Deductions Under Section 80
Higher studies are referred to as education that is pursued after completion of the 12th standard or senior higher secondary examination.
Deductions under section 80. 60 000 for senior citizens and rs. This is raised to 20 for other taxpayers. Section 80 jjaa of the income tax act offers deductions on profits generated on the sale of goods and products manufactured in factories.
This deduction allows for income from royalties to be deducted subject to the following conditions royalty is received in respect of patents registered on or after 01 04 2003 under the patents act 1970. For example cancer chronic renal failure parkinson infection etc. Ppf public provident fund contribution.
Deductions under section 80 investments under section 80c you can claim deductions of upto rs. Income tax deductions under section 80 rrb. 1 50 lakh on your total income under section 80c.
Under this section companies can claim a deduction of up to 30 salary of new full time employees for an assessment period pf 3 years. Employee s contribution under section 80ccd 1 you can claim this if you deposit in your pension account. Deduction under section 80ddb treatment of specified illnesses you can get a deduction up to rs.
Recognized provident fund statutory provident fund contributions. 80 000 for extremely senior citizens for medicinal expense incurred for determined ailments. However whenever the amount received from such pension funds along with interest then it will taxable in such period.
Deduction under section 80ccc. Payment made towards life insurance premium. You can claim a deduction of up to rs.