CA Sandeep Kanoi

CA Sandeep KanoiThe Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the former are to be reduced from the gross total income, the latter do not form part of the income at all.

The chart given below describes the deductions allowable under chapter VIA of the I.T. Act from the gross total income of the assessees having income from salaries.

80CCC Payment of premium for annuity plan of LIC or any other       insurer Deduction is available upto a  maximum of Rs. 1,00,000/- The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund. The Finance Act 2015 has enhanced the ceiling of deduction under Section 80CCC from Rs.100,000 to Rs. 1,50,000 with effect from A.Y. 2016-17Read more – Income Tax Deduction Under section 80CCC
80CCD Deposit made by an employee in his pension account to the extent of 10% of his salary. Where the Central Government makes any contribution to the pension account, deduction of such contribution to the extent of 10% of salary shall be allowed. Further, in any year where any amount is received from the pension account such amount shall be charged to tax as income of that previous year. The Finance Act, 2009 has extended benefit to any individual assesse, not being a Central Government employee.Read More – Income Tax Deduction Under section 80CCD
80CCF Subscription to long term infrastructure bonds Subscription made by individual or HUF to the extent of Rs. 20,000 to notified long term infrastructure bonds is exempt from A.Y. 2011-12 onwards. This deduction is discontinued w.e.f. A.Y. 2013-14.
80CCG Investment under Rajiv Gandhi Equity Savings Scheme, 2013 The deduction was 50 % of amount invested in such equity shares or ₹ 25,000, whichever is lower. The maximum Investment permissible for claiming deduction under RGESS is Rs. 50,000. The benefit is in addition to deduction available u/s Sec 80C.Read More- Deduction under section 80CCG
80D Payment of medical insurance      premium. Deduction is available upto Rs.15,000/ for self/ family and also upto Rs. 15,000/- for insurance in respect   of  parent/ parents of the assessee.In case of senior citizens, a deduction              upto Rs.20,000/- shall be available under this Section. Insurance premiume of senior citizen parent/ parents of the assessee also eligible for enhanced deduction of Rs. 20000/- The premium is to be paid by any mode of payment other than cash and the insurance scheme should    be framed by the General Insurance Corporation of India & approved by the Central Govt. or Scheme framed by any other insurer and approved by the Insurance Regulatory & Development Authority. The premium should be paid in respect of health insurance of the assessee or his family members. The Finance Act 2008 has also provided deduction upto Rs. 15,000/- in respect of health insurance premium paid by the assessee towards his parent/parents. w.e.f. 01.04.2011, contributions made to the Central Government Health Scheme is also covered under this section.Read More – Deduction U/s 80D for Mediclaim Premium to Individual, HUF, Senior CitizensBudget 2015  Proposed increase in Deduction Limit U/s. 80D which can be read here-Section 80D- Hike in Deduction Limit for Mediclaim
80DD Deduction of Rs.40,000/ — In respect of (a) expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative. (b) Payment or deposit to specified scheme for maintenance of dependent handicapped relative. W.e.f. 01 .04.2004 the deduction under this section   has  been enhanced to Rs.50,000/- Further,  if the dependent is a person with severe disability a deduction of Rs.1,00,000/– shall be available under this sectionBudget 2015 has Further Proposed to hike the limit from A.Y. 2016-17 to  Rs. 75000 from existing Rs. 50,000/-  and for person with severe disability to Rs. 1.25 lakh from existing Rs. 1 Lakh. Read more-Budget 2015- Section 80DD deduction Limit Raised The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist.Note: A person with severe disability means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the “Persons with Disabilities (Equal opportunities, Protection of Rights and Full Participation) Act.,”Read More – Deduction u/s. 80DD for expenses on medical treatment of disabled dependent
80DDB Deduction of Rs.40,000/- in respect of medical expenditure incurred.W.e.f.     01.04.2004, deduction under this section   shall        be available to the extent of Rs.40,000/- or  the amount actually paid, whichever is less.In case of senior citizens, a deduction upto Rs.60,000/- shall be available under this Section.Budget 2015 has proposed deduction of Rs. 80000/- for seniot citizen aged 80 year or More from A.Y. 2016-17-Read More-Section 80DDB- Limit raised & waived condition of certificate Expenditure must be actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10I is to be furnished by the assessee from a specialist working in a Government hospital.Budget 2015 has Proposed for the purpose of claiming deduction under the section assessee will be required to obtain a prescription from a specialist doctor instead of Certificate.Read More – Deduction under section 80DDB with FAQ
