sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
  CBDT breather soon on past angel tax demands
 Why you should choose your tax saving options wisely
 CBDT breather soon on past angel tax demands
 Infosys-built system to cut tax return processing time to 24 hours by 2020
 Notification No. 04/2019-Central Board of Indirect Taxes and Customs
 Income tax exemption limit likely to be increased to Rs 5 lakh
 Bringing back the local in the national tax regime
 CBDT chief cautions I-T officials about direct tax collection growth rate
 No TDS for long-term property lease premium, says Mumbaiā€™s Income-tax Appellate Tribunal
 Bansal Overseas 121 KM Stone, Near Namastesy Chowk, G. T. Road Karnal vs. ACIT Karnal Circle, Aayakar Bhawan, Sector- 12, Urban Estate Karnal
 How to invest, how much you may invest and save in taxes SBI Tax Saving Scheme

Know how you can save tax through various deductions under Section 80 Income Tax
May, 09th 2018

There are various deductions available through which you can save your tax. Utilise the investment process properly for your tax planning.

There are various deductions available through which you can save your tax. Utilise the investment process properly for your tax planning.

Deduction under Section 80C

Under Section 80C of the Income Tax Act, a deduction of Rs 1,50,000 can be claimed from your total income. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income through Section 80C. This deduction is allowed to an individual or an Hindu Undivided Family (HUF).

If you have paid excess taxes, but have invested in life insurance, National Savings Certificate, 5-year fixed deposit, Sukanya Samridhi Account, Public Provident Fund, Employees’ Provident Fund, or paid principal amount of housing loan paid, school fees of children or any other investments eligible for 80C deduction then you can file your income tax return and get a refund.
Deduction under Section 80D

You can avail tax deduction under Section 80D if you have paid any premium on mediclaim policy taken for yourself, your spouse, dependent children or your parents (parents need not be dependent on you). For payment of health insurance premium of parents also, you can claim tax deduction under Section 80D. You can claim deduction up to `25,000 for AY 2018-19 for self, spouse and dependent children. Deductions for senior citizen under Section 80D are higher. If you are a senior citizen then you can claim deduction up to `30,000 for AY 2017-18.The deduction for senior citizen has been increased from `30,000 to `50,000 from FY2018-19 onwards.

Deduction under Section 80E

The deduction of income under Section 80E for payment of interest on educational loan is available to an individual but not to HUF or other type of assessee. The actual amount of interest paid is eligible for deduction and there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However, there is no benefit available on the repayment of principal amount of the loan.

Deduction shall be allowed in computing the total income in respect of the initial assessment year and seven assessment years immediately succeeding the initial assessment year or until the interest is paid by the assessee in full, whichever is earlier. Hence, it is better that the education loan is repaid within eight years.

Deduction under Section 80TTA

Section 80TTA provides a deduction of `10,000 on interest income. This deduction is available to an individual and HUF. This deduction is allowed on interest earned from a savings account with a bank, from a savings account with a co-operative society carrying on the business of banking and from a savings account with a post office.

The maximum deduction is limited to `10,000. If your interest income is less than `10,000, the entire interest income will be your deduction. If your interest income is more than `10,000, your deduction shall be limited to Rs 10,000. You have to consider your total interest income from all banks where you have accounts. First add your total interest income under the head ‘income from other sources’ in your income tax return.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions