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Income Tax Deductions List Fy 2019 20 List Of Important Income Tax Exemptions For Ay 2020 21 Tax Deductions List Tax Deductions Income Tax
Definitions of certain terms relevant to income from profits and gains of business or profession.
Sections in income tax. In this article we have discussed income tax deduction available to taxpayers from various sources of income for a y. The different deductions all suit unique investment and tax savings needs. Maximum income tax you can save tax saving sections summary.
The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts. Under the provisions of the act indian citizens and companies can avail of the tax deductions under section 80c 80ccd 80ccc 80ccce to save tax by investing upto 1 5 lakh in different options. That person can be physically or.
A complete guide on income tax deduction under section 80c 80ccd 1 80ccd 1b 80ccc. Income tax exemption for maintenance of disable dependent. Profits chargeable to tax.
Also includes home loan principal repayment tuition fees stamp duty best tax saving investments u s 80c. Investment in epf elss ppf fd nps nsc pension plans life insurance scss ssa and nps. You may be interested to read also income tax slab rates following are different tax exemption sections as described in details section 80c the government gives tax benefits on certain financial products in order to encourage savings under section 80c of the income tax act.
Below is the recap of all tax saving sections for fy 2019 20. This section offers an additional income tax exemption of about rs 50 000. Income tax deductions under section 80c to 80u individuals can claim tax deduction benefits for payments made towards life insurance policies fixed deposits superannuation provident funds tuition fees and construction purchase of residential properties under section 80c of the income tax act.
The income tax act of 1961 has 298 sections and xiv schedules. You must be the guardian of a differently abled individual. Following are the conditions that you need to fulfil in order to avail the benefits of this section.
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