List of Deductions You Can Use With Mineral Rights Sales for Income Tax in Ohio

Income taxation section with a view to encourage savings and investments amid the taxpayers take provided various deductions from the taxable income nether chapter Six A deductions. 80C being the most famous, there are other deductions which are benign for the taxpayers to reduce their tax liability. Let united states of america sympathise these deductions in particular:

Section 80C – Deductions on Investments

Section 80C is one of the most popular and favourite sections among the taxpayers as it allows to reduce taxable income by making tax saving investments or incurring eligible expenses. It allows a maximum deduction of Rs 1.5 lakh every twelvemonth from the taxpayers total income.
The do good of this deduction can be availed by Individuals and HUFs. Companies, partnership firms, LLPs cannot avail the benefit of this deduction.
Section 80C includes subsections , 80CCC, 80CCD (ane) , 80CCD (1b) and 80CCD (two).

Information technology is of import to annotation that overall limit including the subsections for claiming deduction is Rs 1.5 lakh except an boosted deduction of Rs l,000 allowed u/s 80CCD(1b)

Section 80CCC – Insurance Premium /Section 80CCD – Pension Contribution

	Eligible investments for taxation deductions
80 C	80C allows deduction for investment made in PPF , EPF, LIC premium , Disinterestedness linked saving scheme, chief corporeality payment towards dwelling loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY) , National saving document (NSC) , Senior citizen savings scheme (SCSS), ULIP, tax saving FD for v years, Infrastructure bonds etc
80CCC Deduction for life insurance annuity plan.	80CCC allows deduction for payment towards annuity pension plans Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the yr of receipt.
80CCD (1) Deduction for NPS	Employee'due south contribution nether section 80CCD (i) Maximum deduction allowed is least of the post-obit 10% of salary (in instance taxpayer is employee) 20& of gross total income (in case of self employed) Rs 1.5 Lakh ( limit immune u/s 80C)
80CCD (1b) Deduction for NPS	Boosted deduction of Rs 50,000 is allowed for corporeality deposited to NPS business relationship Contributions to Atal Pension Yojana is also eligible for deduction.
80CCD (2) Deduction for NPS	Employers contribution is allowed for deduction upto 10% of basic bacon plus dearness allowance under this section. Benefit in this section is allowed only to salaried individuals and not self employed.

Here are some investment options that are allowed as deduction u/s 80C. They non only assistance you lot with saving taxes but too assist y'all grow your money. A quick comparison for the options is tabulated beneath :

Investment options	Average Interest	Lock in period for	Risk gene
ELSS funds	12% – 15%	3 years	High
NPS Scheme	8% – x%	Till sixty years of historic period	Loftier
ULIP	8% – 10%	5 years	Medium
Tax saving FD	7% – eight%	5 years	Low
PPF	seven.10%	5 years	Low
Senior citizen savings scheme	7.iv%	5years (can exist extended for other iii years)	Depression
National	half-dozen.eight%	five years	Low
Sukanya Samriddhi Yojana	eight.4%	Till daughter kid reaches 21 years of historic period (partial withdrawal immune when she reached 18 years)	Low

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Sometimes, you may accept deductions or investments eligible for 80C, but oasis't submitted the proofs to your employer. This may cause to additional TDS deductions. Y'all tin still claim these deductions while e-filing, as long every bit you have the proofs with you.

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Section 80 TTA – Interest on Savings Business relationship

Deduction from Gross Total Income for Interest on Savings Depository financial institution Business relationship

If you are an individual or an HUF, y'all may claim a deduction of maximum Rs 10,000 against interest income from your savings account with a bank, co-operative society, or mail office. Practice include the interest from savings bank account in other income.

Department 80TTA deduction is non available on interest income from fixed deposits, recurring deposits, or involvement income from corporate bonds.

Section 80GG – Business firm Hire Paid

Deduction for Firm Rent Paid Where HRA is not Received

a. Section 80GG deduction is available for rent paid when HRA is not received. The taxpayer, spouse or pocket-size child should non own residential accommodation at the place of employment

b. The taxpayer should not accept self-occupied residential holding in any other place

c. The taxpayer must be living on rent and paying rent

d. The deduction is bachelor to all individuals

Deduction available is the least of the post-obit:

a. Rent paid minus 10% of adjusted total income

b. Rs v,000/- per month

c. 25% of adjusted total income*

*Adjusted Gross Full Income is arrived at after adjusting the Gross Total Income for certain deductions, exempt income, long-term capital letter gains and income related to non-residents and foreign companies.

