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Exemption on sec 80,80c,80ccd........extra

obalreddy (accountant) (282 Points)

20 February 2012

Dear Friends

1. I want some clariffacation Exemption on sec 80c,80cc,80dd,--------------- Extra, the all the section or exempted on Limited of 1,00,000/- it is correct or not .

please clarified the doute sir

Thanking You

G.O.REDDY

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Seema (Jr. Accountant) (91 Points)
Replied 20 February 2012

Hi Friends,

Under section 80 C

QUICK GUIDE TO TAX SAVING DEDUCTIONS

INCOME TAX DEDUCTION	MAXIMUM DEDUCTION ALLOWED PER YEAR
SECTION 80C
Life Insurance premium	Actual amount contributed / invested, up to Rs. 1 lakh
Contribution to Employee Provident Fund (EPF)
Contribution to Public Provident Fund (PPF)
National Savings Certificate (NSC)
Unit Linked Insurance Plans (ULIPs)
Repayment of Home Loan Principal
Equity Linked Savings Schemes (ELSS)
5 Year Bank FDs
Pension Funds
SECTION 80CCF
Long Term Infrastructure Bonds	Actual amount invested, up to Rs. 20,000
SECTION 80D
Mediclaim Premium for self and family	Actual premium paid, up to Rs. 40,000 (if both self and parents are senior citizens)
SECTION 80DD

Expense on treatment of a disabled relative, or payment of insurance premium for said relative	Rs. 50,000 or Rs. 1 lakh depending on severity of disability
SECTION 80DDB
Expenses incurred on medical treatment for yourself or for a dependent relative (not necessarily disabled)	Actual expense incurred, up to Rs. 40,000 (Up to Rs. 60,000 in case of senior citizen)
SECTION 80E
Interest of an education loan taken for yourself, your spouse or your child	Full interest amount paid during the year, for a limit of 8 years
SECTION 80G
Donation to certain charitable institutions	100% or 50% of donation given, depending on the institution, subject to limitations
SECTION 80U
Deduction in case of a disabled assessee	Rs. 50,000 or Rs. 1 lakh, depending on severity of disability