It is crucial to know about the 80C to 80U deduction list if you are an individual taxpayer who has filed their ITR. This deduction comes under Income Tax Act, 1961’s chapter 6th. We have made it a lot easier for you to learn about the deduction list by bringing the 80C to 80U Deduction List PDF.
It will take only a single click to download this PDF. After downloading it, you can easily know how you can claim the benefits of tax deductions. The benefits you will receive are for the payments you have made towards the policies of life insurance, fixed deposits, real estate, fees of tuition, etc., under section 80C of the Income Tax Act.
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Download 80C to 80U Deduction List PDF Here
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What Investments Qualify for Deductions Under Section 80C?
This is something that you would like to have a look at. Here is the list of the investments that are qualified for deductions under section 80C:
- Public Provident Fund
- Five-Year Post Office Time Deposit
- National Savings Certificate
- Senior Citizens Savings Scheme
- Unit Linked Insurance Plan
- Equity Linked Savings Scheme
- Five-Year Tax Saving Bank Fixed Deposit
- Infrastructure Bonds
- Employee Provident Fund
- Voluntary Provident Fund
- NABARD Rural Bonds
- Sukanya Samriddhi Scheme
Like Investments, it is also important to know about the expenses that qualify for the tax deduction:
- Premium payments towards Life insurance policies
- Tuition fees for Children
- Registration fees and stamp duty for house
- Repayment of home loan’s principal amount
Tax Deduction Under Section 80U
The tax deduction that can be claimed under section 80U is only for those individuals who have some kind of disability. These individuals have to be certified by medical authorities. These taxpayers can claim a maximum deduction of Rs 75,000 every year.
Rs 75,000 is for individuals with moderate disabilities, but people with severe disabilities can claim Rs 1,25,000.
Here are a few common examples of the disabilities that qualify for tax deduction:
- Autism
- Cerebral Palsy
- Mental Retardation
Final Words
If you are a taxpayer, it is crucial to know about your rights. The 80C to 80U Deduction List PDF will surely help you in many ways. You can claim the benefits as a taxpayer. If you want to read more beneficial articles like this, then follow www.TheDarshika.com. We bring informative and educational articles that are helpful for everyone. If you found this article helpful for you, then do not forget to share it with your friends. Make sure you leave a comment behind so that we can know what you want to read next.
Question 1: Who can claim the benefits of tax deduction under the Income Tax Act’s Section 80C?
The benefits of Tax Deduction under Section 80C can be claimed by any individual or Hindu Undivided family.
Who cannot claim the benefits of tax deduction under the Income Tax Act’s Section 80C?
The benefits of Tax Deduction Under Section 80C cannot be claimed by any partnership firm and company.
What is the maximum amount that can be claimed by an individual under Income Tax Act’s Section 80C?
Rs 1,50,000 is the maximum amount that can be claimed by an individual under Section 80C of the Income Tax Act.