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Deductions for individuals

Tax queries 700 views 5 replies

Dear experts & friends

For an individual only under sec.80c Rs.1,00,000 limit or total amount of deduction is Rs.1,00,000.00, if not please inform other sections & their limits, total amount of deduction for individuals.

kindly clarify the same.

thanking you all

 

Replies (5)

what is the scope of investment for taking deduction under chapter vi in income tax

can i get deduction from gross total income if i invest in fixed deposit into bank for five year.

the total amount of dedcution u/s 80C is Rs. 1lacs.  The dedcutions under the other sections are apart from the deduction u/s 80C.  Indviduals can get deductions under the following sections:

80C, 80CCF, 80G, 80D, 80DD, 80DDB, 80GG

For an individual:

Sec 80C, 80CCC, 80CCD - Total Rs. 100000

Sec 80CCA

Sec 80CCB

Sec 80D = Rs. 15000 plus Rs. 20,000 additional for paying any medical isurance premium of any relative covered under this Sec, who is senior citizen

80D - Rs. 50,000 and Rs. 1,00,000 in case of servere disability

80E - No limitation

80G - 50% of 10% of Adjusted GTI

80U

Investment in Fixed Deposit with Bank for 5 years is eligible for deduction under Chapter VI provided all the conditions stipulated in 80C(2)(xxi) has been fulfilled.


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