Regarding 80c limit

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standard deduction is under head 80/c of Rs. 150000 limit or beyond 150000
Replies (11)

Rs  150000/- is  limit  under 80C not beyond under section 80CCE of the income tax act 1961

Standard deduction is not under 80C. It is under Section 16

Sec 16(ia) :Standard deduction of Rs. 40,000 is allowed in respect of salary income to all employees in lieu of transport
allowance of Rs. 1600 per month and medical expenditure reimbursement of Rs. 15,000 p.a.

I think he is asking  limit  on  deductions under   80C  , let him clerify  standard  deduction or  maximum   deduction under  80/ C 

Yes...
I think Mr. Prasad Nilugal is correctly said and understand the Query...!!!

The 80C limit is 150000 only.
if you have deposited in pension fund in a govt scheme than additional 50000 is deduction above 150000
sir one more thing please clear i have paid 4 instalment payments one is rs 40000 other rs 20000 3rd is rs 20000 4th is rs 30000.... in a cotractual work so can i deduct tds at first 40000 and end of the f.y. i deduct tds on rs 20000+ rs 20000+rs30000 in this way sir???? please clear me
agree with gs sir
hello

Finance Act 2018 has amended the Section 16 of the Income Tax Act 1961 and reintroduced the standard deduction of Rs 40000/- for the salaried employees which will subsume and replace the existing Transport allowance and Medical allowance of Rs 19200 and Rs 15000 allowed earlier.

This has effectively resulted in additional benefit of Rs 5800 to the salaried employees and this amendment shall also save the employers and organisations from the administrative work of processing medical bills.

This deduction is over and above the 1.5 Lakhs deduction allowed under Section 80C of the Income Tax Act. So assessees having salary income can take benefit of both Rs 40000 standard deduction as well as Rs 150000 deduction under Sec 80C.

 

 

Deduction under 80C - 150000, which would includes,insurancepremiums,pfcontributions,house loan repayments,contributions to national savings certificate or fixed deposits etc.

Deduction under 80CCC - 150000, which will includes contributions for pension fund with LIC and other Pvt firms

Deduction under 80CCD(1) - 150000, which will include contributions for pension fund with government.

Additional deduction under 80CCD(2) - 50000, contribution to pension fund with government.

But in total, deduction shall not be more than

* Rs 150000 (80C + 80CCC + 80CCD(1))

* Rs 200000 (80C +80CCC +80CCD(1) + 80CCD(2)).

beyound 


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