Summarization of Tax Deductions and exemptions with their max limits for 2010/11

POSTED BY Manhas Nayak ON November 30, 2010 6:39 am COMMENTS (6)

Hi,

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

6 replies on this article “Summarization of Tax Deductions and exemptions with their max limits for 2010/11”

  1. 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

  2. Ramesh Mangal says:

    1 lakh limit is for 80C and its subsections. While 80D is separate.

    1. Manhas Nayak says:

      Thanks Ramesh!

  3. Ajay says:

    small correction

    PPF upto 70000 and not upto 70000 lakh. 🙂

    1. Manhas Nayak says:

      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!

  4. 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)

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