Deduction under chapter 6A - GST Registration, GST cancellation, GST Return Filing

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Deduction under chapter 6A


Deduction under chapter 6 A

80C: Rs.1.50 Lacs

  • Life insurance premium for self, spouse, children- premium amount can’t more than 10% of sum assured, suffering from disability = 15% of sum assured
  • PPF -Interest is also tax free
  • NSC – first 5 years accrued interest also exempt
  • ULIP
  • 5 year time deposit in post office
  • Senior Citizens Saving Scheme (Interest is taxable)
  • Notified units of Mutual Fund of UTI
  • Tuition fees for two children – donation, capital fees, admission fees, annual charges,  development charges are not exempt
  • Fdr-5 years or above – first four years accrued interest also exempt
  • Specified Infrastructures bonds
  • Home loan installment - including repayment of loan of house property
  • EPF or GPF
  • Registry Amount

Notes:
  • Post office R.d. (No Rebate)
  • Kisan vikas patar (No Rebate)
  • Company deposit (No Rebate)
  • GOI bond (No Rebate)

80CCD


  • National Pension Scheme (NPS) = Rs.50000/-

80D
  • Medical insurance premium upto Rs 25,000  & Rs 50,000 for senior citizen
  • Additional deduction of Rs 25,000 will be allowed if insurance policy of parents is taken. If parents are senior citizen then an additional  Rs.5,000/- can be claimed

80DD

  • Maintenance including medical treatment of a handicapped dependent upto 1.25 Lacs

80DDB

  • Medical treatment expenses upto 100K – for some special treatments

80E

  • Payment of interest of loan taken for higher education – no Limit

80G

  • Donation (50% to 100%) (Limited to Total income after deduction x 10%), National Children Fund = 100%

 

80GG

  • If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% of total income or rent paid - 10% of total income or Rs.60,000/- per year)

Conditions for 80GG

  • He not received HRA
  • He, His wife, Children or HUF should not own any residential Accommodation

80TTA

  • Rs. 10000 per annum towards interest on deposits (excluding time deposits)

80TTB

  • Rs. 50000 per annum towards interest on deposits (including time deposits) for senior citizens. However no deduction u/s 80TTA shall be allowed in these cases.


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