Income Tax Deduction under other sections

Section 80EEA Income Tax Deduction

Up to $15,000 in interest payments may be deducted under Section 80EEA. The 2,00,000 deduction allowed by section 24 is in addition to this deduction. For this deduction to apply, a person must not be a homeowner on the date the loan is sanctioned.

80c deduction is beneficial for a tax deduction.

Section 80g Income Tax Deduction

All contributions to nonprofit organisations and money for disaster assistance are covered by Section 80G. The payment can be made in the form of a cheque, cash, or direct deposit. The maximum deduction is $2,000. Additionally, under 80GGC, the same deduction might be applied to contributions given to political parties.

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Section 80gg Income Tax Deduction

Only people who do not own a home or get a house rent allowance are eligible for the deduction under this clause, which has a yearly limit of 60,000. As a result, the deduction will be for the least amount possible from the list below:-

10% of the total adjusted income is subtracted from the rent payment equal to 25% of the total monthly income, or $5,000.

Section 80TTA Income Tax Deduction

The total gross income of persons or Hindu Undivided families may be reduced by 10,000 rupees under this clause. The interest accrued on deposits made to savings accounts at banks, cooperative societies, and post offices is allowable as a deduction. The interest received from bank fixed deposits, however, will not be eligible for the deduction.

Section 80u Income Tax Deduction

Individuals who are both physically and intellectually handicapped are eligible for a deduction under this clause.

2022–2023 Salary Employee Income Tax Exemptions

The list of 2022–23 income tax exemptions is as follows:-

(1) House Rent Assistance

(2) Leave Travel Compensation (LTA)

(3) Coupons for food

(4) Payroll element

(5) Compensation

(6) Proof

(7) House rent reimbursement (HRA)

(8) The sum of the monthly rent for a home

(9) Rent receipts and the employer's PAN (required for rent over one lakh per year);

(10) Travel expenses for time off (LTA)

(11) Expenses associated with domestic travel, such as plane and train fares

(12) Tickets for flights and trains, buses, or cabs.

(13) Phone bill payment

(14) Landline, broadband, and cell phone together

(15) Phone charges

(16) Books and periodicals

(17) The price of books and magazines

(18) Charges or bills for books and magazines

Planning the investment is advised to prevent last-minute complications. Depending on your income, you could have to pay the whole tax if you can't invest in the correct items. You may plan and attain your financial objectives using the given list of tax deductions.

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