Deductions under old tax regime: 5 things to know
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 80TTA 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 for self and dependant parents.
5.Donations to eligible trusts and charities qualify for deductions based on certain conditions under Section 80G.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
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This story originally appeared on: India Times - Author:Faqs of Insurances
