What are the types of deduction allowed in income tax?

June 23, 2022 /

Some of the types of deductions are:
1. 80C : Deduction Lic premium paid, tution fee of children, PPF etc. Maximum deduction allowed is Rs 150000.
2. 80TTA: Deduction form income of saving bank interest upto Rs 10000
3 80D : Deduction for medicliam premium paid (through banking modes) upto Rs 25000 for person below 60 years of age and Rs 50000 for person above 60 years of age (Max deduction under this section is RS 100000)
4. 80E: Deduction for interest on loan taken for pursuing higher education of self or family members or a relative.
5. 80G: Deduction for eligible Donations upto either 100% or 50% like donation in Prime Minister Nation Relief fund etc.

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