Income Tax India Essay

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India Income Tax Act- Tax Deductions, Tax Exemptions 80C 80D 80DD 80E 80GG 24 80G [pic][pic][pic][pic][pic][pic][pic]There are various Income tax deductions or tax exemptions as allowed by the Indian Income tax Act. These tax deductions allow you to subtract an amount from your taxable income and thus help you to save tax ! Understanding these income tax exemptions can help you save tens of thousands of rupees in income tax every year. Below I have listed all important income tax deductions in a table, and then after the table there is an explaination of each section of Indian Income tax act in detail. I hope these deduction and tax exemption limits will help you for your tax planning this year. I have also included links to the official page of Indian Income Tax so you can actually go there and verify the information yourself. Indian Income Tax deductions, Tax exemption limits Financial year 2008/2009 (will be updated later for 2009/2010) |Income Tax Deductions |Maximum deduction allowed | |Explaination |Remarks | | | | |Income Tax deduction - Section 80C |Maximum tax deduction | |Provident Funds, Life Insurance premia, ELSS, Bank deposits (>5 |or tax exemption limit: | |yr.), tution fees, principal part of EMI on housing loan, etc. |Rs. 1,00,000 | | |Maximum tax deduction or |

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