Income tax sections

income tax deductions for salaried employees

This year ITR-1 asks you to provide the break-up of the amount donated in cash and via cheque. The deduction is subject to maximum amount of Rs. There are few types of specified incomes on which you can get an exemption from paying tax. All your tax details will be automatically calculated.

Tax deduction under section 80D for payment of medical insurance premium and health check up You can claim a tax deduction under this section for the payment of medical insurance premium for self, spouse or any child. A maximum deduction of Rs 50, can be claimed by senior citizens in a financial year.

The book written by you should not be textbooks for school and college. However, other people are expected to maintain and keep such account's books and various other documents that may enable the officer accessing to compute the total income as per the provision of the Income Tax Act. Upon fulfillment of the above conditions, a deduction, which is lower of the following is allowed.

The value of the property must be less than Rs 50 lakh and the home loan must be less than Rs 35 lakh.

section 80d of income tax act
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