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FOR INDIVIDUALS OTHER THAN RESIDENT WOMEN ASSESSEE & RESIDENT SENIOR CITIZENS. [ i.e. RESIDENT MALE]
Taxable Income
Upto 1,80,000 1,80,010 5,00,000 5,00,010 8,00,000 Above 8,00,000
IT
Nil 10% 20% 30%
EC + SHEC
Nil 3% 3% 3%
Income Tax
Nil = (Taxable Income less 1,80,000) x 10% = 32,000 + (Taxable Income less 5,00,000) x 20% = 92,000 + (Taxable Income less 8,00,000) x 30%
Taxable Income
Upto 1,90,000 1,90,010 5,00,000 5,00,010 8,00,000 Above 8,00,000
IT
Nil 10% 20% 30%
EC + SHEC
Nil 3% 3% 3%
Income Tax
Nil = (Taxable Income less 1,90,000) x 10% = 31,000 + (Taxable Income less 5,00,000) x 20% = 91,000 + (Taxable Income less 8,00,000) x 30%
DEDUCTION U/S 80 C
LIST OF INVESTMENTS In the name of Self or Spouse or Children or joint names Life Insurance Premium (Max. 20% of the Sum Assured) Public Provident Fund (Max Rs.70,000/- per Account as per PPF Rules) ULIP Unit Linked Insurance Plan Mutual Funds (Equity Linked Savings Scheme - ELSS) In the name of Self or Joint names PF, Voluntary PF (deducted in Salary Self) Pension Plan (Self only) National Savings Certificate NSC [Both Principle & Accrued Int.] Housing Loan principal Term Deposit for a fixed period not less than 5 years Children Tuition Fee (Maximum 2 Children)
DEDUCTION U/S 80 C
MAXIMUM LIMIT Rs. 1,00,000/- is the limit. The overall rebate shall not exceed Rs. 1,00,000/ even if the Investments are more than Rs.1,00,000/-. CONDITIONS a. Investment or contribution should be made in approved investment schemes. b. Deductions shall be allowed only on payment basis not on accrual basis. c. Also deduction is allowed only if payment is made out of your funds in case of Joint Investments & Investments made in the Name of Spouse or Children.
MEDICLAIM U/S 80 D
AMOUNT OF DEDUCTION - Maximum Particulars For Self, Spouse & Dependant Children For Dependant Parents General [<60 years] Rs. 15,000/Rs. 15,000/Senior Citizen Rs. 20,000/Rs. 20,000/-
CONDITIONS a. Payment shall be made by any mode of payment other than cash. b. Least of Aggregate Premium paid or Maximum allowed can be claimed under this Section.
from permanent physical disability and a higher deduction of Rs. 1,00,000/- is allowed if
the person is suffering from severe physical disability [i.e.. disability over 80%]. - Person with disability means a person having a disability of not less than 40%.
CONDITIONS - Dependent means the parents, spouse, children, brother or sister of the individual. - Such dependent should not have claimed any deduction U/s 80U in computing his total income.
SPECIFIED DISEASES: as per Rule 11D. (a) Neurological Diseases; (b) Cancer; (c) AIDS; (d) Chronic Renal Failure; (e) Heamophilia;
(f) Thalassaemia.
AMOUNT OF DEDUCTION: (a) General [< 60 Years]: Rs. 40,000/-, (b) Senior Citizen: Rs. 60,000/- or amount actually paid, whichever is less.
Continued
- This deduction would be allowed subject to a maximum of 8 years or till the full
payment of interest is made, whichever is earlier.
- There is no limit for claiming rebate. Any amount of Interest but not the principal amount would be allowed as a deduction out of total taxable income.
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