For savings income tax on your taxable income the Income Tax Law provides for various deductions.
Deduction in respect of contributions to certain pension funds
Tax Deductions in India for Other Investments:
Apart from investments in pension plans, the Income Tax Act of 1961 also provides for tax deductions in India for a substantial number of other investments. As per section 80L of this act, individuals are entitled to receive tax deductions on their interest or dividend incomes and the maximum amount of such deduction is provided for, as Rs. 15,000. Some of the prominent investments that are entitled to receive tax deductions comprise:
Tax deductions in India for physically challenged persons:
Physically challenged persons whose disability has been endorsed by a qualified medical practitioner of any government hospital are entitled to receive tax deductions in India. In case the persons are subjected to permanent physical disability or suffering from mental retardation, they are allowed tax deductions of a maximum of Rs. 40,000. The Income Tax Act, 1961 provides for the different kinds of disability in a person that will entitle him/her to tax deductions as per section 80DD and 80U of the Income Tax Act. The sections certify a person with either permanent or 50%-60% disability in the limbs as physically challenged. The criteria also include people with permanent blindness or those who have lost their voice.
Special Tax Deductions in India:
Section 80 RR of the Income Tax Act, 1961 covers Indian residents who earn foreign currency are subjected to tax deductions. The category includes prominent individuals like:
Such individuals are allowed tax deductions of 75% of the income received in the form of foreign currency and this deduction will be effected within 6 months of the receipt of the income. The time of rebate may however be decided by the Chief Commissioner of the Income Tax Department in special cases. However, section 80 RRA of the Income Tax Act governs the tax rebates allowed to any person who is employed outside India and receives income in the form of foreign currency. Such an individual is entitled to receive tax deduction as high as 75% on his income. The time of tax deduction in this case also will be within 6 months of the receipt of income or vary as per the decision of the Chief Commissioner of the Income Tax Department.
Aggregate deductions under Section 80C, 80CCC and 80CCD (contribution to pension fund of central government) should not exceed Rs 100,000.
Comments
tax u/s 80L
is M.I.S. iNTERSET tAXABLE ( INDIAN POST )
80 RRA
Sir
I would like to know whether Tax deduction is available for the financial year under section Section 80 RRA for the person defined as Techenisian
Sir, TAX DEDUCTION IS
Sir,
TAX DEDUCTION IS AVAILABLE FOR THE PERSON DEFINED AS TECHENISIAN UNDER SECTION 80 RRA FOR THE FINANCIAL YEAR 2008-09
YOUR RESPONSE ON THIS MATTER IS HIGHLY APPRECIATED
REGARDS
JANARDHANA
80 RRA Income tax
any deduction s are available under 80 RRA for techenisian
Good one. Also see how to
Good one. Also see how to utilize 80C and housing loan for tax exemption here
http://www.toolsbysk.com/skforums/forum/Blah.pl?m-1255505943
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