An online east-filing software like that of ClearTax tin can be extremely piece of cake equally the limits are auto-calculated. Then, you lot do non take to worry about making complex calculations.

From FY 2016-17 available deduction has been raised to Rs 5,000 a month from Rs two,000 per month.

Section 80E – Interest on Education Loan

Deduction for Interest on Pedagogy Loan for Higher Studies

A deduction is allowed to an individual for interest on loans taken for pursuing higher didactics. This loan may have been taken for the taxpayer, spouse or children or for a student for whom the taxpayer is a legal guardian.

80E deduction is available for a maximum of 8 years (showtime the year in which the involvement starts getting repaid) or till the unabridged interest is repaid, whichever is earlier. At that place is no restriction on the amount that tin can exist claimed.

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Section 80EE – Interest on Dwelling Loan

Deductions on Home Loan Interest for Outset Time Dwelling house Owners

FY 2017-18 and FY 2016-17 This deduction is available in FY 2017-xviii if the loan has been taken in FY 2016-17. The deduction under section 80EE is bachelor only to home-owners (individuals) having only i house property on the date of sanction of the loan. The value of the property must be less than Rs 50 lakh and the habitation loan must be less than Rs 35 lakh. The loan taken from a financial institution must have been sanctioned betwixt one Apr 2022 and 31 March 2017. There is an boosted deduction of Rs fifty,000 available on your home loan interest on pinnacle of deduction of Rs two lakh (on interest component of domicile loan EMI) allowed under department 24.

FY 2013-fourteen and FY 2014-15 During these financial years, the deduction available under this section was kickoff-time firm worth Rs 40 lakh or less. You can avail this only when your loan corporeality during this period is Rs 25 lakh or less. The loan must exist sanctioned between 1 April 2013 and 31 March 2014. The aggregate deduction allowed under this section cannot exceed Rs 1 lakh and is allowed for FY 2013-fourteen and FY 2014-fifteen.

Section 80D – Medical Insurance

Deduction for the premium paid for Medical Insurance

You lot (as an individual or HUF) can claim a deduction of Rs.25,000 under department 80D on insurance for self, spouse and dependent children. An additional deduction for insurance of parents is bachelor upward to Rs 25,000, if they are less than lx years of historic period. If the parents are anile above 60, the deduction amount is Rs 50,000, which has been increased in Upkeep 2022 from Rs 30,000.

In instance, both taxpayer and parent(s) are 60 years or higher up, the maximum deduction available under this section is up to Rs.i lakh.

Instance: Rohan's historic period is 65 and his male parent's age is 90. In this case, the maximum deduction Rohan can merits nether section 80D is Rs. 100,000.
From FY 2015-16 a cumulative additional deduction of Rs. 5,000 is allowed for preventive health cheque.

Section 80DD – Disabled Dependent

Deduction for Rehabilitation of Handicapped Dependent Relative

Section 80DD deduction is available to a resident individual or a HUF and is available on:

a. Expenditure incurred on medical treatment (including nursing), grooming and rehabilitation of handicapped dependent relative

b. Payment or deposit to specified scheme for maintenance of handicapped dependent relative.

i. Where disability is 40% or more only less than 80% – stock-still deduction of Rs 75,000.

ii. Where in that location is severe disability (inability is eighty% or more than) – fixed deduction of Rs one,25,000.

To claim this deduction a certificate of disability is required from prescribed medical authority. From FY 2015-16 – The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs ane,00,000 has been raised to Rs 1,25,000.

Section 80DDB – Medical Expenditure

Deduction for Medical Expenditure on Self or Dependent Relative

a. For individuals and HUFs below age 60

A deduction up to Rs.40,000 is available to a resident individual or a HUF. It is available with respect to any expense incurred towards treatment of specified medical diseases or ailments for himself or whatsoever of his dependents. For an HUF, such a deduction is available with respect to medical expenses incurred towards these prescribed ailments for whatever of the HUF members.

b. For senior citizens and super senior citizens

In case the individual on behalf of whom such expenses are incurred is a senior denizen, the individual or HUF taxpayer can claim a deduction up to Rs i lakh. Until FY 2017-xviii, the deduction that could be claimed for a senior citizen and a super senior citizen was Rs 60,000 and Rs 80,000 respectively. This has at present become a common deduction available upto Rs 1 lakh for all senior citizens (including super senior citizens) unlike earlier.

c. For reimbursement claims

Whatever reimbursement of medical expenses by an insurer or employer shall be reduced from the breakthrough of deduction the taxpayer can claim under this department.