80E Deduction in respect of payment in the previous year of interest on loan taken from a financial institution or approved charitable institution for higher studies. This provision has been introduced to provide relief to students taking loans for higher studies. The payment of the interest thereon will be allowed as deduction over a period of upto 8 years.         Further,                by Finance Act, 2007 deduction under this section shall be available not only in respect of loan for pursuing higher education by self but also    by                spouse    or
children of the assessee.W.e.f. 01.04.2010 higher education means any course of study pursued after passing the senior secondary examination or its equivalent from any recognized school, board or university.Read More – Section 80E – Deduction for Interest on education Loan
80EE Deduction in respect of interest on loan taken for residential house property Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000 being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04- 2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) for acquisition of a residential house whose value does not exceed Rs 40 lakhs. However the deduction is available if the assessee does not own any residential house property on the date of sanction of the loan.Read More – Section 80EE Income Tax Benefit on Home Loan Interest
80G Donation to certain funds,     charitable institutions etc. The various donations specified in Sec. 80G are          eligible    for
deduction upto either 100% or 50% with or without restriction as provided in Sec. 80GRead More – Deduction U/s. 80G of Income Tax Act, 1961 for donation
80GG Deduction available is the least of(i) Rent paid less 10% of total incomeii. Rs.2000 per monthiii. 25% of total income (1) Assessee          or his spouse    or minor child       should    not own        residential accommodation at the place of employment.(2) He should not be in receipt of house rent allowance.(3) He should not have a self-occupied residential premises in any other placeRead More – Section 80GG Deductions – For rent paid
80TTA Deduction in respect of interest on deposits in savings account Section 80TTA is introduced wef A.Y. 2013-14 to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.Read More – S. 80TTA – Deduction in respect of interest on deposits in savings account
80U Deduction of Rs.50,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs.75,000/- shall be available u/s 80U.W.e.f. 01.04.2010 this limit has been raised to Rs. 1 lakh.Budget 2015 proposed to amend  section 80U  to raise  limit of deduction in respect of a person with disability from Rs. 50,000/- to Rs. 75,000 and for person with severe disability from one lakh rupees to one hundred and twenty five thousand rupees.Read more-Budget 2015- Section 80U deduction Limit Raised Certificate should be obtained on prescribed format from a notified ‘Medical authority’.Read More – Deduction U/s. 80U for disabled persons
87A Rebate Of Rs 2000 For Individuals Having Total Income Upto Rs 5 Lakh Finance Act 2013 has provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income  not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. WEF A.Y. 2014-15.Read More – Section 87A – Income Tax Rebate
80RRB Deduction in respect of any income by way of royalty in respect of a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available as :-Rs. 3 lacs or the income received, whichever is less. The assessee who is a patentee must be an individual resident in India. The assessee must furnish a certificate in the prescribed form duly signed by the prescribed authority alongwith the return of income.
80QQB Deduction in respect of royalty or copyright income received in consideration for authoring any book of literary, artistic or scientific nature other than text book shall be available to the extent of Rs. 3 lacs or income received, whichever is less. The assessee must be an individual resident in India who receives such income   in exercise of his profession. To avail of this deduction, the assessee must furnish a certificate in the prescribed form along with the return of income.
80C This section has been introduced by the Finance Act, 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section is limited to Rs. 1.50 lakh only. Read More-Deduction under section 80C and Tax Planning

