Deduction in 2019-20

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10 Points Posted on 21 March 2020
macimum amount for deduction???
standard deduction 50000
profession tax 2100
80 C 150000
80 CCD 50000 =total 250000

Is this okay?
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On 21 March 2020 at 09:44 Report
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Quick Summary
This discussion clarifies the maximum tax deductions allowable for the 2019-20 financial year. It explains that the combined limit for deductions under Sections 80C and 80CCD is ₹1.5 lakh. Additionally, it highlights the separate ₹50,000 deduction available under Section 80CCD(1B) and the rules for claiming professional tax deductions.

Guest
No, maximum deduction after adding up 80C and 80CCD cannot exceed 150000.
Hence your deduction will be : Standard Deduction 50000 and deduction under section 80C and 80CCD - 150000 max.
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On 21 March 2020 at 10:14
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Student
35 Points Posted on 21 March 2020
Deduction of profession tax is 2500 in Maharashtra.
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On 21 March 2020 at 10:40
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10 Points Posted on 21 March 2020
I'm from jharkhand..
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On 21 March 2020 at 15:58
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Chartered Accountant
12739 Points Posted on 21 March 2020

* Aggregate Deduction u/s 80C , 80CCC and 80CCD(1) is restricted to Rs. 1.50,000

* Professional Tax Paid by Employer >> taxable and deduction u/s 16 

Paid by employee >> deduction u/s 16 

 

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On 21 March 2020 at 16:36
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12244 Points Posted on 22 March 2020
You can claim the 80ccd(1) amount under 80ccd(1b).
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On 22 March 2020 at 03:36
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Chartered Accountant
12739 Points Posted on 22 March 2020

Eligible for Both deduction 80 C 1,50,000 and 80 CCD (1b) Rs. 50,000  

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On 22 March 2020 at 08:04

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