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Deductions under Section 80C: A Comprehensive Guide

  Deductions under Section 80C: A Comprehensive Guide 1. Savings and Investment  By making these investments, taxpayers can reduce their taxable income. 2. Eligibility Criteria Only  Individuals  and  HUFs  (Resident or Non-Resident). Old Tax Regime: Allowed New Tax Regime- Not Allowed  3. Quantitative Limit The maximum deduction allowed under Section 80C is  ₹1,50,000 per annum . Note on Aggregate Limit:  This ₹1.5 Lakh limit is the  aggregate  limit for Section 80C, Section 80CCC (Pension Funds), and Section 80CCD(1) (NPS). 4. Key Investment Avenues (Qualifying Items) The following are the most common payments/investments that qualify for deduction under 80C: a.       Life Insurance Premium (LIC) Paid for self, spouse, or children (Minor or Major). Limit on Premium: Policy issued before April 1, 2012: Premium up to  20%  o...
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 80 C,80D,80DD,80TTA-Comprehensive Problem with Deductions Mr. Mohan submits the following information     Basic Salary 1,60,000 Bonus 30,000 Commission 50,000 Income from HP(Computed) 3,20,000 Interest on Bank deposits Deposits 90,000   Payments /Contributions 1.         LIC Premium paid-   Rs.10,000 2.         Contribution to RPF-Rs.5,000 3.         Rs.10,000 paid by cheque to GIC for insuring his own health 4.         Medical Expenditure of father of 80 years of age- Rs.40,000 5.         Medical treatment of his dependent handicapped brother   -Rs.15,000 Answer       1.Income From ...
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 80 GG- Comprehensive Problem  Mr. Raman furnishes the following information for the P.Y.2024-25.Compute his taxable income under Old Regime and New Regime.     Professional Gain Rent Received Municipal taxes Long term capital gain on sale of a plot Part time salary as a lecturer Rent paid at Kanpur Interest on government securities 5,00,000 18,000 p.a. 1,500 p.a. 10,000 1,64,000 6,000 p.m. 29,000             He Deposited Rs.15,000 in PPT account. Solution Calculation of Taxable Income under Old Tax Regime       1.Income From Salary Part time Salary Less: Standard Deduction u/s16   1,64,000 50,000     1,14,000 2.Income from House Property Gross Annual Value Less: Municipal Tax ...
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