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