[Boban and Molly] incOme taX :: important tiPs

 

incOme taX :: important tiPs, which may b helpful 2 u...................

 

1.80C Qualifying products: NSC, notified bank deposits and post office time deposits, EPF and PPF, ELSS, life insurance plans, deferred pension plans Mandatory requirements: Payment has to be made before 31 March 2008 Who can avail the deduction: Individuals and HUF (both resident and non-resident) How much: Cannot exceed Rs 1 lakh. 2. 80CCC Qualifying products: Pension plans of life insurers Mandatory requirements: Payment has to be made before 31 March 2008 Who can avail the deduction: Individuals How much: Within the overall limit of Section 80C (up to Rs 1 lakh) 3. 80D Qualifying products: Medical insurance policies taken for self, spouse, dependant parents or children, or any member of HUF Mandatory requirements: Premium should be paid through a cheque out of income chargeable to tax Who can avail the deduction: Individuals, HUF How much: Up to Rs 15,000; senior citizens can claim up to Rs 20,000 4. 80DD Qualifying products: Expenses on the medical treatment of a dependent who is a person with a disability Mandatory requirements: Certification by a medical authority Who can avail the deduction: Resident individual or HUF How much: Up to Rs 50,000, or up to Rs 75,000 if the dependant is a person with severe disability 5. 80DDB Qualifying products: Expenses on the medical treatment of a specified disease (cancer, AIDS, neurological diseases, chronic renal failure and more) Mandatory requirements: Certificate in Form No. 10-I to be submitted along with the income tax return form. Deduction is available if the amount is actually paid for treatment Who can avail the deduction: Resident individuals or HUF How much: Rs 40,000 (if the person treated upon is less than 65 years of age), or Rs 60,000 6. 80E Qualifying products: Payment of interest on loan taken for higher studies Mandatory requirements: Deduction is available in the year in which repayment starts and only for eight immediately succeeding assessment years Who can avail the deduction: Individuals How much: Deduction available on the total interest portion of education loan, the principal repayment gets no tax advantage 7. 80G Qualifying products: Donations to certain funds and charitable institutions Mandatory requirements: Not applicable Who can avail the deduction: Resident individuals or HUF How much: 50 or 100 per cent deduction on the entire donated amount, or 50 or 100 per cent deduction subject to 10 per cent of gross total income 8. 80GG Qualifying products: Rent paid for residential purpose Mandatory requirements: Should not be getting house rent allowance. Actual rent paid is in excess of 10% of the total income Who can avail the deduction: Self-employed or salaried How much: Excess of actual rent paid over 10 per cent of GTI, or 25 per cent of GTI, or Rs 2,000 per month, whichever is the lowest 9. 80U Qualifying products: Expenses incurred on self, if disabled Mandatory requirements: Certification by a medical authority to be furnished along with the income tax return form Who can avail the deduction: Resident individuals How much: Rs 50,000 for a person with disability, Rs 75,000 for a person with severe disability (disability of over 80 per cent)

Thanks & Regards,

 

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