Income Tax Deductions | Deduction under section 10 & 80C to 80U in income tax | ITR Exemption
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Question and answers :-
1. HRA deduction ?
Ans. HRA exemption is allowed least of the below : Actual HRA received by the employee. 40% of salary for a non-metro city or 50% of salary if the rented property is in metro cities like Mumbai, New Delhi, Kolkata, and Chennai. Actual rent paid should be less than 10% of salary.
2. Home Loan Deduction in income tax ?
Ans. Maximum interest deduction under Section 24(b) is capped to Rs 2 lakh (including current year interest + pre-construction interest). However, if your home loan is eligible for deduction under Section 80EEA, you can claim an additional deduction of Rs 1.5 lakh
3. What is Section 80 GG ?
Ans. If you are not receiving House Rent allowance but paying rent, you can still get a tax deduction on the rent paid under Section 80GG of the Income Tax Act, 1961. The maximum deduction allowed under Section 80GG is Rs 60,000 per annum which means Rs 5000 per month
4. What deductions or exemption are allowed in 80C & What is Limit ?
Ans. Deductions under Section 80C is iLfe Insurance Premium, Public Provident Fund (PPF), mployees Provident Fund (EPF), Equity Linked Savings Scheme (ELSS), Unit Linked Insurance Plan (ULIP), Tax Saver Fixed Deposits, National Pension Scheme (NPS), Home Loan Principal Repayment and total maximum limit is 1.50 lakhs.
5. What is section for National Pension Scheme (NPS) exemption and how much deduction allow ?
Ans. Total 3 Section for NPS deductions
(I) Section 80CCD(1) allows a deduction of up to ₹ 1,50,000 for self-contributions to NPS or APY. Section 80CCD(1B) allows an additional deduction of up to ₹ 50,000 over and above the limit of Section 80CCD(1).
(II) Section 80CCD(2) of the Income Tax Act, 1961, is a crucial provision that allows for deductions related to contributions made by employers to their employees' National Pension System (NPS) accounts. This section plays a significant role in promoting long-term savings and retirement planning.
(III) 80CCD(1B) - An additional deduction for investment up to Rs. 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B). This is over and above the deduction of Rs. 1.5 lakh available under section 80C of Income Tax Act.
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