Friday, July 31, 2015

Income Tax Deductions (LIC, Donation,Mediclaim, Pension Fund, Home Loan Repayment,Bank FDR Etc), Carry forward and Set off of Losses, Sec 80EE Conditions.

Income tax Deductions, Conditions, Carry forward and Set off of Losses

Income Tax Deductions
  1. U/s.80CP: LIC/NSC/PPF/ULIP/ ELSS MF/ Bank FDR (5 yrs)/ Home Loan Repayment/EPF/ School Fees/Sukanya Samriddhi Scheme,
  2. U/s.80CCC: Pension Fund,
  3. U/s.80CCD: Contribution to Pension Scheme
  4. U/s.80D: Mediclaim, Preventive Health Check-up
  5. U/s.80E: Interest on Loan for Higher Education
  6. U/s.80EE: Deduction of Interest of Housing Loan
  7. U/s.80G: Donation
  8. U/s.80GGB/80GGC: Political Parties Contribution
  9. U/s.80TTA: Interest on Deposits in Savings Account

# Very Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of INR. 30,000 towards medical expenditures.

* Deduction of LIC Premium paid is available to Individual only if it is paid for Individual himself, spouse, or any child of such individual and in case of HUF, any member thereof.
^ Deduction of Mediclaim paid is available to individual only if it is paid for Individual himself, spouse, dependent children of such individual or parents of such individual and in case of HUF, any member thereof.

** Additional deduction for any payment of Mediclaim for parents INR. 25,000 (INR.30,000 if parents are senior citizen). 

*** Subject to maximum 10% of Salary of Employee. 
Conditions to be satisfied by the Assessee for Sec 80EE

Carry forward and Set off of Losses

* No loss can be set off against winning from lotteries, crossword puzzles, races including horse race, card games and any sort of receipt from gambling or betting of any form or nature. 

* For Loss to be carried forward for future periods, Return of loss must be filed in time. 


  1. I have bookmarked your blog, the articles are way better than other similar blogs.. thanks for a great blog! slickcashloan

  2. it was a wonderful chance to visit this kind of site and I am happy to know. thank you so much for giving us a chance to have this opportunity.. St George

  3. The key thing to note is that distinctive renditions of a similar reserve would diverse expenses, and the distinctions can be considerable. White Label Real Estate Crowdfunding Software for Sale

  4. Your work is very good and I appreciate you and hopping for some more informative posts. Thank you for sharing great information to us. personal loan in karachi - askari bank car financing

  5. With crowd funding, there is an alternate kind of connection between the individual paying the cash and the business person with the thought. Crowdfunding Wordpress theme 

  6. Thanks for the blog filled with so many information. Stopping by your blog helped me to get what I was looking for. Now my task has become as easy as ABC. Florida payday loans online

  7. Cash is an instrument accessible to all who have the mental fortitude to dream and fuel those fantasies with the adoration for an over-creative youngster.Make money

  8. Nice post. Thank you to provide us this useful information. Tyler Ronan Jacket

  9. Hi there, I found your website via Google while searching for a related topic, your website came up, it looks great. I have bookmarked it in my google bookmarks. ブラック融資

  10. You can do very creative work in a particular field. Exceptional concept That was incredible share.
    Ryo Hazuki Jacket

  11. Our the purpose is to share the reviews about the latest Jackets,Coats and Vests also shre the related Movies,Gaming, Casual,Faux Leather and Leather materials available Marty Mcfly Vest

  12. Nice Blog !
    Here We are Specialist in Manufacturing of Movies, Gaming, Casual, Faux Leather Jackets, Coats And Vests See Beth Dutton Coat

  13. I really like your take on the issue. I now have a clear idea on what this matter is all about.. ソフト闇金ランキング

  14. Excellent post. I was always checking this blog, and I’m impressed! Extremely useful info specially the last part, I care for such information a lot. I was exploring this particular info for a long time. Thanks to this blog my exploration has ended. 借貸

  15. Pretty good post. I have just stumbled upon your blog and enjoyed reading your blog posts very much. I am looking for new posts to get more precious info. Big thanks for the useful info. 借錢

  16. Yes i am totally agreed with this article and i just want say that this article is very nice and very informative article.I will make sure to be reading your blog more. You made a good point but I can't help but wonder, what about the other side? !!!!!!THANKS!!!!!! 借貸

  17. I really loved reading your blog. It was very well authored and easy to understand. Unlike other blogs I have read which are really not that good.Thanks alot! 借貸

  18. I have seen some great stuff here. Worth bookmarking for revisiting. I surprise how much effort you put to create such a great informative website. Your work is truly appreciated around the clock and the globe.

  19. I feel very grateful that I read this. It is very helpful and very informative and I really learned a lot from it. veteran home mortgages manitou springs co

  20. I really thank you for the valuable info on this great subject and look forward to more great posts. Thanks a lot for enjoying this beauty article with me. I am appreciating it very much! Looking forward to another great article. Good luck to the author! All the best! กองทุนสำรองเลี้ยงชีพ คือ

  21. Lendersa® matches your loan request with hard money direct lenders and brokers in Texas Lendersa® advanced hard money mortgage calculator ensures that you get the best hard money loan rates from California private investors who close loans fast.

    Hard Money Lenders in Arizona
    Hard Money Lenders in California
    Hard Money Lenders in Florida
    Hard Money Lenders in New York
    Hard Money Lenders in Texas

  22. Thanks for posting this info. I just want to let you know that I just check out your site and I find it very interesting and informative. I can't wait to read lots of your posts. Καναδά ετά

  23. Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with extra information? It is extremely helpful for me. visa de turista canadá

  24. For instance, in the event that you travel frequently, seaward internet banking gives you the adaptability to direct business on to go from anyplace, while guaranteeing that you approach the kind of money on the off chance that you need at a time you need it. financial life coach

  25. nice information. thanks for sharing these information with all of us.

  26. nice information. thanks for sharing these information with all of us. Kinemaster Lite


Copyright © 2015 accounting tally taxation tutorials All Right Reserved
Subscribe by Email Get Free Updates
Don't Forget To Join US Our Community