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Please help!! Help!!! Help!!!!

Vatsalya Bhardwaj (Final Student) (427 Points)

07 December 2009

hi,

if my salary income is 3.70 lacs in a particular year, then how much deduction should i claim in 80c to 80u to save tax??????

vatsalya

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30 Replies

FATEMA (CHARTERED ACCOUNTANT) (719 Points)
Replied 07 December 2009

Dear vatsalya,

For a resident woman, the tax limit for A.Y. 2010-11 starts from Rs.1,90,000.U can claim maximum deduction of Rs. 1,00,000 u/s 80C to 80U in any particular year.However, u will not be able to save tax as your gross total income wil 2.70 lacs

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 07 December 2009

HI Fatema, few clarifications....

100000 amount is deductible u/s 80 C only...

Rs. 15000 ios dedcutible u's 80 D..

Even 80 G or 80 GG (donations) allows various dedcutions.......

So, the amount under CHAPTER VI A is not restricted to Rs. 100000/- only, it can extend....

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 07 December 2009

Hi vatsalya, its u who can claim various dedcution u/s 80C to 80U.., depending on the nature of expenditures... Hope u've knowledge regarding these sections.... If not, then do consult some expert nearby u....

Ansari (ca final) (444 Points)
Replied 07 December 2009

Originally posted by :D н ! я σ √
"	Hi vatsalya, its u who can claim various dedcution u/s 80C to 80U.., depending on the nature of expenditures...	"

CA Trinath Galla (student) (3130 Points)
Replied 07 December 2009

Originally posted by :D н ! я σ √
"	HI Fatema, few clarifications.... 100000 amount is deductible u/s 80 C only... Rs. 15000 ios dedcutible u's 80 D.. Even 80 G or 80 GG (donations) allows various dedcutions....... So, the amount under CHAPTER VI A is not restricted to Rs. 100000/- only, it can extend....	"

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Md Nezamuddin (Programmer) (32 Points)
Replied 07 December 2009

i m understanding this

CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 07 December 2009

dhiraj is rite,clarify ur doubt fatema, n question doesnot represent clear point.

NARENDER PAWAR (CA final Student) (337 Points)
Replied 07 December 2009

MISS VATSALYA RS. 190000 IS EXEMPT FOR RESIDENT WOMEN ASESSEE

BALENCE RS. 180000 IS ALSO U CAN CLAIM DEDUCTION U/S 80 C TO 80 U

BUT IN 80C U CAN NOT CLAIM MORE THAN RS. 100000

Md Nezamuddin (Programmer) (32 Points)
Replied 07 December 2009

Originally posted by :Md Nezamuddin
"	i m understanding this	"

UMESH SINGHAL (Article CA FINAL) (32 Points)
Replied 07 December 2009

U Can Claim Deduction Of Maximum Rs. 1,00,000 Under Section 80C & A Deduction U/S 80U or 80 DD is also Available Up To Rs. 75000 Further A deduction of education Loan Interest Is also available u/s 80e without any limit

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Vatsalya Bhardwaj (Final Student) (427 Points)
Replied 07 December 2009

sorry i want to clarify my question, this salary is of my bother,!!!!!!!! and plz tell me how much amount shud he invest and in which plan to claim deduction???????????

vatsalya

Robin Kumar Gupta (profession) (179 Points)
Replied 07 December 2009

Originally posted by :vatsalya

Hi Fatema, few clarifications..

Deduction under chapter VI A is not restricted to Rs. 100000/- only ...

However Mr. Vatsalya you can claim Deduction upto 100000/- u/s 80C, Rs. 15000 U/s 80D, and donation given allowed as deduction u/s 80G..

There are other deductions also but available on existence certian situations for e.g 80U

After deducting the above deductions you will get Taxable Income and after taking the slab rates of the particular assessment year you have to compute and pay tax.

Vatsalya Bhardwaj (Final Student) (427 Points)
Replied 07 December 2009

sorry i want to clarify my question, this salary is of my bother,!!!!!!!! and plz tell me how much amount shud he invest and in which plan to claim deduction???????????

vatsalya

Robin Kumar Gupta (profession) (179 Points)
Replied 07 December 2009

Originally posted by :vatsalya

Answer will be the same.

Your brother can claim exemption u/s 80c (upto 1 Lac) by investing in mutual funds, taking LIC, depositing in provident fund, repayment of housing loan (principal amount - if any), tution fees of childrens.

Apart from this he can claim upto 15000/- U/s 80D by paying the premium of mediclaim policy.