Wednesday, 28 December 2016

Income Tax Deduction Sections of Assessment for the financial year 2016-2017

Income Tax Deduction Sections of  Assessment for the financial year 2016-2017

Section 80C:
1. Life Insurance Premium
2. Premium / Subscription for deferred annuity For individual, on life of self, spouse or any child .
3. Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child Payment limited to 20% of salary.
4. Contribution made under Employee’s Provident Fund Scheme.
5. Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can 6. be in the name of any member of the family.
7. Contribution by employee to a Recognised Provident Fund.
8. Sum deposited in 10 year/15 year account of Post Office Saving Bank
9. Subscription to any notified securities/notified deposits scheme. e.g. NSS
10. Subscription to any notified savings certificate, Unit Linked Savings certificates. e.g. NSC VIII issue.
11. Contribution to Unit Linked Insurance Plan of a Mutual Fund
12. Contribution to fund set up by the National Housing Scheme.
13. Housing Loan Principal amount paid
14. Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children. Available in respect of any two children.
Section 80CCG:
   
         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. 2015-16) 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).
Section 80E:

Deduction in respect of Interest on Loan for Higher Studies

Section 80G:

Deduction in respect of Various Donations 100% or 50% without Restrictions.

Section 80GGC:

Deduction in respect of contributions given by any person to political parties

#Income Tax Software 2016-17

#Income Tax Assessment for the FY 2016-17
#Income Tax Deduction Sections of Assessment for FY 2016-2017
#Income Tax Assessment Tax Rates for the Financial Year 2016-17
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