The following investments/payments are inter alia eligible for deduction u/s 80C:-

Life Insurance PremiumRead more-Life Insurance Premium- Eligible Amount Under Section 80C 

–    in case of individual, on life of assessee, assessee’s spouse and any child of assessee

 –    in case of HUF, on life of any member of the HUF

Sum paid under contract for deferred annuity  in case of individual, on life of the individual, individual’s spouse and any child of the individual (however, contract should not contain an option to receive cash payment in lieu of annuity)
Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self, spouse or child Payment limited to 20% of salary.
Contribution made under Employee’s Provident Fund Scheme
Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.
Contribution by employee to a Recognised Provident Fund or an approved superannuation fund.
Subscription to any notified securities/notified deposits scheme.
Subscription to any notified savings certificates. e.g. NSC VIII issue.
Contribution to Unit Linked Insurance Plan of LIC Mutual Fund e.g. Dhanrakhsa 1989
Contribution to notified deposit scheme/Pension fund set up by the National Housing Bank.
Certain payment made by way of instalment or part payment of loan taken for purchase/ construction of residential house property. Condition has been laid that in case the property is transferred before the expiry of 5 years from the end of the financial year in which possession of such property is obtained by him, the aggregate amount of deduction of income so allowed for various years shall be liable to tax in that year.
Subscription to units of a Mutual Fund notified u/s 1 0(23D)
Subscription to deposit scheme of a public sector company engaged in providing housing finance.
Any subscription to Equity shares/ Debentures forming part of any eligible issue of capital by a Public company/ Public Financial Institution, wherein. i) Eligible issue of capital means capital issued by a public co./ Public financial institution for utilizing the proceeds wholly & exclusively towards purposes of any business referred in Sec. 80IA(4).
Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education. Available in respect of any two children.
Any term deposit for a fixed period of not less than five years with the scheduled bank. This has been included in Section 80C by the Finance Act 2006.
Subscription to notified bonds issued by NABARD This has been included in Section 80C by the Finance Act 2007 and has come into effect from 1.4.2008.
Payment made into an account under the Senior Citizens Savings Scheme Rules, 2004 This has been introduced by Finance Act, 2008 and shall come into effect from 1.4.2009.
Payment made as five year time deposit in an account under the Post Office Time Deposit Rules, 1981 This has been introduced by Finance Act, 2008 and shall come into effect from 1.4.2009.
Contribution to Sukanya Samriddhi Account Opened in the Name of Daughters –

This has been introduced vide Finance Act 2014 wef A.Y. 2015-16

It may be noted that the aggregate amount of deductions under sections 80C, 80CCC and 80CCD are subject to an overall ceiling of Rs. 1.50 lakh.

(Republished with Amendments)

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More Under Income Tax


  1. P.S.BHAT says:


  2. P R RAJENDRAN says:

    iam apensioner getting 500/- per month as med.all that is 6000/-per annum it is taxable i know for which can i claim it as 6000/- or 15ooo/- as 80D exemption pl.enlighten me

  3. P R RAJENDRAN says:

    excellent points neatly given helping salry employees- hats off to u sir pl. continue the noble service can i claim 500×12 6000 under 80-D medical bills pl.enlighten me

  4. Upender.e says:

    Pensioner assesses received medical allowance of Rs.350/- per month. Can this amount of Rs.350/- X 12months = Rs.4200/- be deducted from total pension amount received for IT calculations.
    Kindly send clarification to the e-mail address.

  5. Sanjiv Kumar Hira says:

    Dear Sir,
    Is there any changes in exemption for Island Special Duty Allowance (ISDA) for govt. employee posted at A & N Islands for IT calculation FY2015-16? TA limit extended Rs.800/- to Rs.1600/-pm is a very good step. Also continuing Tax deduction of Rs.2000/- U/s. 87 (A)is a good step for Gruop B, C D Employee.

    Thanking you,

    Yours sincerely,

    Sanjiv Kumar Hra

  6. Kamthane Ashok Namdev says:

    I am an author of technical books.May I know whether I can get tax deduction /exemption on royalty of books being paid by Publisher.I heard that 80qqb with 10ccd forms,authors are permitted to avail the tax benefits.Pl do send me email with you your advise/reply.

  7. Avnash says:

    Respected Sir,
    I am salaried person. In the form 16 my employer has not mentioned Travelling Allowance deduction which is under section 10(4). Maximum allowed is 1600 per month my office is 30 km from my house So how can I claim TA while filing returns
    also please let me know If I can claim Medical expense incurred during last year I have no medical Policy

  8. INDER HASIJA says:

    salary paid assesse received following allowance which are exempted or not
    Medical, leave travelling, food coupons, personel, variable, special, additional special, statutory bonus, uncollected food coupon, holiday pay.
    kindly confirm
    thanks and with regards

  9. Swarup says:

    I received FORM-16 from my employer.In the section VI-A under 80C LIC premium showing double that the actual.I declared the amount 49000 but it is showing 98000 in form 16.Hence my TDS was also less than the actual should be.While tax returning what should I do?Please help me out.

  10. Santosh kumar says:

    Hi Sir,

    I took two bhima plus units in 2004 and surrendered in 2014, surrender value is 2.9 lakh, according to 194DA IT act they have to deduct 2% of tax, but LIC deducted 2% of tax and credited to my account mentioning as 194C (i.e contractual pay) IT section.

    I am falling into 30% bracket income for IT.
    Now can you please answer below questions ?