Too remember that you demand to get a prescription for such medical treatment from the concerned specialist in order to claim such deduction. Read our detailed commodity on Section 80DDB.

Section 80U – Physical Disability

Deduction for Person suffering from Concrete Disability

A deduction of Rs.75,000 is available to a resident individual who suffers from a physical inability (including incomprehension) or mental retardation. In case of severe inability, one can claim a deduction of Rs 1,25,000.

From FY 2015-16 – Section 80U deduction limit of Rs l,000 has been raised to Rs 75,000 and Rs ane,00,000 has been raised to Rs 1,25,000.

Department 80G – Donations

Deduction for donations towards Social Causes

The various donations specified in u/south 80G are eligible for deduction upwards to either 100% or 50% with or without restriction.

From FY 2017-eighteen whatever donations made in cash exceeding Rs ii,000 will not exist allowed every bit deduction. The donations above Rs 2000 should be made in any mode other than greenbacks to authorize for 80G deduction.

a. Donations with 100% deduction without any qualifying limit

National Defence force Fund prepare by the Cardinal Regime
Prime Government minister's National Relief Fund
National Foundation for Communal Harmony
An approved university/educational establishment of National eminence
Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district
Fund set up past a Land Government for the medical relief to the poor
National Disease Assist Fund
National Blood Transfusion Quango or to any State Blood Transfusion Quango
National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
National Sports Fund
National Cultural Fund
Fund for Technology Development and Awarding
National Children's Fund
Chief Minister's Relief Fund or Lieutenant Governor'south Relief Fund with respect to any Land or Union Territory
The Regular army Fundamental Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Primary Minister'due south Cyclone Relief Fund, 1996
The Maharashtra Chief Minister's Relief Fund during Oct 1, 1993 and October half-dozen,1993
Chief Government minister's Earthquake Relief Fund, Maharashtra
Any fund set by the Country Regime of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat
Any trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of earthquake in Gujarat (contribution made during January 26, 2001 and September 30, 2001) or
Prime Government minister'due south Armenia Earthquake Relief Fund
Africa (Public Contributions — India) Fund
Swachh Bharat Kosh (applicable from financial year 2014-fifteen)
Make clean Ganga Fund (applicable from financial year 2014-15)
National Fund for Control of Drug Abuse (applicative from financial year 2015-16)

b. Donations with fifty% deduction without whatever qualifying limit

Jawaharlal Nehru Memorial Fund
Prime Government minister's Drought Relief Fund
Indira Gandhi Memorial Trust
The Rajiv Gandhi Foundation

c. Donations to the following are eligible for 100% deduction subject to 10% of adapted gross full income

Government or any canonical local authorization, institution or association to be utilized for the purpose of promoting family planning
Donation by a Company to the Indian Olympic Association or to any other notified clan or institution established in Bharat for the development of infrastructure for sports and games in India or the sponsorship of sports and games in Republic of india

d. Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

Any other fund or whatever institution which satisfies atmospheric condition mentioned in Section 80G(five)
Government or any local authority to be utilized for any charitable purpose other than the purpose of promoting family planning
Any potency constituted in India for the purpose of dealing with and satisfying the need for housing adaptation or for the purpose of planning, development or improvement of cities, towns, villages or both
Any corporation referred in Section x(26BB) for promoting the interest of minority community
For repairs or renovation of any notified temple, mosque, gurudwara, church or other places.

Department 80GGB – Company Contribution

Deduction on contributions given by companies to Political Parties

Section 80GGB deduction is allowed to an Indian visitor for the amount contributed by it to any political party or an electoral trust. Deduction is allowed for contribution washed by any way other than greenbacks.

Section 80GGC – Contribution to Political Parties

Deduction on contributions given by any person to Political Parties

Deduction under department 80GGC is allowed to an individual taxpayer for any amount contributed to a political political party or an balloter trust. It is non available for companies, local government and an artificial juridical person wholly or partly funded by the authorities. You tin can avail this deduction only if you pay by any way other than cash.

