Check the Updated version of this article, a detailed one- Income Tax Deductions FY 2022-23, Click here
In this Infographic, I have compiled all the Major Income tax deductions list for the financial year 2019-20, for easy comfortable read and understanding.
Due to limited space, you may not be able to get the complete details of that specific section, but it gives a good overview and to further search what could apply to you.
However in some cases like for section 80C, I have already written a detailed post on the qualifying investments, which may be referred here, and also for the expenses that is part of overall tax saving covered u/s 80DD, 80DDB, and 80U have been explained here.
However, there are some other sections like 80GG which apply to the people who do not get HRA to cover for their house rent payments, but since that is not applied to all, and only specific people may take that benefit so that has not been included in this Income tax deduction list. To know more about Section 80GG, you may check my other post.
Income Tax Deductions- Infographics
Click on the Image to have an enlarged view
There is another detailed post on Section 80CCD which covers New pension scheme, which you may refer to here. Over a period, NPS has become one of the important and useful products one must-have in the investment portfolio and which also gives additional tax saving.
To Open the NPS account online, you may visit Enps site.
Besides the Tax saving options mentioned in the Income-tax deduction list as shared above, there are some other specific areas like Home loan, Affordable housing segment, Education loan, etc. which are not general ones but applies specifically to people who are exposed to these segments, will be covered in future articles.
In case you have any queries on the specific Income tax deduction, you may post your query in the comments section.
If you find this list useful, do share the post with your friends
The Income-tax deductions list Infographics is prepared by Mr. Varun Baid
Manikaran Singal is the founder and Chief financial planner at Good Moneying Financial Solutions. He is a CERTIFIED FINANCIAL PLANNER CM and SEBI registered Investment adviser (Regd no. INA 100001620). He’s having 20+ years of experience in financial services space.
Sir NPS me government ka contribution ki deduction milthi h kaya. 150000 deduction ke bad me 50000 ki deduction kise mile high.
Government Contribution is not eligible for deduction. You have to invest Rs. 50,000 extra apart from the 1.5 lakh to claim the extra deduction.
Hello im software engineer and my package increased to 13 lacs this month . How can i reduce tax
I have sukanya samriddi and 25k lic 50k aegon religare 25k sbi policy
The basic tax savings can be done up to Rs. 1.5 lakhs under section 80c, which covers various elements, such as- EPF, PPF, Sukanya , ELSS etc. You may save additional tax by contributing Rs. 50,000 to NPS.
If you have taken health insurance then a deduction up to Rs. 25k is available for self, if parents are also covered then the limit comes to 30k.
For more details, you may click on the link below:
https://www.goodmoneying.com/income-tax-deduction-list-2019-20/
I have squint operated eye and almost no power in it. Whether I am eligible for Income tax rebate under any provision?
To the best of our knowledge, you may be eligible for an Income Tax Deduction of Rs. 75,000 under section 80U, if certified as a person with a disability by the medical authorities.
You may confirm the same with some tax expert.