Aug 302012
 

Income Tax Exemptions under various sections :  Assessment Year 2013-14

Sr No

Section

Details of deductions

Limit

1 80C General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc

Maximum Rs 1 ,00,000 is allowed.

2 80CCC Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income. Maximum is Rs 1,00,000
3 80CCD Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible. Maximum is sum of employer’s and employee’s contribution to the maximum : 10 % of salary.
5 80D Medical insurance on self, spouse , children or  parents Rs 15,000 for self , spouse & children
Extra Rs 15,000 for insurance on parents. IF parents are above 65 years, extra sum should be read as Rs 20,000
Thus maximum is Rs. 35,000 p.a.
6 80DD For maintenance including treatment or insurance of physical disable dependent relatives Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
7 80DDB For medical treatment of self or relatives suffering from specified disease Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000
8 80E For interest payment on loan taken for higher studies for self or education of spouse or children Actual amount paid as interest and start from the financial year in which he /she starts paying interest and runs till the interest is paid in full.
9 80G Donations to charitable institution 100% or 50% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. )
10 80GG For rent paid. This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month.  Rule 11B is method of computation.
11 80GGA For donation to entities in scientific research or rural development. Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.

 

Sensys

  48 Responses to “Exemption in Income Tax for Assessment Year 2013-14 (F.Y. 12-13)”

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  2. dear sir

    i have paid interest on housing loan is rs.11358.00& principle amount rs.37474.00 how much deduction avail in financial year 11.12 for incometax purpose

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  10. Great stuff there, many thanks. Hope you have a great wknd

  11. I get 276000 salary PA so what r excemption i can get

  12. Hi! This post could noot be written anyy better! Reading this post reminds me of my previous room mate!
    He always kept chatting about this. I will forward ths post to
    him. Fairly certain hee will have a good read.
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  13. Hello, books allowance taxable or not taxble

  14. income tax on any taxable income generated by the property you
    receive as a gift, such as rents from real property.
    Your tax lawyer or Certified Tax Resolution will present IRS tax aid and develop an appeal and deliver it to an IRS
    Appeals Officer who is required to make a choice on your
    back taxes inside five days. Their paper filing with federal and state return are free for one
    form and additional charges ($39.

  15. why tax exemption is available for freedom fighters in Financial Year 2013-14

  16. sir,
    i am a working lady in govt dept. and get family pension i have two kids under age 5, 7 is any Tex exemption for me under any rule and . total tax deductions
    pi guide me

  17. I AM WORKING AT THE HIGHT OF 1200 MERTER HIGHT , HOW MUCH I WILL GET EXEMPTION IN INCOME TAX

  18. I AM WORKING AT THE HIGHT OF 1200 MERTER HIGHT , HOW MUCH I WILL GET EXEMPTION IN INCOME TAX

  19. SIR PLEASE TELL ME ABOUT EXEMPTION RULE OF SPECIAL ALLOWANCE (SPECIAL DUTY ALLOWANCE, RISK HARDSHIP ALLOWANCE, REMOTE AREA ALLOWANCE).

  20. Hi Officer
    My son working in semi Govt. He is getting children education allowance( actual fees paid limited to Rs.15000.-per year . He is also getting city allowance( Transport allowance) and paying profession tax.
    which are fully exemption in income tax
    Please reply in this regard on my e-mail address.
    Thanks
    GOM.

  21. kindly let me know how much rebate is admissible Maxlife lifegain plus 20 participating plan.1.one lakh premium yearly be given 1lakh rebate or not . if yes then ok if not then how much?

  22. kindly let me know how much rebate is admissibleat Maxlife lifegain plus 20 participating plan.1.one lakh premium yearly be given 1lakh rebate or not . if yes then ok if not then how much?

  23. Hi, can i claim tax exemption under 80D, 80DB, or 80DDB. My father in law (who is not dependent on me and less than 60 years old). he was hospitalized for 10 days and i contributed to payinf some of his bills. Thanks

  24. krishnapaljhairya recieved exemptions

  25. dear sir,
    i am happy to read all the querries which are raised by the tax payers. it is really a great thing to know that awareness has increased in the tax payers view., and they want to know every thing. it is a good sign. pl. go ahead. all the best wishes. thanks
    prem sagar k.

