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  • Tax Exemptions Section Exemption Details Allowed Max Amount

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    Srinivas Etikala
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    This document outlines various tax exemptions allowed in India under Section 80 of the Income Tax Act. It lists the exemption, details of what is covered, and the maximum amount allowed. Some of the major exemptions included are: 1) HRA exemption of up to 40% of basic salary. 2) Medical insurance and treatment deductions up to Rs. 25,000, 50,000, and 1,000,000 respectively. 3) Contributions to pension schemes like NPS and employer contributions are exempt up to Rs. 50,000 and 10,000,000 respectively.

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    Tax Exemptions

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    This document outlines various tax exemptions allowed in India under Section 80 of the Income Tax Act. It lists the exemption, details of what is covered, and the maximum amount allowed. Some of the major exemptions included are: 1) HRA exemption of up to 40% of basic salary. 2) Medical insurance and treatment deductions up to Rs. 25,000, 50,000, and 1,000,000 respectively. 3) Contributions to pension schemes like NPS and employer contributions are exempt up to Rs. 50,000 and 10,000,000 respectively.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    18 views3 pages

    Tax Exemptions Section Exemption Details Allowed Max Amount

    Uploaded by

    Srinivas Etikala
    This document outlines various tax exemptions allowed in India under Section 80 of the Income Tax Act. It lists the exemption, details of what is covered, and the maximum amount allowed. Some of the major exemptions included are: 1) HRA exemption of up to 40% of basic salary. 2) Medical insurance and treatment deductions up to Rs. 25,000, 50,000, and 1,000,000 respectively. 3) Contributions to pension schemes like NPS and employer contributions are exempt up to Rs. 50,000 and 10,000,000 respectively.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 3

    Tax Exemptions

    Section Exemption Details Allowed Max Amount


    U/S 10 HRA Max 40% basic salary
    80D-Mediclaim (Self &Family) 25000
    80D_P - Mediclaim for parents above 60 years 50000
    80CCD- NPS Contribution 50000
    80EE -Interest on Housing Loan ( First Home Loan) 50000
    80CCD2-New Pension Scheme(Employer Contribution) 10000000
    80CCF-Specified Bonds 20000
    U/S 80 80DD-Treatment of handicapped dep 125000
    80DDB-Treatment for specified disease 100000
    80E-Int. on loan taken for higher educ 1000000
    80EEA-Interest on new home loans taken in fy 2019-20 150000
    80EEB-Interest on loan taken for electric vehicle 150000
    80G-Donations to certain funds 500000
    80G1-Donations (50%) 500000
    PF_80 - Contrbn. to Provident fund
    U/S 80C LICEX_80 - LIC Policies 150000
    CEF-80 - Children Tution Fee
    Loss on House Property 200000
    Standard Dedcutions 50000
    Professional Tax 2400
    Donations to charitable trusts 50% of actual donation
    Donations to political parties 100% of actual donation
    80EE -Interest on Housing Loan ( First Home Loan) 50000 Approved
    80CCD2-New Pension Scheme(Employer Contribut10000000 Approved
    80CCF-Specified Bonds 20000 Approved
    80DD-Treatment of handicapped dep 125000 Approved
    80DDB-Treatment for specified disease 100000 Approved
    80E-Int. on loan taken for higher educ 1000000 Approved
    80EEA-Interest on new home loans taken in fy 20 150000 Approved
    80EEB-Interest on loan taken for electric vehicle 150000 Approved
    80G-Donations to certain funds 500000 Approved
    80G1-Donations (50%) 500000 Approved
    50000
    0
    0
    0
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    150000
    150000
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    0

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