Term
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Definition
Life Insurance, PF, PPF, NSC, Equity scheme of UTI, Approved MF scheme, Tuition fee(full time, 2 chldren, in india), FD not less than 5 years, Amount paid to Senior citizens scheme
Individual/HUF
100,000/Paid whatever less |
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Term
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Definition
Pension Fund
Annuity Plan of any insurance co
100,000/Paid; less |
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Term
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Definition
Pension scheme of CG (applicable to any employee)
1. Paid by employee - Paid/ 10% of Salary/GTI in PY; whatever less
2. paid by employer - same limit as above
3. when amount recieved on closure or as pension, taxable in year of receipt |
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Term
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Definition
| 80C+CCC+CCD cannot exceed 100,000 |
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Term
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Definition
Medical Insurance Premium
Individual/HUF
Amount: 15K for Tax Payer (20K if SenC)
15K for parents (20 if SenC)
Amount Paid; whatever less
Payment not by cash |
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Term
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Definition
Medical treatment of dependent handicapped
Amount: 50K/100K* irrespective of actual
(*for 80%+ disabled)
Conditions: medical certificate; if dependent claims u/80U |
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Term
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Definition
Deduction for handicapped
Resident individual
Amount: 50K/100K*
Medical Certificate |
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Term
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Definition
Expenditure on specified diseases
Individual+Family+member of HUF
Amount: 40K (60K for SenC) or Actual, lesser
Deduction reduced by amount received by insurance/employer
medical certificate |
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Term
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Definition
Interest on loan for Higher Ed
Higher Ed= After senior secondary
Amount: Actual: no limit
Max period of 8 years; starting 1st year of interest payment. |
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Term
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Definition
Rent
Individual
If employed no HRA/Rent Free Accom
Assessee/spouse/child etc do not own house in city where working
Amount: Rent Paid (-) 10% of Adj GTI
25% of Adj GTI
Rs 2000 per month |
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Term
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Definition
| GTI - LTCG - STCG u/111A - Other under Chap VI-A |
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Term
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Definition
Infrastructure
Indian Co
100% of profits for 10 out of first 15 years starting from year of commencement |
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Term
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Definition
SEZ
Engaged in developing SEZ
100% for 10 out of 15 starting from year of notification of SEZ |
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Term
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Definition
Manf in Specified Areas
Places: Sikkim+NE states and Himachal P+Uttaranchal
Started manufacture in specified period
Amount: For Sikkim/NE - 100% for 1st 5 y
For HP/Uttar - 100 for 1st 5 y 25% (30% if co) for next 5
Not formed by splitting up/reconstruction
atleast 80% p&m new
If claimed under this section, no other deduction |
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Term
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Definition
Hotels and Convention Centres
Same conditions as 80IC
Specified Areas: Delhi NCR + Districts with world heritage sites
amount: 100% for 1st 5 years from commencement |
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Term
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Definition
Manf of specified articles + areas
Same conditions as 80IC
Specified Articles not include tobacco, pan masala &plastic bags
Areas: North East
Amount: 100% for 10 years starting from year of commencement |
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Term
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Definition
Biodegradable waste for Power
Amount: 100% for 5 y stating from commencement |
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Term
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Definition
Copy right of Book
Not Text Book, guide etc
Amount: 300,000 or actual. Ignore in excess of 15% above sale value of books.
Certificate from specified officer
If received from abroad, must be brought in forex |
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Term
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Definition
Income from inventions
Same as QQB, no 15% rule. |
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Term
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Definition
New Workmen
Indian Co
Engaged in manufacture/production
Amount: 30% of wages paid to new workmen for 3 years, starting from year in which employed.
For New Co - Wages paid in excess of 100 workers.
For existing co: Same. But there should be increase of 10% in workers. |
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Term
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Definition
Co operative society
100% exempt for- banking/credit to members fishing+auxillary incomefromcottageindustries marketing produce grown by members income from other agri products
Also allowed to all co-op - int/dividend from investment in other co-op and, income from letting out of warehouse etc
Co-ops engaged in other services chall not be liable to pay tax on
Consumer co-op: first 1L
other co op: first 50K |
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Term
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Definition
Income of Offshore Banking and International Financial Services Centre
1. scheduled bank having ofshore banking unit in SEZ |
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