Скачать или смотреть How to save Income Tax.. Tax Deduction Sections - 80C and others

Most important sections of Income Tax Act for saving Tax

Section 80C : - Investments in Provident Funds such as EPF , PPF , etc. , payments made towards life insurance premiums , Equity Linked Saving Schemes , payments made towards the principal sum of a home loan , SSY , NSC , SCSS , etc.

Section 80D : This is the deduction for Mediclaim or Medical Insurance .
The limit for Section 80D is as follows : -
If taken for Self and Family = Rs . 25,000 ;
And - If taken for Parents also = Rs . 25,000
Therefore , total deduction under this section could be Rs . 50,000 / -
Please note , if person is Senior Citizen , then Rs . 50,000 shall be allowed ( for either category ) instead of Rs . 25,000 .

Section 80CCD ( 1B ) : Deduction for Additional contribution to NPS by Employee . It is the Investments in NPS outside Rs 1,50,000 limit under Section 80CCE . Therefore , Additional deduction of Rs . 50,000 can be claimed under this .

Section 80CCD ( 2 ) : This is the deduction for Employer contribution to NPS . This deduction is limited to 10 % of Salary ( 14 % in case of Govt . employee ) .

Section 10 ( 13A ) : This exemption is for House Rent Allowance .
An assessee can claim the exemption against the rent payment .
The limit shall be as follows :
Actual HRA
40 % of Basic ( 50 % in case of Metro Cities )
Rent Paid ( - ) 10 % of Basic
LEAST OF THE ABOVE 3 SHALL BE ALLOWED AS EXEMPTION .

Section 24 ( b ) : This deduction is for House Loan Interest Amount which is limited to upto Rs . 2,00,000

Section 80E : This deduction is for Interest on Education Loan . This entire interest on education loan is allowed in 8 consecutive years .
Therefore , every year 1 / 8th of Total Interest Amount can be claimed as deductions .

Section 80EEB : Deduction for Interest on Electric Vehicle Loan is allowed under this section for Rs . 1,50,000 .

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Disclaimer :- This is just an educational video made from information gathered from internet, kindly go through actual act document for exact details.