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TAX REBATES UNDER INDIAN INCOME TAX ACT

Written By Admin on November 20, 2010 | Saturday, November 20, 2010

TAX REBATES UNDER INDIAN INCOME TAX ACT

Specified Investment Schemes u/s 80C

  • Life insurance premium payments
  • Contributions to Employees Provident Fund (EPF) / GPF
  • Public Provident Fund (maximum Rs 70,000 in a year)
  • National Saving Certificates including accrued interest. [NSC]
  • Unit Linked Insurance Plan (ULIP)
  • 5-Year fixed deposits with banks and Post Office
  • Repayment of Housing Loan (Principal)
  • Senior Citizens Savings Scheme (SCSS)
  • Equity Linked Savings Scheme (ELSS)
  • National Pension Scheme (NPS)
  • Tuition Fees including admission fees or college fees paid for Full-time education of any two children of the assessee (Any Development fees or donation or payment of similar nature shall not be eligible for deduction).
  • Infrastructure Bonds issued by Institutions/ Banks such as IDBI, ICICI, REC, PFC etc.
  • Interest accrued in respect of NSC VIII issue.

Deduction under section 80 CCC(1)

This section allows a deduction of up to Rs. 10,000 to an individual in respect of contribution to ‘Pension’ scheme of LIC of India or any other Insurance Co.
Tax saving Pension plans available in market are LIC‘s Jeevan Suraksha, ICICI Pru Life Time Pension, Aviva Life Pension Plus, Max Easy Life policy, Tata AIG’s Nirvana Plus etc.

Section 80 CCE

Aggregate deduction u/s 80 C, u/s 80 CCC and 80 CCD can not exceed Rs. 1,00,000. ( One Lac)

Deduction under section 80D.

Under This section, a deduction up to Rs 10,000 (Rs 15,000 in case of senior citizens) is allowed in respect of premium paid by cheque towards healthinsurance policy, like “Mediclaim”. Such premium can be paid towards healthinsurance of spouse, dependent parents as well as dependent children.

Deduction under section 24(b)

Under this section, Interest on borrowed capital for the purpose of house purchase or construction is deductible from taxable income up to Rs. 1,50,000 with some conditions to be fulfilled.

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