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Wednesday, September 1, 2010

Top 10 Attractive I.T. deductions

Top 10 Attractive I.T. deductions
1. Premium paid to Insurance Policy – Under Section 80C

2. Contribution paid to Pension funds up to 1,00,000 - Under Section 80CCC

3. Contribution paid to Central or State Government Pension Scheme - Under Section 80CCD

4. Premium paid to Medical Insurance up to Rs.15,000 – Under Section 80D

5. Maintenance of a disabled person (Dependant) Rs.50,000 – Under Section 80DD

6. Deduction up to 40,000/- available for the amount paid for medical treatment (specified disease)- Under Section 80DDB

7. Deduction for the amount spent for repayment of loan for higher education - Under Section 80E

8. Deduction for the amount given as donation to Charitable institutions - Under Section 80G

9. Deduction for the amount spent for rent (limited to 10% of total income) - Under Section 80GG

10. Deduction for the amount given as contribution to political parties - Under Section 80GGB.

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