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Deductions Available from Taxable Income in India

We present here below the deductions which can be claimed by an income tax payee to get the max savings as penny saved from income tax is penny earned.

The aim is to be an aware and an informed citizen of India as when you file your taxes correctly by using all the available deductions; that is the time when you have more money in your pocket and you spend more and it means that Indian economy rolls.

1.Deductions under Sec. 80C (For amounts paid / contributed / invested in Provident Fund, PPF, NSC, Life Insurance, Eligible MFs, Tuition Fee, Repayment of Home Loan etc. - Max. Rs. 1 lac)
2..Deductions under Sec. 80CCC (For contributions to certain pension funds)
3.Deductions under Sec. 80CCD (For contributions to pension scheme of Central Government)
4.Total of Deductions under Sections 80C, 80CCC and 80CCD (Max. Rs. 1 lakh)
5.Deductions under Sec. 80CCF for Investment in Infrastructure Bonds (Max. Rs. 20,000)
6.Deductions under Sec. 80D (For Health Insurance of parents. If parents are Senior Citizen Rs. 20,000/-, else Rs. 15,000/-).
7.Deductions under Sec. 80D (For Health Insurance of parents. If parents are Senior Citizen Rs. 20,000/-, else Rs. 15,000/-).
8.Deductions under Sec. 80DD (For maintenance including medical treatment of dependent having disability - Max. Rs. 1 lac.)
9.Deductions under Sec. 80DDB (For medical treatment, etc. (Max. Rs. 40,000/-)
10.Deductions under Sec. 80E (For interest on loan taken for higher education)
11.Deductions under Sec. 80G (For donations to certain funds, charitable institutions, etc.)
12.Deductions under Sec. 80GG (For rents paid)
13.Deductions under Sec. 80RRB (For royalty on patents)
14.Below Deduction must be used which is invariably left out.
Deductions under Sec. 80U (For a person with disability - Max. Rs. 50,000, in case of severe disability Rs 1 Lakh.

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