What are the deduction under 80C to 80U?

What are the deduction under 80C to 80U?

What are the deduction under 80C to 80U?

Individuals can claim tax deduction benefits for payments made towards life insurance policies, fixed deposits, superannuation/provident funds, tuition fees, and construction/purchase of residential properties under Section 80C of the Income Tax Act.

How do I claim US 80U deductions?

Which certificate should I furnish to claim a deduction under section 80U? The individual should furnish a copy of a medical certificate under section 80U along with the income tax return. The medical certificate should be based on the disability and the prescribed medical authority.

What is the amount of deduction allowable under Section 80U?

What is the amount of deduction available under Section 80U? You can claim deductions up to Rs. 1,25,000. The mentioned amount can be claimed if the individual has 80% disability.

What is the 80C limit for 2020 21?

Income Tax Deductions in India

Sections Income Tax Deduction for FY 2020-21 (AY 2021-22) Limit for FY 2020-21 (AY 2021-22)
Section 80C Investing into very common and popular investment options like LIC, PPF, Sukanya Samriddhi Account, Mutual Funds, FD etc Upto Rs 1,50,000
Section 80CCC Investment in Pension Funds

What is 80U in income tax?

Severely disabled person (80 percent disability) Tax deductions under Income Tax Act’s Section 80U are made available for Rs. 1.25 lakhs if there are severe disability and Rs. 75, 000 for the individuals with disabilities.

Who is eligible for 80C deduction?

80C allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY) , National saving certificate (NSC) , Senior citizen savings scheme (SCSS), ULIP, tax …

Which diseases are covered under 80U?

Hearing Impairment: Hearing impairment is defined if an individual has a hearing power not more than 60 decibels. Leprosy Cured: Individuals who have got cured of leprosy, however, whose sensation in hands or feet has lost and paresis in eye or eyelid.

Can 80U be claimed for dependents?

The deduction under either section 80DD or 80U can be claimed only if the individual himself or dependent is suffering from disability, autism, cerebral palsy or multiple disabilities. The percentage of disability should not be less than 40 percent in order to be eligible to claim deduction under these sections.

What is the difference between 80DD and 80U?

Deduction under Section 80U is provided in case the individual is himself disabled and Deduction under Section 80DD is provided in case any of the dependent family members of the individual is disabled.

How is US 80C deduction calculated?


  1. S.No. Deduction from. Type. Amount.
  2. Select. Life insurance premium paid. Deposit in provident fund/superannuation fund. Investment in fixed deposit/Bonds. Investment in NSC. Tuition fee of two children. Repayment of housing loan (principal component)
  3. Total.

What are 80c to 80u deductions?

These provisions are contained in Chapter VIA and are in the form of deductions (80C TO 80U) from the Gross Income. By reducing the chargeable income, these provisions reduce the tax liability, increase the post-tax income and thus induce the tax- payers to act in the desired manner. This unit is intended to give a broad idea of such deductions.

What type of insurance can I get under Section 80C and 80u?

Deduction Under Section 80c And 80u Secure Licensed By Payment Options General Insurance Car Insurance Bike Insurance Motor Insurance Commercial Vehicle Insurance Travel Insurance Car Insurance Premium Calculator Health Insurance

What is Section 80C of the Income Tax Act?

Tax Deductions under Section 80C This Section makes both individuals and Hindu Undivided Families eligible for claiming deductions of up to INR 1.5 lakh annually on certain payments. This specified amount can be claimed on a combination of deductions under Sections 80C, 80CCC and 80CCD.

Can senior citizen take deduction u/s 80ttb?

If Senior Citizen take the benefit of Deduction u/s 80TTA then, the person is not allowed for the deduction allowed u/s 80TTB. A senior citizen can opt only one deduction.