Section 80RRB – Royalty of a Patent

Deduction with respect to any Income past way of Royalty of a Patent

80RRB Deduction for any income by way of royalty for a patent, registered on or after 1 April 2003 under the Patents Act 1970, shall exist available for up to Rs.3 lakh or the income received, whichever is less. The taxpayer must exist an private patentee and an Indian resident. The taxpayer must replenish a certificate in the prescribed form duly signed by the prescribed authority.

Section 80 TTB – Interest Income

Deduction of Interest on Deposits for Senior Citizens

A new section 80TTB has been inserted vide Budget 2022 in which deductions with respect to interest income from deposits held by senior citizens will be allowed. The limit for this deduction is Rs.50,000.

No further deduction under section 80TTA shall be allowed. In addition to section 80 TTB, section 194A of the Human action will likewise exist amended and so as to increase the threshold limit for TDS on involvement income payable to senior citizens. The before limit was Rs 10,000, which was increased to Rs 50,000 as per the latest Budget.

Deductions-Summary

Section 80 Deduction Table

Edit
Section	Deduction on	Allowed Limit (maximum) FY 2018-19
80C	Investment in PPF – Employee'southward share of PF contribution – NSCs – Life Insurance Premium payment – Children's Tuition Fee – Principal Repayment of dwelling loan – Investment in Sukanya Samridhi Account – ULIPS – ELSS – Sum paid to purchase deferred annuity – Five year deposit scheme – Senior Citizens savings scheme – Subscription to notified securities/notified deposits scheme – Contribution to notified Alimony Fund ready by Mutual Fund or UTI. – Subscription to Domicile Loan Account scheme of the National Housing Depository financial institution – Subscription to eolith scheme of a public sector or company engaged in providing housing finance – Contribution to notified annuity Plan of LIC – Subscription to equity shares/ debentures of an approved eligible issue – Subscription to notified bonds of NABARD	Rs. one,50,000
80CCC	For amount deposited in annuity programme of LIC or whatever other insurer for a alimony from a fund referred to in Department 10(23AAB)	–
80CCD(1)	Employee's contribution to NPS account (maximum up to Rs ane,50,000)	–
80CCD(ii)	Employer's contribution to NPS business relationship	Maximum upward to x% of salary
80CCD(1B)	Boosted contribution to NPS	Rs. 50,000
80TTA(1)	Interest Income from Savings business relationship	Maximum up to ten,000
80TTB	Exemption of interest from banks, mail office, etc. Applicable but to senior citizens	Maximum up to 50,000
80GG	For rent paid when HRA is not received from employer	Least of : – Hire paid minus 10% of total income – Rs. 5000/- per month – 25% of total income
80E	Involvement on educational activity loan	Interest paid for a period of 8 years
80EE	Involvement on home loan for first time abode owners	Rs l,000
80D	Medical Insurance – Self, spouse, children Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more 80 years old	– Rs. 25,000 – Rs. 50,000
80DD	Medical treatment for handicapped dependent or payment to specified scheme for maintenance of handicapped dependent – Disability is 40% or more than simply less than 80% – Disability is fourscore% or more than	– Rs. 75,000 – Rs. i,25,000
80DDB	Medical Expenditure on Self or Dependent Relative for diseases specified in Dominion 11DD – For less than 60 years old – For more than lx years one-time	– Lower of Rs 40,000 or the amount actually paid – Lower of Rs one,00,000 or the amount actually paid
80U	Self-suffering from disability : – An individual suffering from a physical disability (including blindness) or mental retardation. – An individual suffering from severe disability	– Rs. 75,000 – Rs. 1,25,000
80GGB	Contribution by companies to political parties	Amount contributed (not allowed if paid in greenbacks)
80GGC	Contribution by individuals to political parties	Amount contributed (not allowed if paid in cash)
80RRB	Deductions on Income past way of Royalty of a Patent	Lower of Rs 3,00,000 or income received

Ofttimes Asked Questions

Can I merits the 80C deductions at the time of filing return in case I have not submitted proof to my employer?

