Tax Exemptions Under Chapter VI A
You can save a lot of money in your income which is going to the government as income tax.
Govt. of India in its Income Tax Act, 1961 has provided a provision of saving income tax by investing in multiple particulars and at the same time by declaring your expenditures in investments like medical premiums, interests on home loan, medical treatment etc.
They all are covered under Chapter VI A of the act.
Here they are for your quick reference and bookmark:
| Section | Particulars | Maximum limit for investment
(Rs. per annum) |
| 80D | Premium paid on Mediclaim policy covering employee, spouse, dependent parent, and dependant children. | 15,000
Or 20,000 (if senior citizen is covered) |
| 80DD | Expenditure incurred on maintenance/ treatment of handicapped dependant amount deposited with LIC/UTI scheme of insurance company/UTI must be approved by CBDT.
If the dependant suffering from a severe disability: |
50,000
Or 1,00,000 for severe disability (Disability over 80%) |
| 80DDB | Expenditure incurred on treatment of employee or his relative (spouse, children, parents, brother &sister) for treatment of any of the following specified diseases
Cancer, AIDS, Chronic Renal Failure |
40,000 or 60,000 ( For Senior Citizen) |
| 80E | Repayment of interest on Loan taken for full time higher studies for self, spouse & child. The deduction is available for a maximum of 8 years. | Actual interest |
| 80U | Income of blind or physically handicapped persons (Employee who suffers 40% or more disability) is entitled.
In case he suffers from a permanent physical disability (including blindness) or is subject to mental retardation. |
50,000
(100,000 for severe disability of 80% and above) |
| 80CCF | Deduction in respect of subscription to long-term infrastructure bonds | 20,000 which is in addition to Rs.100,000 limit under Sec 80C |
Other than these you can also save taxes by investing in section 80C of the same act.
Really good piece of information, specially because this is the time of year when everyone is looking after saving taxes…
This investment is in addition to 1Lac limit? For Infrastructure bond I know it’s additional limit added from this year.
Yes, this is over and above the 1 Lac limit covered in section 80C
80 d is allowed for both dependent or non dependent parents.Â
please update the articles or delete the irrelevant articles.Â
thanks
Are u sure??? please give some references …
i want to know can a person claim for both u/s 80dd and 80 ddb that is 1500000
guess so but you should consult some expert …
If in from 16 showing Payable can that be deducted from the june for the next assesment year ? if s i want to know how with interst or not? if interst than how much?
didn’t get what you are trying to ask …
Is Hill allowance and winter allowance excempted from IT, if so, under what section, please give suggestions..
I don’t think so but please confirm from officials … checkÂ
http://www.incometaxindia.gov.in for more info …