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Deductions Under Chapter Vi A

Section 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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Section 80D

Medical Insurance( Family 25000 + Parents 25000)

( Family 25000 + Parents 25000)( If Senior Citizen Then 30000)

( If Senior Citizen Then 30000)(Included In Above 5000 For Medical Lab Test)

(Included In Above 5000 For Medical Lab Test)

 

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Section 80G 

Certain Donations have100% Deduction like Pm Relief Fund

100% Deduction like Pm Relief Fund50% Deduction like Temple/NGO

50% Deduction like Temple/NGO

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Existing (Financial Year 2016 - 2017 or AY 2017-18)

If Donation amount is more than 10000,it cant be made in Cash


New(Financial Year 2017 - 2018 or AY 2018-19)

If Donation amount is more than 2000,it cant be made in Cash

If made in cash,then deduction not allowed

Section 80TTA

Saving Bank Interest

Maxmium 10000 Deduction

 

Interest Earned on Both Savings and FD

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

80TTA Deduction is only for Interest on Savings Max 10000

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Examples

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

Particulars Case 1 Case 2 Case 3 Case 4
Income from Salaries 300000 300000 300000 300000
         
Interest Income        
On FD 3000 13000 30000 0
On Savings 2000 12000 0 40000
Total 5000 25000 30000 40000
View Answer

 Q2

Particulars Case 1 Case 2 Case 3 Case 4
Income from Salaries 400000 400000 400000 400000
         
Medical Insurance Done for        
Self 8000 8000 8000 27000
Wife 8000 8000 8000 27000
Children   8000 8000 27000
Father (Senior Citizen)     8000 27000

Calculate Gross Total Income,Deductions and Net total Income 

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Q3

Calculate TDS

   
Basic Salary p.m 60000
Special Pay p.m 40000
Uniform Allowance p.m 2000
(Declaration Given)  
Transport Allowance p.m 2500
Free Alto Car and Driver Given by Co  
Car Cost 350000
Car cc 1000
Driver Salary p.m 8000
(for Partly official Partly personal)  
   
ANNUAL SAVINGS  
EPF 20000
Life Insurance 10000
Medical insurance   
Self 11000
Spuse 11000
Mother 11000
Father (Senior Citizen) 11000
  44000
   
Donation to PM Relief fund 3000
Donation to Temple 2000
   
   
Interest income   
on FD 3000
On Savings 14000

 

View Answer

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,Housing Loan Repaid

 PARTICULAR  AMOUNT
Principal 160000
Interest 260000
Total 420000
View Answer
  1. Tax Practical
  2. Practical Payroll (TDS Salary,PF,ESI)
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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