SMARTS THINGS TO KNOW

SMARTS THINGS TO KNOW

Deductions under old tax regime

1 Section 80C investments in provident funds like EPF and PPF, ELSS, life insurance premiums, home loan payment, SSY,  NSC and SCSS.

2 Section 80 CCD (1B) allows additional deduction of up to Rs 50,000 for amount deposited in NPS account.

3 Section 80 TTA provides deduction for an individual or an HUF of maximum Rs.10,000 against interest income from savings account with a bank, co-operative society or post office.

4 Section 80D allows deduction on health insurance premium paid of itself and dependent parents.

5 Donations to eligible trust and charities qualify for deductions based on certain conditions under Section 80G.

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