Brief detail on Sections ,Deductions,Exemption
|Individual resident aged below 60 years (i.e.
born on or after 1st April 1955)|
|Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)|
|Education Cess :
3% of the total of Income Tax and Surcharge.
|A tax rebate of Rs 2,000 from tax calculated will be available
for people having an annual income upto Rs 5 lakh. However, this
benefit of Rs2,000 tax credit will not be available if you cross the income
range of Rs 5 lakh. Thus we can say that tax payable in 10% slab will
be maximum Rs23,000 (taking into account Rs 2000 tax credit), but for people
who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 +
20% tax on income above Rs 5 lakh;
Section 80C: (Limit -Up to Rs.1,50,000 )
Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
i) Premium paid towards Life Insurance Policy not exceeding 20% of the total sum assured to keep in force an insurance on the life of individual, spouse or children
ii) Contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925) (not being repayment of loan availed from such fund)
iii) Contribution to a Provident Fund set up by the Central Government or to a recognized Provident Fund
iv) Contribution by an employee to an approved superannuation fund.
v) Subscription to any savings certificate as defined in clause (c) of section 23 of the Government Savings Certificates Act, 1959 (46 of 1959), as the Central Government may, by notification4 in the Official Gazette, specify in this behalf;
vi) Contribution for participation in any unit-linked insurance plan of the LIC Mutual Fund Central Government may, by notification6 in the Official Gazette, specify
vii) Contribution by an individual to any pension fund set up by any Mutual Fund as the Central Government may, by notification11 in the Official Gazette, specify
viii) Approved Mutual Fund Investment referred to u/s 10(23)D
ix) Repayment of principal amount borrowed for the construction of a residential house payable by way of installment to:-
i) Housing Board or any authority engaged in the construction and sale of house property.
ii) A cooperative Society of which the assessee is a shareholder towards the cost of the house property allotted to him.
iii) Central Government or any State Government any bank including co-operative bank
iv) Life Insurance Corporation or National Housing Bank
v) Any public company engaged in long term finance for the construction or purchase of houses in India for residential purposes.
x) Payment of Tuition fees towards full-time education of wife or husband any two children of the assessee (excluding any payment towards any development fees or donation or payment of similar nature). The Assessee cannot claim to himself.
xi) as subscription to any such deposit scheme of, or as a contribution to any such pension fund set up by, the National Housing Bank as the Central Government may notify
xii) Fixed Deposit/Term deposit with any of any Scheduled Bank by the Central Government.
xiii) Deposit in an account under the Senior Citizens Savings Scheme Rules, 2004
xiv) Five year time deposit in an account under the Post Office Time Deposit Rules, 1981.
xv) as subscription to equity shares or debentures forming part of any eligible issue of capita by a public company or public financial institution
xvi) Investment in Equity Shares Debentures of approved Public Finance Institution or Company
Section 80EE: Deduction in respect of Interest on Residential House Property
The deduction under this sub-section is available w.e.f. AY 2014-15. The maximum deduction available is Rs. 1 lac. In a case where the interest payable for the financial year 2013-14 is less than Rs. 1 lac, the balance deduction amount shall be available in AY 2015-16.
The deduction under sub-section (1) shall be subject to the following conditions :
i. the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2013 and ending on the 31st day of March, 2014;
ii. the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees;
iii. the value of the residential house property does not exceed forty lakh rupees;
iv. the assessee does not own any residential house property on the date of sanction of the loan.
If deduction for Housing Loan Interest is availed under this section, no deduction can be availed for such interest under any other provisions of the Act for the same or any other assessment year.
Section 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account
Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).
Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)
As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2014-15) can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000)
Up to Rs.50,000 if disability is over 40% & Rs.1,00,000 if disability is severe (i.e., 80% or more of one or more disabilities).
Section 80 DDB :a). Actual expenditure incurred on medical treatment of self, or dependent family members suffering from terminal diseases like Cancer, AIDS, Renal Failure etc. Up to Rs.40,000
b). For Senior Citizens. Up to Rs.60,000
Section 80U : Persons suffering from permanent physical Disability and includes Autism, Cerebral Palsy, Multiple Disability, Person with Disability and Severe Disability. It should be certified by the medical authority. Rs.75, 000 if disability is over 40% and Rs.1,00,000/- if disability is over 80%.
Section 80G : Any donations for to Prime Ministers National Relief Fund, Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund, National Children Fund through their respective employers and payments made by any mode other than cash 100 per cent/50 percent or 10 percent of the Gross Total Income
Section 80GG: If an individual is not in receipt of HRA and he does not own any residential accommodation at the place where he resides or perform his duties and if he files declaration in Form 10BA then the following amounts, the least of which, will be deductible. a) Rs. 2000 per month
b) 25% of total income(TI)
c) Rent paid over 10% of total income