Friday, November 14, 2008
Income Tax Rule - 80C
80c - Income Tax Rule
One of the most popular saving investment by invester under the deductive rule:
One of the most popular saving investment by invester under the deductive rule:
Section | Investments | Amount | Particulars |
---|---|---|---|
80C | NSC, Notified Bank Deposits, Post Office Time Deposits,EPF, PPF, ELSS, LIC | Cannot exceed Rs.1 lakh | Payment has to be made before 31 March 2008 |
80CCC | Pension Plans of life insureres | Cannot exceed Rs.1 lakh | Payment has to be made before 31 March 2008 |
80D | Medical Insurance Policy-Any member of Family (HUF) | For Senior Citizens up to 20,000 Others Rs.15,000 | Paymet should be made through a Cheque |
80DD | Medical Treatment for Disability Dependant | Rs 50,000 for a person with disability Rs 75,000 for severe disability | Medical Certificate should be made |
80DDB | Medical Treatment for Specified Diseases (Cancer,AIDS,Neurological etc.) | Rs.40,000(Age of below 65) Rs.60,000(Age of 65 and above) | Certificate in Form No.10-I to be submitted |
80E | Payment of Interest on Loan for Higher Studies | Deduction available on the total interest amount of Education Loan | Only for Eight Immedaitely Succeeding assessment years |
80G | Donations to certain funds and charity | 50 or 100 percent deduction on the entire donated amount | Nil |
80GG | Rent paid for Residential purpose | Excess of actual rent paid over 10 percent of GTI or 25 percent of GTI or Rs.2,000 per month, whichever is the lowest | Should not be getting House Rent Allowance |
80U | Expenses incurred on self, if disabled | Rs 50,000 for a person with disability Rs 75,000 for severe disability | Medical Certificate should be made |
Comments:
<< Home
Do not blindly invest money with the the first agent that you might come across. You might end up making mistakes. A lot of people end up buying insurance policies with minimal insurance coverage or putting money in instruments where they cannot access the money when they need it.
c. Do not make last minute decisions just because your payroll department has reminded you that the internal deadline for submitting proofs is approaching. Tax planning involves planning in advance to avoid the last minute scramble
Post a Comment
c. Do not make last minute decisions just because your payroll department has reminded you that the internal deadline for submitting proofs is approaching. Tax planning involves planning in advance to avoid the last minute scramble
Subscribe to Post Comments [Atom]
<< Home
Subscribe to Posts [Atom]