Will the saving in PPF, LIC, NSC,FIXED DEPOSITS etc which we have done earlier will be also be included for calculating tax benefits or deductions from total income VINOD
RE:benefit of tax in 80 C &80 D
by Fredy on Mar 02, 2008 11:27 AM Permalink
The total amount will not deducted, but a percentage of the premium (I think 20%) will be deducted. Also upper limit is there (I think it is 1 lakh).
RE:benefit of tax in 80 C &80 D
by sachin sharma on Mar 02, 2008 12:25 PM Permalink
what ever saving done as mentioned in section 80C will be deducted from the taxable income along with PF deduction and Professional tax. remoe applicable HRA deduction and you have your net taxable income, check the table above and you have your tax for next year in your hands. Upperlimit or cap of 1 Lakh is there on 80C, there is another 15000 saving applicable through 80D (medical insurance premium), this could also be enhanced by section 10D (Home loan intest payable), upto 150000, so the possibility to save tax on taxable income of 265000 really is great.
RE:benefit of tax in 80 C &80 D
by Rajesh Pujara on Mar 02, 2008 04:08 PM Permalink
U can get additional rebate of 15k by using 80d for ur parents. Now total comes to 280000 rs.
