The Income Tax Act provides the assesses provision for deduction and discounts on tax liability. These rebates allow for deduction from the tax imposed on the earnings of an individual. Several of the provisions that accommodate exemption of Income tax consist of the following:
Section 80C: Investment in given instruments and expenses
Section 80C grants the tax payers up to a maximum of Rs. 1,00,000 tax free earnings in 1 year, if they spend money on the following devices.
Premium for life Insurance or Ulip.
Public Provident Fund (PPF) – only as big as Rs. 70,000 in a season.
Provident Fund (PF) contribution.
tax advance loans of home mortgage principal.
Equity Linked Savings Schemes (ELSS) of Mutual Fund Companies.
National Savings Certificates (NSC).
Tax Saving Fixed Deposits with Banks.
Tuition Fees of children.
U/s 88B: Rebate to senior Citizen
This provision of tax rebate is awarded to resident men and women, who are above sixty five years of age.
Under this area a rebate of Rs 15,000. on income tax liability is permitted, regardless of the salary earned.
U/s 88C: Rebate For females Assesses
Under this section rebate is given to resident girls assesses, who are below 65 years.
The provision enables deduction of Rs. 5,000 authorized to your tax liability of females.
Deductions from Gross Total Income
Gross total income means the salary earned in a certain financial year under various heads. Under this specific section, exemption are authorized under a variety of section with reference to chapter VI-A of Income tax act. to be able to claim income tax exemptions, some situations need to be content.
80CCC – Investment in Pension Fund of LIC.
80D – Medical Insurance.
80DD – Maintenance along with medical treatment of handicapped dependent.
80DDB – Medical treatments.
80-E – Repayment of loan lent for advanced schooling.
80G – Donations to charitable trusts or institutions.
80GG – Rent Paid by an Assesses for furnished or even unfurnished accommodation.
80GGA – Donations for scientific research / urban or rural development.
80-HH – Deduction on gains as well as profits from freshly established industrial undertakings or perhaps hotel room in backward areas.
80-HHA – Deduction in reverence of profits earned from recently established tiny scale industrial undertakings in certain regions.
80-HHB – Deduction in reverence of profits earned from projects outside India.
80-HHBA – Deduction in admiration of profits earned from housing projects in certain regions.
80-HHC – Deduction in respect of profits earned from export of goods.
80-HHD – Deduction in respect of gains from foreign exchange
80-HHE – Deduction in reverence of income from export of computer applications, etc.
80-HHF – Deduction in admiration of income earned from export or transfer of film programs, etc.
80-IA – Deduction in admiration of profit made from certain industrial enterprises or undertakings, and so on.
80-IB – Deduction in reverence of income and gains of some industrial undertakings excluding infrastructure development undertakings, etcetera.
80-JJA – Profits made from business of gathering and processing biodegradable wastes.
80-JJAA – Deduction in respect of employment of the latest woodworker.
80-L – Interest on dividends, securities, and others.
Eighty O – Royalties, commissions, fees for professional services attained in convertible foreign exchange
80-P – Certain fixed income of Co operative Societies
80-R, 80-RRA and 80-RR – Income from international sources.
80-U – Income of disabled / handicapped Assesses.