Important Deduction for Income Tax for Salaried Persons

80TTA

Interest Earned on Both Savings and FD

Saving Bank Interest

Maximum 10000 Deduction,

Total Interest Earned whether FD or Savings is Income from Other Sources

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Suppose My Salary Income is 30000 per month

What is My Income from Salary

Suppose My Salary Income is 30000 per month

Also I have Interest Income is 5000 per annum of Savings Account

What is My Income from Salary?

Also what is my Gross Total income

Suppose My Salary Income is 30000 per month

Also I have Interest Income is 5000 per annum of Savings Account

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

Suppose My Salary Income is 30000 per month

Also I have Interest Income is 15000 per annum of Savings Account

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

Suppose My Salary Income is 30000 per month

Also I have Interest Income is 15000 per annum of Savings Account+8000 on FD Account

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

Q1 Calculate Gross Total Income,Deductions and Net total Income in following Cases

80TTB (For senior citizen)

Interest Earned on Both Savings and FD

Saving Bank Interest + FD Interest

Maximum 50000 Deduction,

Total Interest Earned whether FD or Savings is Income from Other Sources

*For senior citizen monthly pension is taxable under Income from salary.

Suppose My Pension Income is 30000 per month

What is My Income from Salary

Suppose My Pension Income is 30000 per month

Also I have Interest Income is 5000 per annum of Savings Account

And 10000 for FD Interest.

What is My Income from Salary

Also what is my Gross Total income

Suppose My Pension Income is 30000 per month

Also I have Interest Income is 5000 per annum of Savings Account

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

Suppose My Salary Income is 30000 per month

Also I have Interest Income is 15000 per annum of Savings Account

And 40000 for FD Interest.

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

Suppose My Salary Income is 30000 per month

Also I have Interest Income is 15000 per annum of Savings Account+8000 on FD Account

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

Q1 Calculate Gross Total Income,Deductions and Net total Income in following Cases

80D

Medical Insurance( Family 25000 + Parents 25000)

(Family 25000 + Parents 25000)( If Senior Citizen Then 50000)

(Included In Above 5000 For Medical Lab Test)

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Q2 Calculate Gross Total Income, Deductions and Net total Income in following Cases

80C

1. Life Insurance Premium
2. Mutual Fund
3. EPF ( Employee Contribution to PF (Normally 12% Of Basic + Da )
4. PPF(Public Provident Funds)
5. NSC (National Saving Certificates)
6. KVP/IVP (Kisan Vikas Patra)
7. FD>5Yrs 
8. Tuition Fees Of Children
9. Housing Loan :( Principal Interest Repaid only)

Maximum Deduction is 150000 for Section 80C

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Q3

Employees has no Savings,However his PF Deducted @ 12%

Mixed question for all section

SALARY

If we Repay Housing Loan EMI

In case of Self Occupied Property,

 We can claim loss from House Property of Maximum 200,000 of Interest Amount

Also,we can claim Deduction of Principal Amount under Section 80C

(Max Deduction of 80C is 150000)

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Q4 Suppose in last question