How to Save Income Tax? 80C, 80E, 80G, 80D Deduction скачать в хорошем качестве

How to Save Income Tax? 80C, 80E, 80G, 80D Deduction

Among the various tax-saving options, most individuals prefer to claim tax deduction under Section 80C of the Income Tax Act, 1961. Section 80C allows individuals and HUFs to claim tax deduction of up to Rs. 1,50,000 from their gross total income for certain investments and payments. Income tax deductions on life insurance premium, an employee's contribution towards EPF (Employee Provident Fund), PPF (Public Provident Fund), children's tuition fees, pension plans, principal repayment on home loans and a host of other investment options are covered under Section 80C of the Income Tax Act. Many taxpayers exhaust the Rs. 1.5 lakh tax deduction limit under Section 80C. Additional investment in the various options will not provide further tax benefits. Here are some of the sections under income tax laws, apart from Section 80C, that help in cutting down the income tax burden. 1) Deduction of interest on housing loan Under Section 24B of the Income Tax Act, interest paid up to Rs. 2 lakh on housing loan is allowed as deduction from taxable income. On rented properties, the borrower can only claim deduction of up to Rs. 2 lakh per year after adjusting for the rental income. And the amount above Rs. 2 lakh can be carried forward for eight assessment years. 2) Deduction under Section 80EE Under Section 80EE, an additional deduction of Rs. 50,000 is available over and above the limit of Section 24B on interest paid on home loans if the person is buying a house for the first time (the person must not own any other residential property on the date of sanction of loan). 3) Deduction under Section 80E A taxpayer can claim deduction for interest paid on education loan for him, spouse or children. There is no upper limit on the amount of deduction. 1.Which ITR we have to File?    • Видео   2.Tax Calculation for Individual for AS 20-21    • Tax Calculation  of Individual for  AS 20-21   3.Income Tax Return Filling karte ye rakhe savdhaniya    • Income tax Return file करते  समय  क्या ध्य...   4.What is Income Tax Return?    • What is Income Tax Return ?  10 Benefits o...