Section 80D – Deduction of Medical Insurance Premium

The following conditions should be satisfied for claiming deduction under section 80D. Assessee should be individual or HUF (whether resident or non-resident) Payment is made for The assessee himself, spouse, parents or dependent children of assessee in case of individual Any member in case of HUF Payment is made out

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Complete Guide on Rebate under Section 87A to Individuals

Eligible Person Rebate under Section 87A is allowed only to individuals resident in India whose total taxable income is below the specified limits. Please note that the word is taxable income, so it is after all deductions such as 80C, 80D etc. The specified limits are Financial Year Taxable Income

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Deduction in respect of medical treatment etc – Section 80DDB

Eligible Assessee Resident individual (whether Indian Citizen or not) or Resident HUF Deduction is allowed for the expenditure incurred for  medical treatment of the specified disease or ailment prescribed by board in respect of any of the following persons In case of individual – for himself, spouse, children, parents, brothers,

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Section 80TTA – Deduction of Interest from Savings Account

Eligible Assessee Individual or HUF (Whether resident or non resident). No benefit is available to partnership firms, company, LLP, AOP etc. If the individual is a senior citizen then deduction is allowed under Section 80TTB from financial year 2018-19. Deductible Amount Interest on deposits in saving account up to a

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Contribution to Certain Pension Funds – Section 80CCC

Eligible assesse – Individual Under this section deduction is allowed if assesse has paid or deposited an amount  in any annuity plan of the LIC of India or any other insurer for receiving pension from a fund referred to in section10(23AAB). Amount of deduction is lower of the amount so

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Section 80U – Deduction in case of Person with Disability

An individual suffering from disability himself gets tax benefit under section 80U while an individual gets tax benefits under section 80DDB if any dependent family member of the individual is differently abled. Eligible Assesse Resident individual with disability (may be ordinarily resident or not ordinarily resident) Amount of Deduction from Financial Year 2015-16 The

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Section 80GG – Deduction in respect of rent paid

Only individual and HUF are allowed exemption under this section. Only rent paid for purpose of residence of asseessee himself is considered under this section. If individual is a salaried employee and receives House Rent Allowance (HRA) at any time during the previous year, he is not eligible for deduction.

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Deduction in respect handicapped dependant – Section 80DD

Eligible Assesse – Resident individual or resident HUF (may be ordinarily resident or not ordinarily resident) Deduction is available in respect of – Expenditure incurred for medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability. Amount paid or deposited under any scheme of Life

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Deduction for Donations – Section 80G

Eligible Assessee – All assessees including NRI’s Mode of Payment – If any donation is made for amount exceeding Rs. 10,000 in cash then deduction is not allowed for such donation.Donation made in kind is not eligible for any deduction. You can make donation to any fund by website Amount

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Income Tax Deduction for Interest on Education Loan – Section 80E

Deduction under Section 80E is allowed under Income Tax for interest paid on student loan taken for higher education. The deduction is allowed to encourage users to go for higher studies. Deduction is allowed even if the loan is taken for higher studies outside India. Who can claim the deduction?

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