income tax act Archives

Section 80C to 80U Income Tax Deductions

Section 80C to 80U includes multiple tax saving options with old tax regime to reduce your tax liability. EPF, 5 Year Fixed Deposits, ELSS..

Section 10(5) of income tax act allows income tax exemption for travel cost incurred by you within India as LTA exemption or LTC exemption..

Section 80GGC of income tax act allows an Individual to claim deduction against donation paid to political party or electoral trust in India

Section 80GGB of income tax act allows Indian Company to donate or contribute to political party or electoral trust to save income tax..

Section 80EEA of income tax act helps in saving income tax with old tax regime on home loan interest amount paid in a financial year..

Section 80EE of Income Tax Act allows Income Tax deduction on Home Loan Interest Amount with limit of Rs. 50,000 in financial year..

Section 80TTB allows income tax benefits for senior citizens on their interest incomes from savings, fixed deposits, recurring deposits, etc.

Section 80TTA of Income Tax Act helps to claim deduction of Savings Account Interest amount with limit of Rs. 10,000 in financial year

Section 80D of Income Tax Act helps us to claim deductions for medical insurance premium payments and preventive health check up expenses

Important Deductions Allowed for Tax Payers include Section 80C (Rs. 1.5 Lacs), Section 80CCD(1B) (Rs. 50,000), HRA, Section 24 (Rs. 2 Lacs).