    1. Its credited with 194C section, so is it attracts additional tax liability for me ?
    2. Whom should I report for correction of that section ? complained to LIC but they had deaf ear.
    3. If its under 194DA then do I need to pay any additional tax ?

    Your urgent reply helps me a lot.


  11. c m muralidhara says:

    I retired during August 2014. I received Accrued PF / Gratuity and PL encashment apart from 5 months salary and 6 months pension. I assume that all the amounts received should be shown in IT return form and then claim eligible exmptions.

    But the online ITR-1 does not contain any column to show the income other than Salary and other incomes and also no columns for showing ‘exemptions’ with details under relevant heads/chapters.

    Please let me know how to file IT Return

  12. DR V G RANA says:

    I got encashed(redeemed) Sardar Sarovar Nigam L. deep discount bonds of yr 1992. The face value was Rs. 110000 but the encashed chq rcd this year was Rs. 50000 . Is it taxable for ay 2015-16?
    Your suggestion will be very helpful to me as I am a salaried person. This will ease my self E-Filing online for ITR AY 15-16.
    Thanking you,
    Yours Sincerely,

  13. Sumeet Jotangiya says:

    Respected sir, i am individual and i recived salray income income along with commition income from the diifreent companies. Can i treat it as my business come in one head.and Which ITR, i needs to file for F.Y.14-15 and within which due date.

  14. Sumeet Jotangiya says:

    Respected sir, i am indidual and i recived salray income along with commition income from the diifreent companies . Which ITR, i needs to file for F.Y.14-15 and within which date.

  15. Manoj kumar says:


  16. mani says:


  17. E Mohan says:


    I am a senior citizen retired from PSU in the month of January 2015. I have received PF, Gratuity, Leave encashment and commutation of pension during the FY 2015-15. Please guide me which form I have to use for filing returns. ITR-1 do not seems to have the required columns for showing the exempted amount of these items.

    E Mohan

  18. Surender Kayat says:

    Sir, MY CA used to filed my ITR ONLINE and he has given his own E-mail I.D in Online Return. But now unfortunately he is passed away and now I am not able to file my ITR because I don’t know the password. Please held me what to do?????


    I am a senior citizen (less than 80 years)with taxable income (after deductions etc) for AY 2015-16 as Rs 629820. I calculated tax (without adding cess of 3%) as Rs 45964. While filling up ITR 2 I find that though gross income tallied as Rs 45964, but the system generated a tax (before cess of 3%) of Rs 47644. I brought this to the notice of CPC to check up the apparent glitch in the software but without any concrete response. Is there anything wrong in my calculation?

  20. seenivas says:


    our clint is a govt staff. He spent lumpsum amount for his daughter marriage on februvary. whether he can deduct that amount from his salary income during the year for income tax caculation.

  21. M P Keswani says:

    AFTER RETIREMENT ON 31-03-2014 FROM CENTRAL GOVT,I HAD PURCHASED CGHS (MEDICAL LONG LIFE SCHEME FROM MINISTRY OF HEALTH &FW)FOR VALUE OF Rs60,000/ FOR MY FAMILY in May 2014. MY EN-QUERY IS WHETHER Rs60,000/ WILL BE EXEMPTED FROM INCOME TAX FOR FY- 2014-15/ AY 2015-16 or can I get rebate of R 20000/for next three years under section 80 D
    . – See more at:

  22. sandeep baneerjee says:

    Mr sandeep ,

    if your retrun is process than you do not revise return . if cpc centre not process than you revise return with in one year.

    2nd I advised to you that if you have not confident on your return than you file mannual return. than you have opation

  23. navabjan m says:

    what is the maximum deduction available to the individual , partnership , company from 80c to 80u from the income tax calculation?

  24. Neelu Garg says:

    I am paying VAT during purchase of many items and in hotels etc. I will get income tax deduction on that amount or not

  25. Amar says:

    please let me know that maximum deduction available against medical reimbursement of salary under section 10 – for the FY 2015-16

  26. C.S.Kalia says:

    As per my company policy I had purchased on mobile hand set which was reimbursable.This reimbursable amount has been paid to me through my salary and accordingly tax has been deducted. I want to know whether reimbursable amount against purchasing of mobile hand set for use of company business is taxable ?

  27. M.A.Khan says:

    Sir I am senior citizen and I have paid Rs 60000/- towards my CGHS card for current year(January 2015).kindly let me know how much amount I can avail as tax benifet during 2014_2015 fy.

