Income Tax Deduction on section 80C, 80D, 80CCD & 80CCC & More.....

If you are a taxpayer and you thing about how to save tax. first you Calculate your Income Tax and you eligible or not for pay tax. however, you can save income tax U/s 80C, 80D, 80CCD, 80CCC

Income tax department with a view to encourage savings and investments amongst the taxpayers have provided various deductions from the taxable income under chapter VI A deductions. 80C being the most famous, there are other deductions which are beneficial for the taxpayers to reduce their tax liability.

Income Tax Section 80C – Deductions on Investments:

80C allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY) , National saving certificate (NSC) , Senior citizen savings scheme (SCSS), ULIP, tax saving FD for 5 years, Infrastructure bonds etc.

Section 80C is one of the most popular and favourite sections amongst the taxpayers as it allows to reduce taxable income by making tax saving investments . It allows a maximum deduction of Rs 1.5 lakh every year from the taxpayers total income.

Section 80CCD (1) – Deductions for NPS :

Employee’s contribution under section 80CCD (1) Maximum deduction allowed is least of the following10% of salary (in case taxpayer is employee)
20& of gross total income (in case of self employed)
Rs 1.5 Lakh ( limit allowed u/s 80C)

Section 80CCB (1b) – Deductions for NPS:

Additional deduction of Rs 50,000 is allowed for amount deposited to NPS account

Contributions to Atal Pension Yojana is also eligible for deduction.

Section 80CCD (2) – Deductions for NPS:

Employers contribution is allowed for deduction up to 10% of basic salary plus dearness allowance under this section. Benefit in this section is allowed only to salaried individuals and not self employed.