POSTED BY November 30, 2010 6:39 am COMMENTS (6)
ONHi,
Can anybody kindly summarize the income Tax Deductions and exemptions with their max limits for tax year 2010/11 relevant for salaried individuals. I have compiled the below list by going through a few websites but am not sure if the information is accurate.
Thanks!
Section 80 C Exemptions – Total of upto 1 lakh/-
– Life insurance premium (upto 1 lakh)
– Home Loan principle (upto 1 lakh)
– PPF (upto 70000 lakh)
– EPF (upto 1 lakh)
– Infrastructure bonds
– stamp duty and registration
– School tution fees (donations excluded)
– HRA
– National savings certificates
– 5 year fixed deposits with banks and post office
– ELSS
– ULIPS
Section 80 CCC (1)
– Pension scheme of LIC or any other Insurance (upto Rs 10000)
Section 80D deduction
– Upto Rs 15000, used towards annual medical insurance plans
– an additional Rs 15000 towards parents medical insurance plans
Section 24b
– Home loan interest upto Rs 1.5 lakh
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The deduction of Rs. 20,000 for investing in Infrastructure Bonds is available under section 80CCF which is over and above the combined limit of Rs. 1,00,000 available under sec. 80C+80CCC+80CCD
1 lakh limit is for 80C and its subsections. While 80D is separate.
Thanks Ramesh!
small correction
PPF upto 70000 and not upto 70000 lakh. 🙂
Thanks Very Much Manish and Ajay! 🙂
One more clarification needed regarding the max limit…
The 1 lakh limit, is it for Section 80 C alone or is it for 80C + 80CCC + 80D combined together? (apart from the sub limits for 80CCC and 80D)
Thanks!
Section 80 C Exemptions – Total of upto 1 lakh/-
– Life insurance premium (upto 1 lakh)
– Home Loan principle (upto 1 lakh)
– PPF (upto 70000 lakh)
– EPF (upto 1 lakh)
– Infrastructure bonds (20k)
– stamp duty and registration (upto 1 lac)
– School tution fees (upto 1 lac , both husband and wife can claim 1-1 lac each for 2 seperate children )
– HRA
(min of 3 things
1. The amount received as HRA from the employer
2. 40% of salary. It is 50% of salary if you are staying in any of the four cities: Delhi, Mumbai, Chennai or Kolkata.
3. Rent paid minus 10% of salary
)
– National savings certificates (1 lac)
– 5 year fixed deposits with banks and post office (1 lac)
– ELSS (1 lac)
– ULIPS (1 lac)
Section 80 CCC (1)
– Pension scheme of LIC or any other Insurance (upto Rs 100000)
Section 80D deduction
– Upto Rs 15000, used towards annual medical insurance plans
– an additional Rs 15000 towards parents medical insurance plans
Section 24b
– Home loan interest upto Rs 1.5 lakh ( no limit on second home)