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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