Proofs for making investments are submitted to the employer before the end of a Fiscal Year (FY) then that the employer considers these investments while determining your taxable income and the tax deduction that needs to be made. However, even if you miss submitting these proofs to your employer, the merits for such investments made tin be washed at the time of filing your return of income as long as these investments accept been made before the end of the relevant FY.
I take made an 80C investment on 30 April 2018. For which year can I merits this investment equally a deduction?

You can claim deduction for investments fabricated in the return of income for the twelvemonth in which you have fabricated the investment. Therefore, if you have fabricated the investment on 30 April 2018, you volition be eligible to claim such investment as a deduction during FY 2018-nineteen.
I have availed a loan from my employer for pursuing higher education. Tin can I claim the interest paid on such loan as a deduction nether Section 80E?

A deduction of interest paid on education loan under Department 80E tin can be made only if the loan has been availed from a fiscal institution for pursuing college education. Therefore, availing a loan from your employer will non entitle you to claim the interest under Section 80E.
Is there any restriction or maximum limit upto which I tin claim a deduction nether Section 80E?

Police has not prescribed any upper limit for making a claim of deduction under Section 80E. Hence, the actual interest paid during a year can exist claimed every bit a deduction.
Tin a company or a firm take the benefit of Department 80C?

The provisions of Section 80C utilise only to individuals or a Hindu Undivided Family (HUF). Hence, a company or a firm cannot take the benefit of Section 80C.
I have been paying life insurance premium to a individual insurance company. Can I claim 80C deduction for the premium paid?

Deduction under Department 80C is bachelor in respect of life insurance premium paid to whatever insurer approved by the Insurance Regulatory and Evolution Authority of India, whether public or individual. Hence, the insurance premium you are paying will as well assistance yous claim an 80C deduction.
In which yr can I claim deduction of the stamp duty paid for purchase of a business firm property

You tin can get ahead claiming the stamp duty for purchase of a house in the twelvemonth in which the payment is made towards stamp duty nether Section 80C.
Can a company claim a deduction for donations made under Section 80G

Any taxpayer making donations towards specified institutions, funds etc will be eligible to merits a deduction nether Department 80G.
I am paying medical insurance premium for a medical policy taken in my name, my wife and children. I am also paying premium on a medical policy taken in the proper name of my parents who are in a higher place 60 years. Can I claim a deduction for both premiums paid?

The premium y'all have paid on the policy taken for yourself, spouse and children is eligible for a deduction under Section 80D upto a maximum of Rs 25,000. In addition to this, you will also be eligible to merits deduction of premium paid on the policy taken for your senior denizen parents upto a maximum of Rs 50,000 (this limit was Rs xxx,000 until FY 2017-18. Hence, you tin claim both premiums paid as a deduction under Section 80D.
Is my FD interest exempt under Section 80TTB?

If yous are a senior citizen above threescore years of age, so your involvement income from a Fixed Deposit is exempt under Section 80TTB.
What practice yous mean by 80C deduction under chapter VI A?

Income tax section allows reducing of the taxable income of the taxpayer in instance the taxpayer makes certain investments or eligible expenditures allowed under Chapter Six A. 80C allows deduction for investment fabricated in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards dwelling loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY) , National saving document (NSC) , Senior citizen savings scheme (SCSS), ULIP, taxation saving FD for 5 years, Infrastructure bonds etc.
How to calculate deduction u/s 80c?

For section 80C- The amount of eligible investment or expenditure every bit specified is fully immune for deduction bailiwick to the limit of Rs 1.5 lakh.

The limit of Rs one.5 lakh deduction of Department 80C includes 80CCC (contribution towards alimony plan) and 80CCD (1), 80CCD (1b) and 80CCD (2).

Department 80CCCD (1) is a contribution towards the National pension scheme by the employee or self employed and is limited to 10% of salary (basisc + DA) or 20% of gross total income for cocky employed.

Section 80CCD (1b) provides additional deduction of Rs 50,000 for contributions towards NPS , Atal alimony Yojana etc. This deduction is over and above Rs i.5 lakh. Hence total of deduction including 80C and 80CCD (1b) can exist maximum Rs 2 lakh for a single yr.

Section 80CCD (ii) is deduction immune to salaried for contributions fabricated past their employer for NPS , this is as well allowed at 10 % of salary (basic +DA) . Even so information technology is important to annotation that there is no upper limit in 80CCD (2)

Hence for investment in 80C only , the limit is Rs i.5 Lakh. For investment together in 80C, 80CCD (1) and 80CCD (1b), one may invest upto Rs 2 lakh in total. Whereas, a salaried employee can avail more than deduction without brake of limit of Rs 2 lakh under section 80CCD (2) if the employer contributes towards NPS account subject to 10% of salary.

