ITR filing FY 2017-18: Income tax deduction and how it works
Apart from Section 80C, other sections such as 80D, 80E, 80U and 80G also qualify for deduction when filing your income tax returns (ITR)
Tax deductions are considered after taking into account exempt incomes. It is the amount of income an assessee can claim as deduction from her gross income for tax purposes.
It could be an investment made or expenses incurred by an assessee on specified avenues under different sections of the Income-tax Act, 1961. For instance, an assessee can claim deduction of up to Rs 1.5 lakh under section 80C for investments made in instruments such as Public Provident Fund. Expenses such as children’s education fee and stamp duty paid on registration of a house also qualify for deduction under 80C.
Sections 80D, 80E, 80U and 80G also qualify for deduction. Limit and avenues differ in each section.
Editor's Picks »
- Opinion | Youth, tribals’ issues key to Chhattisgarh development
- Opinion | Contract enforcement needs to be improved on war footing
- NDA govt’s policies helped India jump 23 ranks in doing business
- Opinion | We need to think beyond ease of doing business ranking
- India, 15 others account for world’s 80% malaria cases