Financial Year - 2023-24 ( Assessment Year - 2024-25)
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Sl.No
| Details of Excemption
| Maximum Limit
|
I.
| Sections 80C, 80CCC & 80CCD (1)
| 1,50,000.00
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| Section 80C:
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i.
| EPF & VPF Contribution
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ii.
| Public Provident Fund ( PPF)
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ii.
| National Savings Certificate (NSC)
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iv.
| Tax Saving Fixed Deposits for 5 Years or More ( Bank or Post Office)
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v.
| Tax Saving Bonds Issued by NABARD
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vi.
| Life Insurance Premiums
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vii.
| Housing Loan ( Principal Repayment)
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viii.
| Sukanya Samriddhi Account Scheme
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ix.
| Tuition Fees for 2 Children
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x.
| Stamp Duty & Registration Charges
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xi
| Senior Citizen Savings Scheme (SCSS)
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xii.
| E.L.S.S (Tax Saving Mutual Fund)
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| Section 80CCC:
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| Contribution to Pension Funds of LIC or any other Insurers
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| Section 80CCD: (10% of Basic Pay + DA)
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| Contribution to National Pension Scheme (NPS) or Atal Pension Yojana (APY)
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II.
| Section 80CCD (1B):
| 50,000.00
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| Additional Deduction - Contribution to National Pension Scheme (NPS) or (APY)
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III.
| Section 80CCD (2):
| Full Contribution
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| Employer Contribution to NPS of the Employee
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IV.
| Section 80D: Medical Insurance (Including Preventive Health Checkup Rs.5000)
|
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| i. Self, Spouse & Children - Below 60 years
| 25,000.00
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| ii. Parents - Below 60 years
| 25,000.00
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| iii.Parents - Above 60 years
| 50,000.00
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| iv. Self, Spouse & Children - Above 60 years
| 50,000.00
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V.
| Section 80E:
|
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| Interest paid on Educational Loan
| No Maximum limit - Can claim up to 8 Years
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VI.
| Section 80DD:
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| Medical treatment of Handicapped Dependant:
|
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| i. Disability - Above 40% below 80%
| 75,000.00
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| ii. Disability - Above 80%
| 1,25,000.00
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VII.
| Section 80DDB:
|
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| Expenditure on selected medical treatment for self / dependant
|
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| i. For Senior Citizens
| 1,00,000.00
|
| ii. For Others
| 40,000.00
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VIII.
| Section 80G:
|
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| Donations to certain Relief Funds and Charitable Institutions
| 100% / 50%
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IX.
| Section 80GGA:
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| Donations towards Scientific Research or Rural Development
| 100%
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X.
| Section 80GGC:
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| Donations to Electoral Trusts or Political Party
| Maximum - Up to Total taxable amount
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XI.
| Section 80GG:
|
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| For Rent in case of NO HRA Component
| 60,000.00
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XII.
| Section 80U:
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| For Physical Disable Assesses
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| i. 40% Disability
| 75,000.00
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| ii. 80% Disability
| 1,25,000.00
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XIII.
| Section 80TTA:
|
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| Interest from Savings Account (Bank, Co-op Society - Banking & Post Office)
|
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| i.Senior Citzens
| 50,000.00
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| ii. Others
| 10,000.00
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XIV.
| Section 80TTB: Senior Citizens
|
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| Interest from Fixed Deposits (Bank, Co-op Society - Banking & Post Office)
| 50,000.00
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XV.
| Section 80EEA:
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| Interest paid on Home Loan for affordable Housing:
| 1,50,000.00
|
| i. Loan taken between 01.04.2019 to 31.03.2021
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| ii. The Stamp Value of the House is less than Rs.45 Lacs
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| iii. The buyers should not have any other house in his name at the time of loan sanction
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| Note: This Rs.1,50,000 is in addition to Rs.2,00,000 Interest u/s 24)
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XVI.
| Section 80EEB:
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| Interest paid on Purchase of Electric Vehicles:
| 1,50,000.00
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| Loan taken between 01.04.2019 to 31.03.2023
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