Brief detail on Sections ,Deductions,Exemption
| Individual resident aged below 60 years (i.e.
born on or after 1st April 1955) | |
income slabs | tax rates |
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| Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) | |||||||||||||
| Education Cess :
3% of the total of Income Tax and Surcharge. |
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| A tax rebate of Rs 2,000 from tax calculated will be available
for people having an annual income upto Rs 5 lakh. However, this
benefit of Rs2,000 tax credit will not be available if you cross the income
range of Rs 5 lakh. Thus we can say that tax payable in 10% slab will
be maximum Rs23,000 (taking into account Rs 2000 tax credit), but for people
who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 +
20% tax on income above Rs 5 lakh;
Section 80C: (Limit -Up
to Rs.1,50,000 )
Deduction in respect of life insurance premia,
deferred annuity, contributions to provident fund, subscription to certain
equity shares or debentures, etc.
i) Premium
paid towards Life Insurance Policy not exceeding 20% of the total sum assured to keep in force an
insurance on the life of individual, spouse or children
ii) Contribution
by an individual to any provident fund to which the Provident Funds Act, 1925
(19 of 1925) (not being repayment of loan availed from such fund)
iii) Contribution
to a Provident Fund set up by the Central Government or to a recognized
Provident Fund
iv) Contribution
by an employee to an approved superannuation fund.
v) Subscription
to any savings certificate as defined in clause (c) of section 23 of the
Government Savings Certificates Act, 1959 (46 of 1959), as the Central
Government may, by notification4 in the Official Gazette, specify in this
behalf;
vi) Contribution
for participation in any unit-linked insurance plan of the LIC Mutual Fund Central Government may, by notification6 in
the Official Gazette, specify
vii) Contribution
by an individual to any pension fund set up by any Mutual Fund as the Central Government may, by
notification11 in the Official Gazette, specify
viii) Approved
Mutual Fund Investment referred to u/s 10(23)D
ix) Repayment
of principal amount borrowed for the construction of a residential house
payable by way of installment to:-
i) Housing
Board or any authority engaged in the construction and sale of house property.
ii) A
cooperative Society of which the assessee is a shareholder towards the cost of
the house property allotted to him.
iii) Central
Government or any State Government any bank including co-operative bank
iv) Life
Insurance Corporation or National Housing Bank
v) Any
public company engaged in long term finance for the construction or purchase of
houses in India for residential purposes.
x) Payment
of Tuition fees towards full-time education of wife or husband any two children
of the assessee (excluding any payment towards any development fees or donation
or payment of similar nature). The Assessee cannot claim to himself.
xi) as
subscription to any such deposit scheme of, or as a contribution to any such
pension fund set up by, the National Housing Bank as the Central Government may
notify
xii) Fixed Deposit/Term deposit with any of any
Scheduled Bank by the Central
Government.
xiii) Deposit in an account under the Senior
Citizens Savings Scheme Rules, 2004
xiv) Five year time deposit in an account under
the Post Office Time Deposit Rules, 1981.
xv) as subscription to equity shares or
debentures forming part of any eligible issue of capita by a public company or
public financial institution
xvi) Investment in Equity Shares Debentures of
approved Public Finance Institution or Company
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Section 80EE: Deduction in respect of Interest on Residential
House Property
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The deduction under this sub-section is available w.e.f. AY
2014-15. The maximum deduction available is Rs. 1 lac. In a case where the
interest payable for the financial year 2013-14 is less than Rs. 1 lac, the
balance deduction amount shall be available in AY 2015-16.
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The deduction under sub-section (1) shall be subject to the
following conditions :
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i. the loan has been sanctioned by the financial institution
during the period beginning on the 1st day of April, 2013 and ending on the
31st day of March, 2014;
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ii. the amount of loan sanctioned for acquisition of the
residential house property does not exceed twenty-five lakh rupees;
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iii. the value of the residential house property does not exceed
forty lakh rupees;
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iv. the assessee does not own any residential house property on
the date of sanction of the loan.
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If deduction for Housing Loan Interest is availed under this
section, no deduction can be availed for such interest under any other
provisions of the Act for the same or any other assessment year.
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Section 80 TTA: Deduction from gross total income in respect of
any Income by way of Interest on Savings account
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Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-,
in respect of interest on deposits in savings account ( not time deposits )
with a bank, co-operative society or post office, is allowable w.e.f.
01.04.2012 (Assessment Year 2013-14).
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Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)
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As per the Budget 2012 announcements, a new scheme Rajiv Gandhi
Equity Saving Scheme (RGESS) will be launched. Those investors whose annual
income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2014-15) can
invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the
investment. So if you invest Rs. 50,000 (maximum amount eligible for income
tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50%
of Rs. 50,000)
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Up
to Rs.50,000 if disability
is over 40%
& Rs.1,00,000 if disability
is severe (i.e., 80% or more of one or more disabilities).
Section 80 DDB :a).
Actual expenditure incurred on medical treatment of self, or dependent family members
suffering from terminal diseases
like Cancer, AIDS, Renal Failure etc.
Up to Rs.40,000
b). For Senior Citizens. Up to Rs.60,000
Section 80U : Persons suffering from permanent physical Disability and includes Autism, Cerebral
Palsy, Multiple Disability, Person with Disability and Severe Disability. It
should be certified by the medical
authority. Rs.75, 000 if disability is
over 40% and Rs.1,00,000/- if disability is over 80%.
Section 80G : Any donations for to Prime Ministers
National Relief Fund, Chief Minister’s Relief Fund or the Lieutenant Governor’s
Relief Fund, National Children Fund through their respective employers and payments made by any mode other than
cash 100
per cent/50 percent or 10 percent of the Gross Total Income
Section 80GG: If
an individual is not in receipt of HRA and he does not own any residential
accommodation at the place where he resides or perform his duties and if he
files declaration in Form 10BA then the following amounts, the least of which,
will be deductible. a) Rs. 2000 per month
b) 25% of
total income(TI)
c) Rent
paid over 10% of total income
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