Deductions & Rebates

1. Deductions from Gross Total Income:

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   • Payment to approved LIC Pension Plan up to Rs.10000/-
   • Payment to approved Mediclailm upto Rs.10000/-
   • Expenses for medical treatment/training/rehabiltation of dependent handicapped relative upto Rs.40000/-
   • Amount actually incurred for specified treatment upto Rs.40000/- and upto Rs.60000/- for Senior Citizen
   • Repayment of loan taken for higher educationtogather with interest thereon upto Rs.25000/-
   • Donations for Charitable Institutions (Amount shoule not exceed 10 % of Gross Total Income)Exempted generally 50 % and 100 % in case of sepcified deductions
   • House Rent actally incurred upto Rs.2000/=pm or 25 % of total income whichever is less
   • Profit on export of goods subject to certain conditions
   • Interest on bank interest/ Post Office schemes/NSC upto Rs.12000/-
   • Income of a person totally/partially blind/discble or mentally retarded upto Rs.40000/-

2. Rebates from Income Tax

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   • LIC Premium
   • Provident Fund Contributions
   • Public Provident Fund
   • ULIP
   • NSC
   • Housing loan repayment upto Rs.10000/-
   • Notified Pension Fund

     Investment in above schemes upto Rs.60000/- is eligible @ 20 % subject to Rs.12000/- from Income Tax

     Above limit of Rs.60000/- and Rs.12000/- can be enhanced to Rs.80000/- and Rs.16000/- respectively by additional investment in approved Infrastcture Projects

   • Person of 65 years and above can get Tax exepmtion upto Rs.15000/-
   • Women below 65 years can get Tax exepmtion upto Rs.5000/-

     There are certain other income tax rebates & deductions. If u need further information contact us.
     

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