Deduction under income tax.Section 80C - Deduction on Investment Section 80C is the most preferred
category of all income
taxpayers because it allows taxpayers to deduct from tax liability by investing tax savings and
collecting eligible expenses.
This allows maximum money to be spent 1,50,000 per year from total income. This category may benefit an individual and HUFs, companies, LLPs, firms and partnerships are not eligible to take advantage of this discount. Section 80C also has subsections like 80CCC,80CCD (1), 80CCD (1B), 80CCD (2).
All these sections together allow deduction of Rs.1,50,000 but section 80CCD (1B) also allows additional deduction of Rs.50,000.
Section 80TTA - Interest on Savings Accounts The benefits of this category are only available to one person and HUF, they can claim a rebate of Rs10,000/-. This section can not be entitled to any interest earned from the fixed deposit or any recurring deposit.
Section 80GG - Home Renting Deductions under this section are only available to taxpayers if the house rent allowance is not available. The taxpayer, as well as the taxpayer's spouse or child, shall not self-occupied any residential home in the place of employment.
The amount of deduction may be a minimum of the following paid rent minus the adjusted total income 10%; 5,000 per month; Consistent 25% of total income.
Section 80E - Interest on educational loans A deduction under this section may be levied on interest on loans taken for higher education. This loan can be taken for the taxpayer himself or for their spouse or child or for the person for whom the taxpayer is the guardian.
Section 80EE - Home Loan Interest Under this section, you can get a discount in FY 2017-2018 only if you take a loan in FY 2016-2017. This discount is available only to one homeowner on the date of the loan.
The value of the property will be less than Rs 50 lakh and the amount of debt will be less than Rs 35 lakh. They can claim a discount of up to 7 50,000 per year under this section.
Section 80D - Medical Insurance An individual and HUF can claim deduction under this section, if medical insurance is taken out for oneself, spouse and dependent children, you can claim a rebate of Rs 25,000.
An additional deduction of Rs 25,000 is available for insurance for parents below 60 years of age, and if the age is more than 60 years, the deduction can be up to Rs 50,000, this amount has been increased from Rs 30,000 in Budget 2018.
Section 80U - Physical Disability A deduction of Rs. 75,000 / - under this section is available for a resident who has a physical disability or mental disability. If there is a severe disability, a rebate of Rs. 1,25,000 can be claimed.
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Individual Salary Structure as per the Non-Govt (Private) Concern’s Salary
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Individual Tax Computed Sheet
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Automatic Convert the amount in to the in-words without any Excel Formula
