Deductions revision

vipul jain (EFFORTS NEVER FAIL) (2894 Points)

19 September 2011

FAST TRACK---PROVISIONS RELATING TO DEDUCTIONS

REVISION TIME

SECTION	APPLICABLE TO	CONDITION(S)	AMOUNT OF DEDUCTION
80C	Individual & HUF	Investment in LIP(up to 20% of assured amt.), ULIP, PPF, SPF, FD in Bank or Po for 5 years, Tution fess(2 child), NSC, Repayment of hhousing Loan, etc.	Maximum Rs. 1,00,000. Payment out of Loan or exempted income deduction allowed.
80CCC	Individual	Deposit in LIC or other insurer's annuity plan.	Maximum Rs. 1,00,000
80CCD	Individual	Assessee has in the previous year paid or deposited any amount in his account under a pension scheme notified by Cent. Govt.	In case of salaried individual :- Aggregate of the amount paid or deposited in such pension scheme- By himself (to the maximum of 10% of salary). By the employer (to the maximum of 10% of salary). salary - Basic+DA, if the terms of employement so provide. In other cases :- 10% of GTI
80CCF	Individual & HUF	Investment in long term Infrastructure Bond.	Maximum Rs. 20,000
80D	Individual & HUF	Paid medical insurance for relative by any mode other than CASH from taxable income. NOTE :- Individulal can also contribute to the CGHS for himself / spouse / dependent children.	Maximum Rs. 15,000 / 20,000 (in case of insured is a senior citizen). Additional Rs. 15,000 / 20,000 for Parents.
80DD	Resident Individual & Resident HUF	Assessee has disable dependent relative. Assessee deposited medical certificate along with ROI.	For Severe disability-- Rs. 1,00,000 For Non- Severe disability-- Rs. 50,000 Severe disability means 80% or more of disability.
80DDB	Resident Individual & Resident HUF	Assessee himself or his relative is suffering from specified diseases. Assessee deposited medical certificate along with ROI.	Maximum [Rs. 40,000 - Medical received or amount reimbursed by employer.] where the patient is a senior citizen:- Max. [Rs. 40,000 - Medical received or amount reimbursed by employer.]
80E	Individual	Assessee is repaying the interest on loan taken for higher education.	Interest paid during the year for a maximum period of 8 years.
80G	All assessee	Assessee deposited an amount (otherwise than in kind) to specified organisations or funds.	PART A :- 100% :- PM NRF, NDF, Communal harmony, eminent university, etc.. 50% :- 3 Gandhi Family, PM Drought relief fund, National Children fund. PART B :- Max. 10% of adjusted GTI 100% :- family planning, etc., 50% :- Charitable purpose, etc.
80GG	Individual	Assessee is paying rent. He or his relative has no house at the place of employement of the assessee. He is neither receiving HRA nor has claimed any benefit for self occupied property.	Minimum of the following-- Rs. 20,000pm; 25% of adjusted GTI; Rent paid-10% of adjusted GTI.
80GGA	Any assessee not having income under the Head "PGBP".	Assessee has contributed certain amount for rural development, scientific research. etc.	Amount so contributed.
80GGB	Indian company	Assesee contributed an amount to political party or an electrol trust.	Amount so contributed.
80GGC	All assessee other than local authority or artificial juridicial person, which is wholly or partly financed by Govt.	Assesee contributed an amount to political party or an electrol trust.	Amount so contributed.
80JJA	All Assessee	Assessee engaged in the business of processing of bio-degradable waste.	100% of profit of such business for 5 years.
80JJAA	Indian company being a new industrial undertaking engaged in production of article or thing.	Assessee employed more than 100 New workmen in the first year snd increased 10% worker in 2nd and 3rd year. A certificate of CA is to be submitted signifying that deduction has been correctly claimed.	30% of salary paid to new workmen during such years.
80LA	A scheduled Bank. Any other Bank incorporated by or under the laws of a country outside india. Unit of an International Financial Services Center.	Assessee has a Branch in SEZ. A certificate of CA is to be submitted signifying that deduction has been correctly claimed.	100% of income of such branh for 5 years; and 50% of income of such branch for next 5 years.
80QQB	Resident Individual	Assessee is author of the specified book. He earned royalty income. A certificate from the payer in form 10CCD is to be submitted with ROI. In case income is earned outside india, money must be brought into india in convertible foreign exchange with in 6 months from the end of the P.Y. and a certificate must be obtained from the prescribed authority.	Minimum of the following:-- Royalty fee (to the maximum of 15% of the value of the book sold); Lump sum fee; Income brought into india in convertible foreign exchange; Rs. 3,00,000.
80RRB	Resident Individual	Assessee is a Patentee. He earned royalty income. A certificate from the payer in form 10CCE is to be submitted with ROI. In case income is earned outside india, money must be brought into india in convertible foreign exchange with in 6 months from the end of the P.Y. and a certificate must be obtained from the prescribed authority.	Minimum of the following:-- Royalty fee or Lump sum fee; Income brought into india in convertible foreign exchange; Rs. 3,00,000.
80U	Resident Individual	Assessee himself suffering from disabilities. Medical Certificate submitted along with ROI.	For Severe disability-- Rs. 1,00,000 For Non- Severe disability-- Rs. 50,000 Severe disability means 80% or more of disability.