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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

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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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

CA Amit Jaiswal

CA Amit Jaiswal (Expert)
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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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sreevisalam

sreevisalam (Querist)
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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

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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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