Wat other options are available for tax exemption other than section 80C?

income tax laws allow individuals assessed income tax claim exemption income tax under following heads.

1. section 80c – section 80c of laws provide exemption income tax on amounts invested individual. includes amount individual invests in certified instruments exempt tax. are:

a. pf – provident fund (a portion of salary deducted employer pf , remitted pf house maintained government of india. maximum of 12% of basic salary eligible exemption income tax)

b. ppf – public provident fund – maximum of rs. 70,000/- per financial year.

c. elss – equity linked savings scheme (mutual funds)

d. nsc – national savings certificate

e. kvp – kisan vikas patra

f. life insurance (insurance provided lic & other registered insurance companies)

g. tax saving ulip’s – unit linked insurance plans

h. principal amount repaid part of home loan

i. 5 year bank fixed deposits

point noted here sum total of these components can maximum of rs. 1,00,000/- per financial year.

2. section 80d – section of laws provide exemption on premium paid towards medical insurance of individual, spouse & children , dependent parents. maximum eligible amount under section rs. 15,000/- per financial year.

3. section 80dd – exemption under sec 80dd available individual who:

a. incurs expenditure medical treatment, training , rehabilitation of disabled dependent or

b. deposits amount in schemes of lic of india maintenance of disabled dependent.

deduction of rs. 50,000/- available individuals incur of above 2 said expenditures. dependent has sever disability deduction of rs. 75,000/- allowed. individual should furnish copy of issued certificate medical board constituted either central government or state government in prescribed form, along return of income of year deduction claimed.

4. section 80ddb – individual, resident in india spending amount medical treatment of specified diseases affecting him or spouse, children, parents, brothers , sisters , dependent on him, eligible deduction of amount spent or rs 40,000, whichever less.

amount spent on treatment of dependent senior citizen individual eligible deduction of amount spent or rs 60,000, whichever less available. individual should furnish certificate in form 10-i return of income issued specialist working in government hospital.

5. section 80e - under section, deduction available payment of interest on loan taken higher education financial institution or approved charitable institution. loan should taken either pursuing full-time graduate or post-graduate course in engineering, medicine or management, or post-graduate course in applied science or pure science.

deduction available first year when interest paid , subsequent 7 years. maximum deduction available rs 40,000 year (inclusive of both principal , interest)

6. section 80u - deduction in case of person disability. individual suffering permanent disability or mental retardation specified in persons disabilities (equal opportunities, protection of rights , full participation) act, 1995 or national trust welfare of persons autism, cerebral palsy, mental retardation , multiple disabilities act, 1999, shall allowed deduction of rs 50,000. in case of severe disability rs. 75,000.

income tax assessee should furnish certificate medical board constituted either central or state government, along return of income year deduction claimed.

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anand
mail me @ anandvijayakumar@ymail.com if need more details.

wat other options available tax exemption other section 80c(upto 1 lakh).i have have 1lakh exemption lic premium+housing loan premium(section 80c).what other options available other section 80c tax exemption

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