  28. Shailendra singh says:


    I Want ITR file 360000/- FY 2014-15 (salary)
    HRA – 5000 pm
    Transportation 800/- pm
    lic 2364/- pm

    Please my payble I Tax

  29. Diamete says:

    * Example :

    Want file ITR.
    Say want file for Rs. 5 Lacs.
    Say Rs. 5Lacs is the income limit for which tax is zero and ITR can be filed.
    For which of the below mentioned years can file ITR with no charges.
    Or for how much amount can we file ITR with nil tax and for which of the years mentioned below before 31st March 2015.
    Occupation is to be mentioned as what like say Self employed, Agency, Business etc.,

    If Nil Tax income limit is say Rs.5 Lacs
    But would want to file ITR for about 5 Lacs or for the amount of Zero tax limit for the following years before 31st March, 2015. With no charges.

    Financial Year Assessment Year
    10-11 11-12
    11-12 12-13
    12-13 13-14
    13-14 14-15
    14-15 15-16

  30. g vivekanandan says:

    iam a pensioner fro central govtand sr citizen. kindly reply upto what amount we are exempted from tax from the pension amount.

  31. Raghava Rao says:

    My mother is a family pensioner of State Government. Whether she is eligible to claim HRA exemption from IT AY 2015-16, at present she is residing in rented house. If she shifted to own house, she is eligible to claim HRA exemption. Pl. clarify.

  32. Raj Kumar says:

    This year I am going to get Form-16 from one company and Form-16A from present company. I am working as 2nd Officer onboard ships. My queries are
    1. I have savings upto 50000/- and paid for children tuition fee 10000/- also i did some courses and booked for courses belongs to my job, it is approximately 50000/- So can I show these under 80c? Also what else can I show under what section. My income of this financial year already crossed 7 lacs. Pls advise me.

    2. My present company not paying income tax as my previous company will issue me Form-16A, but this company will give Form-16 so there are saying u r not in slab in our company, u need to pay urself. So pls advise me can I pay tax online? If yes, pls give me details how to pay.
    Thank You Very Much

  33. N K VERMA says:


  34. CL Suresh says:

    I have purchased flat in under construction project in April 2014 and the same will be completed in 3/2016. My Annual EMI is 2.11 lakh interest and principal 1 lakh. How to claim this for FY 2014-15 ? Kindly inform relevant section and clauses. Presently I stay in govt officers quarters .


    A senior citizen having a total income of Rs.300000\- has nil IT
    Rebate under 87A is available for Rs.2000\-Therefor a senior having a total income up to Rs.3.20 Lakhs has no IT. Am I correct?

  36. Rekha says:

    Sir, I want to know whether the amount received from ‘Voluntary Retirement Scheme’ rolled out by the PSUs is fully taxable and under which clause/rule it is so. please clarify at the earliest.

  37. Srinivasan Sourirajan says:

    Sir,My Annual Salary for 2014-15 is Rs.3,11,000/- I am senior citizen aged 65 years.How much LIC premium(one time payment scheme) I have to payto save Income tax of Rs.1,100/-

  38. Dev says:

    Dear Sir,
    I had taken a home loan in Nov 2014 and property was
    registered in December 2014 and first emi for loan started in january 2015 My bank has given me IT CERTIFICATE for financial year 2014 – 15 is Rs 131083 /- ;
    whose breakup is as follows ;
    Principal component : Rs 9161 /-
    Interest component : Rs 121922 /-
    The property is to be let out not already let out.
    How I can show my it deduction for financial year 2014 – 15 ?

  39. Gautham k s says:

    My CA says that to claim deductions for HUF life insurance is the only option and he prefers PPF amount not to be paid by HUF…. Can HUF NOT PAY PPF FOR ITS MEMBER AND CLAIM DEDUCTION… Also is it possible to open ppf account of minor ?

  40. sivasankaran says:

    The article about deduction of income tax ay 2014-15 has not been updated and misguides the public. I shall be very much obliged if you could publish an updated article incorporating the recent changes regarding enchancing the 80 c limit to Rs.1.5 lakhs.

  41. Govindan says:

    My mother who is 88 yrs is dependent on me. She is suffering from many old age problems including hearing loss, locomotor disability etc..Nursing and medical expenses are met by me. Is it elegible for deduction under 80DD.

