List of different exceptions under section 80C. The exception under Section 80C Leaves U/S 80C for 

Life Insurance Premium, Commitment to PF, and so forth (Individual/HUF as it were). Discover the 

list of personal expense exclusions under section 80C. Section 80C to an individual

 

(A) Makes concessions;

 

(B) A Hindu unified family is dependent upon a limit of one lakh and 50,000 rupees for interest in explicit resources. In this article, you can get a list of discounts accessible just to Individuals, a list of discounts accessible to Individuals and HFF, other uncommon focuses for quite a long time. 80C. presently you can look down and check the total list of various deductions under section 80C

 

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Should Peruse - Discount for Clinical Insurance Premium U/Sec 80D

 

Individual discounts are accessible as it was:

 

Any instalment made by the individual to keep in actuality a non-movable conceded annuity understanding about the life of the individual, the spouse, any offspring of the individual

 

Any sum deducted from the compensation payable by the public authority to pay the commemoration payable to him. In any case, the discount ought not to surpass 1/5 of the compensation.

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SPF/RPF commitments.

 

Commitments to the Endorsed Endorsement Asset.

 

Public Reserve funds Plan Membership.

 

NSC membership, even interest in it is qualified for a discount

 

Shared Asset/UTI Membership Unit

 

Commitment to Shared Asset/UTI/Benefits Asset set up by Public Lodging Bank

 

Submitted to Public Lodging Bank, HIDCO

 

Stores with a PSU giving long haul financing to the development or acquisition of private homes in India.

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Stores with informed lodging board according to law for arranging, advancement and enlistment of towns/urban areas/towns.

 

Educational expenses paid for full-time instruction of kids in colleges, universities, schools or other instructive establishments situated in India, for other advancement awards. (Most extreme 2 kids)

 

Lodging/Consumption

 

Memberships of approved value offer or elements of any open company or an administration monetary establishment and the whole continuation of the issue are utilized for the full and selective utilization of force age or foundation offices. (Holding period least 3 years)

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Term store with a booked bank for somewhere around 5 years.

 

Educated NABARD Bond Membership.

 

Stores under the Senior Residents Investment fund Plan.

 

5-year time store in any record under Mailing station Store Rules.

 

Should peruse - Genuine installments dependent on Section 43B discounts

 

Individual and HFF discounts accessible:

 

Any sum paid by an individual to apply insurance or power in the life of an individual, his/her companion, any kid (wedded/unmarried or subordinate/not reliant). On account of HUF, a premium must be paid for the life of any relative.

 

Note: A premium of over 20% in an insurance strategy isn't qualified for a premium discount on the life insurance strategy (pertinent for an approach gave before 01/04/2012) Greatest premium dis countable = 10% of the insured sum. (15% for people covered by U/s 80U/80DDB)

 

A PPF commitment. At least 2,000 rupees. 500 and greatest Rs. 1 lakh rupees

 

LIC/UTI's ULIP commitment and proceeded for at least 5 years.

 

Add to the insurance organizations' yearly plans.

 

Should peruse - Discount for awards under section 80G

 

Different focuses for quite a long time is 80C

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As far as possible under this section is 2014-1. Financial year/appraisal year 2011-16-1 from 1.50 lakh. 2014-1. The cutoff before the monetary year was Rs1 lakh. Many little reserves funds plans like NSC, PPF and other annuity plans under this heading are likewise qualified for an exception under section 80C for the instalment of life insurance premiums and interests in certain administration framework securities.

 

On the off chance that the appraiser moves HP, no waiver is guaranteed, before the termination of the five-year term toward the finish of the monetary year, where the public property was procured. No concession will be permitted in the house to which the place of PIO is moved. The measure of discount permitted in earlier years will be treated as the payment of the appraiser of PY, where the house is moved.

 

In the event that a part taking an interest in ULIP ends before 5 years of commitment, similar treatment as given in point 2 will be given.

 

The discount is accessible just if the earlier year for example 31st Walk or prior is paid/contributed/contributed.

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On July 26, 2021 by www.taxexcel.net

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Section 80GG is one of the lesser-known sections which can be used by taxpayers to lessen their tax burden by claiming tax exemption for rent paid (in case HRA is not part of salary). This section can be used to be either a salaried/pensioner or self-employed taxpayers.

On August 18, 2018 by www.taxexcel.net

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1     1.  The Basic threshold income that is tax-free – 2.5 Lac                                                                  2. Section 80 C deduction – 1.5 Lac

Section 80 C includes PF, PPF, Insurance premium, ELSS, Pension plan, FDs, and NSCs. In order to get this tax benefit, you need to make an investment in any of the investment avenues mentioned here.

