For financial year 2018-19 (Including Budget amendments )
There are various deductions a taxpayer can claim from his/her total income to bring down taxable income and thereby reduce the tax outgo. In this article, let us discuss some of the important deductions under Section 80C a taxpayer can claim.
1. Section 80C
Deductions on Investments
You can claim a deduction of Rs 1.5 lakh your total income under section 80C. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income, and it is available for individuals and HUFs.
filing your Income Tax Return. The Income Tax Department will refund the excess money to your bank account.
2. Section 80CCC – Insurance Premium
Deduction for Premium Paid for Annuity Plan of LIC or Other Insurer
Section 80CCC provides a deduction to an individual for any amount paid or deposited in any annuity plan of LIC or any other insurer. The plan must be for receiving a pension from a fund referred to in Section 10(23AAB). Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt.
3. Section 80CCD – Pension Contribution
Deduction for Contribution to Pension Account
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