  26. i fall in the categary of income having 3-5 lakhs.can anyone tell me how much i m suposed to pay as tax ??how can i earn a exemption from paying it???

  27. 80E EXEMPTION GIVEN BY EMPLOYER ? PLEASE SUGGEST

  28. Is investment done in Infra bond for year 12-13 exempted in 80CCF in assesment year 2013-14 ?

  29. To save the income tax against house rent allowance Rs.26820/- if I pay house rent Rs.2500/- per month. What is necessary requirement please convey me if possible.

  30. Sir Please tell us as what we should do if we receive foreign funds to our charitable trust or association.Is it taxable, if so what is our next action. Please reply as soon as possible.

  31. मान्यवर,
    इस वित्तीय वर्ष 2012-13 (कर निर्धारण वर्ष 2013-14) के लिये रिटर्न की अंतिम तारिख क्या है?क्योंकि समाचार पत्रों में रिटर्न के लिए अंतिम तारिख 31/03/13 बता रहे है, और उसके बाद 1% पेनल्टी बता रहे है. कृपया स्पष्ट करें.
    धन्यवाद.
    आपका,
    हरेन्द्र सिंह राठौर

  32. I want to know about income tax saving scheme for year 2013-2014. Is house loan comes under these scheme ? Please explain in detail.

  33. sir,
    The basic exemption limit for nonrecedent super senior citizen above age 80 year in a.y. 2013-14

  34. Is income tax payable on Savings Bank Interest

  35. Does one have to pay income tax on Savings Bank Interest for the AY 2013-14 ?

  36. Dear sir,
    I am 65 yars old. Under 80c you have mentioned that there is an exception of on lac is allowed. 80C General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc Maximum Rs 1 ,00,000 is allowed
    What the other itemes included in this excemption and waht is the amount allowed.
    Is medical expenses included in this? If so what amount.
    Kindly sent your reply to my E mail ID “sathia1948@gmail.com
    Thanks
    R. Sathaianthan

  37. sir,
    i have earlier home loan taken from axis bank and later i prepaid the whole amount in a lump sum to bank by taking loan from my relative at lesser rates in the year 2010. till now loan is continued. can i take tax rebate u/s 24 on interest income and u/s 80c on premium amount . if yes , then what is needed in regarding this?

  38. I am sr. citizen. During FY 2012-13 SR CITIZENS are not reqd. to deposit advance tax during the year. They are to deposit full tax before the last date of filling the return i.e. 31-7-2013. Is it true? If true pl let me know the rule. Thasnks

  39. details of withdrawl of 80ccf not mentioned and exemption under section 80ccg is not detailed kindly upload it oterwise the informations are quite helpful

  40. Income Tax is studies as a fundamental source of funds that the government uses to serve the public. Every individual want to know how much tax will be payable by him and what Income Tax Slab lying for his salary. This post is helpful because it is cleanly describe what percent of tax is chargeable under different slab.

  41. IN ITR-1 under page 2, relief u/s89 and relief u/s 90/91 is shown. please give the details of items covered under these sections immediately.

  42. Is contribution to LIC pension fund allowed for deduction under 80CCC??

  43. The benefits under section 80CCF were extended by one year in the Budget 2011 but the same has not been done in Budget. Therefore, the deduction under this section shall not be available for AY 2013-14.

    As per the Budget 2012 anouncements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).

    The deduction under this section is available if following conditions are satisfied:

    (a) The assessee is a resident individual (may be ordinarily resident or not ordinarily resident) This scheme is not available to HUF.

    (b) His gross total income does not exceed Rs. 10 lakhs;

    (c) He has acquired listed shares in accordance with a notified scheme;

    (d) The assessee is a new retail investor as specified in the above notified scheme;

    (e) The investor is locked-in for a period of 3 years from the date of acquisition in accordance with the above scheme;

    (f) The assessee satisfies any other condition as may be prescribed.

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