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Your tax planning for financial year 2012-13 (A.Y. 2013-14) as per eligible deductions

Deductions under chapter VI from gross income and others
 

 

 

DEDUCTION

Amount of Deduction

 

UNDER SECTION 80C, 80CCC & 80CCD OF INCOME TAX ACT 1961      
Life Insurance Premium (available only if insurance premium is less than 10% of sum assured), PF, PPF, NSC, ELSS, Units of Mutual Fund referred to u/s.10(23D), Tuition Fees(max. 2 Children), Repayment of Principal of Housing loan, Bank Fixed Deposit of 5 yrs period, notified Bonds of NABARD, Deposit in an account under Senior Citizens Savings Scheme rules, 5 year time deposit in an account under Post Office Time Deposit Rules, 1981 etc.
Premium paid towards approved Pension Fund (like LIC's Jeevan Suraksha) max. 1 lakh. 
Contribution to Central Government Pension Schemes. Upto 10% of salary with matching contribution from Government.                                       

 

Maximum overall Deductions

allowed under section 80C, 80CCC & 80CCD is
Rs. 1,00,000

 

 

UNDER SECTION 80 D OF INCOME TAX ACT 1961 (a) Medical Insurance Premium paid by an individual/HUF by any mode of payment other than cash to effect or keep in force an insurance on the health of the assessee(self) or his family(spouse & dependent children) for policies taken from General Insurance Corporation /other approved Insurance Regulatory and Development Authority or any contribution made to the Central Government Health Scheme. Health checkup cost upto Rs. 5000/- (Financial Year 2012-13)

 

(b) Medical Insurance Premium paid by an individual/HUF by any mode of payment other than cash to effect or keep in force an insurance on the health of his/her parent or parents for policies taken from General Insurance Corporation /other approved Insurance Regulatory and Development Authority or any contribution made to the Central Government Health Scheme. (c) For Senior Citizens 

Upto Rs.15,000

 

 

 

 

 

  Upto Rs.15,000

 

 Upto Rs.20,000

 

UNDER SECTION 80 DD OF INCOME TAX ACT 1961

(a)  Any expenditure for Medical, Nursing & Rehabilitation incurred on dependant suffering from permanent disability including blindness, mental retardation, autism, cerebral palsy or multiple disabilities

  

(b) Deposits under LIC, UTI's Scheme & other IRDA approved insurers for the benefit of physically handicapped dependent

 

Rs.50,000 (Rs.1,00,000 if the disability is severe exceeding 80%)

UNDER SECTION 80 DDB OF INCOME TAX ACT 1961

(a)  Actual expenditure incurred on Medical treatment of Self or dependant or a member of HUF suffering from terminal diseases like Cancer, AIDS, Renal failure etc.

(b) For Senior Citizens (self or dependent on whom expenditure on medical treated is taken) Senior citizens age reduced to 60 from 65 for medical insurance purpose from financial year 2012-13.

Upto Rs.40,000

 

 

 
 Upto Rs.60,000

UNDER SECTION 80 E OF INCOME TAX ACT, 1961

Interest on loan taken from Financial/Charitable Institutions for Self/Spouse/Children for pursuing Higher Education (for a max. period of 8 yrs)

Actual Interest paid

UNDER SECTION 80 G OF INCOME TAX ACT, 1961 

(a)    Donations made to National Defence Fund, Prime Minister's Relief Fund, approved Funds of reputed Educational Institutions, National Trust for Welfare of persons with Autism, Cerebral Palsy etc.

 

(b)   Donations made to Jawaharlal Memorial Fund, PM's Drought Relief fund, Any approved Charitable Institution/Trust, Religious Institutions, a corporation established by the Government for promoting interest of the members of a Minority Community

 

Any donation made above Rs. 10000 under Section 80G has to be done by any mode other than cash (Financial Year 2012-13).

 

 

 100% of Donation

 

50% of Donation restricted to 10% of Adjusted Gross Total Income 

UNDER SECTION 80 GG OF INCOME TAX ACT, 1961

Deduction in respect of rents paid, provided the assessee is not in receipt of HRA and no house is owned by self, spouse, minor child or HUF in the place of work subject to filing of declaration in Form No.10BA  

 

 

 
25% of income 
or rent paid in excess of 10% of income or ceiling of Rs.24,000 p.a whichever is less

UNDER SECTION 80 U OF INCOME TAX ACT, 1961

Persons suffering from Permanent Physical Disability as specified in Rule 11D

Rs.50,000 (Rs.1,00,000 in case of severe disability)

 

Other Exemptions and Deductions
 
Equity Direct investment income is exempted from tax, if gross income is less than Rs. 10 Lacs (Financial year 2012-13)
Tax Exemption on interest Received from Savings Bank Account, Post office saving and Cooperative Bank Account upto Rs. 10000 in a year (Financial year 2012-13)
TDS 1% at the time of sale of real estate above Rs. 50 Lacs (Financial year 2012-13)
Senior Citizens do not have Income under the head "income from business" need not pay advance tax.
The value of goods you can bring from outside India increased to Rs. 35,000 from Rs. 25,000
Tax filing compulsory for all residents who holds a property outside India, even if the taxable income in India is below the limit
 

 

 

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