  42. K K Shukla says:

    I have deposited a sum of Rs. 39020/- towards CGHS contribution for whole life medical treatment to me and my wife on 1st July 1914 after my superannuation on 30th June 2014. Let me know how much I may get the relief in income tax during the financial year 1914-15 and assessment year 1915-16 under s/c 80 D.

  43. Ajay burman says:

    I have deposited Rs. 27030/- for whole life premium for health to central govt. health scheme. will i get the rebate on my income tax return for 2014-15. if yes than what rebate will i get rebate.

  44. Prashant Sonagara says:

    Please let me know Rs. 1,00,000-00 deduction under 80 c for huf account for f.y. 2013-14 & 2014-15
    Waiting for favorable reply,
    prashant sonagarta

  45. Sam says:

    Lets say
    G. Basic Pay – Rs.24,500 a month
    HRA – Rs.17,780 a month.
    Housing Loan EMI – Rs.7,225/- monthly.
    Total yearly interest paid on Hsg loan – Rs.75,000,
    total principle paid – Rs.11,000/-…

    Approx TDS monthly Rs.1,200-1,500

    Can Rent receipts of rs. 14000/- per month be appropaite to reduce tax burden OR show Housing Loan details only?



  47. Simran Chhabra says:


    If you can mail me the incomes tax calculator for current year(14-15) in which fuel and maintenance, driver salary, communication etc exemptions are available and everything get auto calculated ones numbers are inserted

  48. sanabh says:

    can you please let me know under which section i can claim tax deduction for the amount that i paid for PPF during the year.. i have paid almost 50000 rupees during the year in addition to other investments like LIC

  49. Raman Kr. says:

    Whether the benefit of Sec 80EE can be taken , even in case of original loan take over by another financial institution of the single flat bought in the given period?

  50. Sandeep Banerjee says:

    I have wrongly filed my return for assessment year 11-12. My net Income is Rs 5,62,283.00 after deduction of HRA, PF, Conveyance Allowance, were I have mentioned Rs 6,40,351.00 (Inclusive of HRA, PF,Conveyance Allowance etc..)
    Because of my mistake I have received demand note of Rs. 11720.00
    Request you kindly suggest what to do?? how to resolve this Issue, Ihave contacted CPC they refer to local AO ,local AO is no doing anything,rectifecation is also not feasible.

  51. khairati Lal Nanda says:

    I have purchased free hold property from bank loan in 2010 with the permission of Department. I m salaried person- central govt. I have rented out this said property and rent showing with my salary as house rent income. kindly let me know on what rules I have to take the interest benefit from my deptt. in income tax. my department objected on this. kindly let me know clear-cut rules

  52. A. Ranganathan says:

    The new format of Form 15H pose problems, with different Bank Branches interpreting the Form in different ways.Suppose I have an Account with a bank and my earning by way of interest on deposits are subject to TDS.
    Should I , while submitting the Form 15H claiming non deduction of TDS (a) because I am s super senior citizen and (b) I will have no tax liability being under under the slab, detail ALL my investments in Mutual Fund, Equities, deposits with other Financial Institutions and Banks, Bond and NCDs? Should I duplicate these details if I have to submit a FORM 15H to another Bank to claim exemption from TDS. What a waste of time and energy !

    The Advance Tax is no longer applicable to Senior Citizens. Why not exempt Senior Citizens from the TDS routine as well. It will make work
    for them to file the Annual Returns. easy

  53. dilip jaitpal says:

    please let me know that maximum deduction available against payment of fees paid for children under section 80c

    Kindly reply

    Thanks and regards

    dilip Jaitpal

  54. RAJALAKSHMI says:

    I am a drawing officer in a higher secondary school run by the state government of tamilnadu.I would like to know whether the contribution of the state government towards the contributory pension scheme can be deducted under 80cc

  55. Mukesh Gupta says:

    Dear Sir,

    I am living in Borivali (Mumbai) on rental income and my office is also situated in Chembur (Mumbai) but i have a own house in Thane with Home Loan, Thane is a seperate district so can i claim HRA and Interest on Principal Loan Amount and Principal Amount. Please suggest.

  56. Juzer Rangwala says:

    Great compilation of various deductions avaialbe to an individual assessee from taxable income on which tax is required to be paid. In the current financial year 2012-13, Section 80 TTA has been introduced to allow as a deduction of maximum Rs.10000/- towards interest earned by an assessee in his savings bank account which is also required to be added first in the gross income as “Income from other sources” and thereafter reduced under Section 80 TTA

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