Calculation of Total Income: Deductions under Chapter VI
Calculation of Total Income: Deductions under Chapter VI
Important schemes /head for investment/expenses
|
Limit of investment applicable
U/s 80C In financial year 2008-09
|
Investment against purchase of NSC , due interest
On earlier purchased NSC (excluding interest of 6th year )
|
Max up to Rs 1 Lac
|
Contribution of employee in GPF/PPF/ PPF
|
Max up to Rs 1 lac.
|
Premium paid during the year in life insurance scheme
of Govt/ Private insurance co., postal insurance and ULIP
scheme of UTI for self husband/ wife and children
(married –unmarried and major/ minor ) maximum up to
limit of 20% of Sum Assured.
|
Max up to Rs 1 lac.
|
Amount paid in the form of tuition fees of child studying
in college, university school or other educational institute (excluding development fee or donation fee )deduction
applicable up to 2 children only.
|
Max up to Rs 1 lac.
|
Investment of 5 years and above in scheduled Bank /
Post office as fixed deposit.
|
Max up to Rs 1 lac.
|
Sr. Citizen Deposit Scheme of post office
|
Max up to Rs 1 lac.
|
Equity linked tax saving scheme of mutual fund
|
Max up to Rs 1 lac.
|
Repayment of housing loan (taken for purchase .
construction of house from approved institution ) principal and necessary expenses as stamp duty, registration fees etc.
|
Max up to Rs 1 lac.
|
Pratik Shah
(Final C.A.)
(41 Points)
Replied 15 June 2010
Great Compilation !!
But could have been better if it was in PDF format !!!!
Also all deductions are not covered....
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