What comes under 80CCC?

What comes under 80CCC?

Section 80CCC – Insurance Premium /Section 80CCD – Pension Contribution. 80CCC allows deduction for payment towards annuity pension plans Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt.

What is standard deduction professional tax?

Standard Deduction from Salary: Standard Deduction of Rs. 40,000 is allowed from Salary Income for FY 2018-19. This limit has been increased to Rs. 50,000 from FY 2019-20.

What is the standard deduction for AY 2021 2022?

Therefore, the taxpayer can claim a standard deduction of Rs. 40,000* or the amount of pension, whichever is less.

What are the deductions u/s 80 C and 80 D?

Deductions available under Section 80D of the Income Tax Act

Covered Individuals Premium paid (Rs)
Individual and parents > 60 years 25,000 25,000
Individual and family > but parents < 60 years 25,000 50,000
Both individual, family and parents > 60 years 50,000 50,000
Members of HUF & Non Resident Individual 25,000 25,000

Is EPF under 80CCC?

Section 80CCC of the Income Tax Act, 1961 is part of the broader 80 C category which allows cumulative tax deduction up to Rs. 1.5 lakh annually for investments made into PPF, EPF/VPF, life insurance, notified pension funds, etc.

How do I claim 50000 standard deduction?

For the FY 2019-20 & FY 2020-21 the limit of the standard deduction is Rs 50,000….Example of the standard deduction from salary.

Particulars Amount
LTA exemption 1,10,000
Other exemption 1,30,000
Net Salary 30,000
Standard Deduction Rs. 50,000 or Amount of salary i.e. 30,000 (lower of both) 30,000

What deductions can I claim for 2021?

12 best tax deductions for 2021

  1. Earned income tax credit. The earned income tax credit reduces the amount of taxes owed by those with lower incomes.
  2. Lifetime learning credit.
  3. American opportunity tax credit.
  4. Child and dependent care credit.
  5. Saver’s credit.
  6. Child tax credit.
  7. Adoption tax credit.
  8. Medical and dental expenses.

What is the new income tax slab for 2020 21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.

Income Tax Slab New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF)
Rs. 5.00 lakhs- Rs 7.5 Lakhs 10%
Rs 7.5 lakhs – Rs 10.00 Lakhs 15%
Rs 10.00 lakhs – Rs. 12.50 Lakhs 20%
Rs. 12.5 lakhs- Rs. 15.00 Lakhs 25%

What is the 80C limit for 2020-21?

* Also Payment made for Stamp Duty and Registration Fees can also be claimed as deduction along with principal amount (Subject to ceiling limit of INR 1,50,000) in the year in which it is paid.

What kind of deductions are available under section 80ia?

The deduction under this Section 80IA is available to an assessee whose Gross Total Income includes any profits and gains derived by: Any enterprise carrying on the business of (i) developing, (ii) operating and maintaining, or (iii) developing, operating, maintaining and any infrastructure facility; [Section 80-IA (4) (i)]

What is section 80-ia of the income tax?

What is Section 80-IA of the income tax? Tax holiday under section 80-IA is available to the assessees who are engaged in providing infrastructure development facility. Under this section, eligible assessee will get tax deduction on profits under business head for specified period of time.There are some specified undertakings are covered.

Can a Ltd claim deduction you / s 80-ia?

However, A ltd filed his ITR on 05 October, 2019 claiming deduction u/s 80-IA. In this case, A Ltd is not eligible to claim deduction u/s 80-IA. Audit Report :- This deduction is allowed if accounts of the assessee has been audited by a CA as per the requirement.

Who is eligible for tax holiday under section 80-ia?

Tax holiday under section 80-IA is available to the assessees who are engaged in providing infrastructure development facility. Under this section, eligible assessee will get tax deduction on profits under business head for specified period of time.There are some specified undertakings are covered.

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