Further please note that per Upkeep 2020, whatsoever contribution towards EPF, NPS and superannuation will exist added to the salary as "perquisites" and taxable nether salaries in the hands of employees.
Can you merits HRA under section 80?

Yeah , if you exercise non receive HRA as a part of a bacon component, Rent paid tin can be claimed as deduction nether department 80GG. However the maximum amount of deduction allowed is Rs 60,000 per annum.
What is 80GG in income tax? What is rent paid nether 80GG ?

80GG allows y'all to claim deduction for rent paid fifty-fifty if your salary does non include HRA component or by self employed individuals having income other than salary. The condition is that you should non own any residential adaptation in the place of residence to claim deduction nether 80GG.
How to calculate 80GG? How to claim 80GG?
80GG deduction will exist allowed as lowest of beneath mentioned :
- Rs 5,000 per month
- 25% of the adjusted full Income (excluding long-term capital gains, short-term capital gains under department 111A and Income under Section 115A or 115D and deductions under 80C to 80U. Also, income is earlier making a deduction under section 80GG).
- Actual rent less 10% of Income
Who can merits deduction in 80GG?

Deduction nether 80GG is available for employees who exercise not become HRA as a component of bacon because of jobs in the informal sector or to cocky employed persons. The person claiming this deduction should not own a house in the place of residence.
What is section 80CCD ?

80CCD is a subsection of 80C which allows deduction for contributions to national pension schemes as notified by the central government. The deduction is allowed for contributions made by an employee, employer or voluntary self contribution. Overall limit of deduction allowed in section 80C is Rs 1.5 lakh plus an additional deduction of Rs 50,000 u/southward 80CCD (1b) for cocky contribution to NPS or Atal alimony yojana.
What is section 80CCD (1b)?

Section 80CCD (1b) specifically deals with contributions made by an private (employee or self employed) to pension schemes as notified by the central government. This section provides boosted deduction of Rs l,000 over and above 80C limit of Rs 1.5 Lakh. Which mean an private can merits total deduction of Rs 2 lakh by making investments in 80C and contribution for national pension scheme u/s 80CCD (1b)
What is department 80CCD (one) ?

Section 80CCD (ane) is a deduction for employees too as self-employed for making contributions to the National Pension scheme. An employee can claim deduction under 80CCD (ane) at a maximum of 10% of basic salary plus dearness assart. For cocky employed , the limit for deduction is twenty% of their income subject field to Rs ane.5 lakh maximum limit of section 80C.
What is section 80CCD (2)?

Section 80CCD deals with tax deductions available to employers with respect to contributions made to the alimony scheme for its employees. i,due east if your employer contributes to its employees pension business relationship, deduction ,maximum upto 20% of full income of the employer can be availed.
What is section 80TTB?

Section 80TTB provides deduction upto Rs 50,000 on interest income earned on fixed deposit or savings account specifically to Senior citizens.
What is rebate u/s 87A?
A rebate under department 87A is one of the income revenue enhancement provisions that assist low income earning taxpayers reduce their income tax liability. Taxpayers earning an income below a certain limit have the do good of paying marginally lower taxes. A Taxpayer tin can claim the benefit of rebate under department 87A for FY 2019-twenty and 2020-21 only if the following conditions are satisfied:
- You are a resident private
- Your total income later reducing the deductions under chapter Half dozen-A (Section 80C, 80D so on) does not exceed Rs 5 lakh in an FY
The tax rebate is limited to Rs 12,500. This means, if your total taxation payable is less than Rs 12,500, then you lot will not have to pay any tax. Do annotation that the rebate will be applied to the total taxation before adding the health and education cess of four%.
Who is eligible for rebate u/s 87a?
A Taxpayer tin merits the benefit of rebate nether section 87A for FY 2019-20 and 2020-21 only if the following atmospheric condition are satisfied:
- You are a resident individual which means HUF and firms cannot claim this rebate.
- Your total income after reducing the deductions nether chapter VI-A (Department 80C, 80D and and so on) does not exceed Rs 5 lakh in an FY

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