3.                  Section 80 CCD (1B) – 0.5 Lac This additional deduction is announced this year. According to this 0.5, Lac investment in NPS will be tax-free.

4.                  Contribution to NPS by employer Section 80 CCD (2) – 1 Lac In order to get this benefit employer has to register and contribute to NPS. This contribution is restricted to 10% of salary (Basic + DA). The maximum limit is 1 Lac.

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5.                  Home loan Interest or HRA – 2 Lac U/s 24B AND Rs.1.5 Lakh U/s 80EE, If you have taken the home loan you can take benefit of home loan interest component for tax saving. If you have not taken the home loan you can claim HRA amount for this.

6.                  Tax-Free Medical Allowance – 15,000 Rs/- The tax-free medical allowance is payable to most of the salaried people. In order to avail this benefit, you need to submit actual bills.

7.                  Tax Free Transport Allowance – 19,200 Rs/- P.M. & Rs. 3200/- P.M. for More than 80% of Phy.Disabled Persons. Tax-free transport allowance limit is enhanced this year.

8.                  Medical Insurance – 25,000 Rs/- Medical Insurance premium limit is hiked this year. If you have purchased medical insurance you can avail tax benefit.

9.                  Medical Insurance of parents – 30,000 Rs/- Premium paid for Medical Insurance of parents can be claimed for the tax deduction. This limit was enhanced this year.

10.              LTA – 25,000/- Leave Travel Allowance is given to salaried people every two years. A small amount is taken here for illustration.

On December 07, 2016 by www.taxexcel.net

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All salaried are very much familiar with HRA and how to get the benefit of the rent they pay. However, what about those who not get HRA in their salary or for self-employed? Will they still get rent benefit? The answer to both the questions is Section 80GG of Income Tax.

So as I said above this section only applies to those who have not availed HRA in their salary or not claiming the deduction on their rent in any of the other sections of income tax.  Below are a few conditions to avail the deduction under this section.

1. This section is only applicable to Individual or HUF.
2. Tax Payer may be either salaried or a self-employed. However, must not be getting HRA.
3. Tax Payer himself or spouse/Minor Child/HUF of which he is a member should not own any accommodation at a place where he is doing a job or business.
4. If Tax Payer owns a house at a place other than the place noted above, then the concession in respect of self-occupied property is not claimed by him [Under Section 23 (2) (a) or 23 (4) (a)].
5. Tax Payer has to file a declaration in Form No.10BA regarding the expenditure incurred by him towards the payment of rent.

How much amount of deduction one can avail under Sec? 80GG?

If the above five conditions are satisfied, the amount deductible under Section 80GG is LEAST OF THE FOLLOWING. [ Max. Rs. 60,000/- P. A.]

• Rs.5, 000 per month;
• 25% of total income of taxpayer for the year; or
• Rent Paid less 10% of total income (Rent Paid-10% of Total Income).

On November 13, 2016 by www.taxexcel.net

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Salaried individuals can avail of house rent allowance (HRA) exemption under Section 10(13A). Self-employed professionals cannot be considered for HRA exemption, but they can claim home rent expenses under Section 80GG Max. Rs. 60,000/- P.A. ]

Effective the current financial year, those claiming HRA need to submit landlord’s PAN details if the rent is above Rs15,000 per month or above 1 Lakh P.A..

The actual HRA for tax exemption is lower of the following three numbers:

a) The actual HRA your employer provides you in the salary;

b) 50% of the basic salary when you reside in a metro or 40% for non-metro location; and

c) actual rent you pay minus 10% of basic salary.

For example, assume your basic salary is Rs46,000 per month and the actual HRA offered by the company is Rs26,000.

You rent an apartment in Mumbai for Rs25,000 per month.

Residence in Mumbai will make you eligible for a 50% of the basic pay for HRA exemption. These values are considered to find out HRA tax exemption:

 a) Actual HRA received, i.e., Rs26,000;

b) 50% of the basic salary, i.e., Rs23,000; and

c) excess of rent paid over 10% of basic salary, i.e., Rs25,000 – Rs4,600 = Rs20,400. Your HRA exemption is lower of the three (Rs20,400).

The taxable HRA amount is Rs26,000 minus Rs20,400 = Rs5,600.

Tax exemption on home rent for self-employed under Section 80GG is limited Max Rs.60,000/- as per Budget 2016. It is lower of three values:

a) Actual rent minus 10% of gross professional fees;

b) Rs 60,000 per annum; and

c) 25% of gross professional fees. If the self-employed is paying office rent, that can be shown as expense. If not, home office may be shown if a specific home area is used exclusively for office purposes.

Download Automated House Rent Exemption Calculator U/s 10(13A) with brief how to calculate the H.R.A. Exemption.

On March 30, 2016 by www.taxexcel.net

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