Income tax deduction u/s 88?

Question

I Harindar Kumar Gupta want know about Deduction of Income tax under section 80 ccc to 80 u. I want know about other Deduction u/s 88 ,

Harindar Kumar Gupta
Noida-201301

Answer 1

Sec.88 is a redundant section now

Answer 2

Sections 88 & 80CCC have been brought under section 80C, whereby you can invest Rs. 1,00,000/-. u/s 80U Ext. of Rs.40000/- is exempted if individual is blind / handicapped / retarded.
Deduc. u/s 80C
1) Contributions to PF.
2) Contributions to PPF.
3) To premium paid for LIP of self/spouse/children, ULIP, Dhanraksha.
4) To NSC VII issue / accrued interest on NSC.
5) To schemes of PSU's providing long term housing finance.
6) Time deposits with Post Office.
7) To ELSS of Mutual Funds.
8) Repayment of home loan principle.
9) Tution fees of full time education for 2 children - Rs. 12000/- each.
10) Investments in Infra-structure bonds.
11) Investment in Pension fund.- u/s 80CCC
12) Investments in Bank Fixed Deposits for 5 years.

Answer 3

Now no Standard deductions. You can save upto 100,000/-. Calculate tax on next income. No tax on 1st 1 lakh. 10% upto 1.5 lakh, 20% upto 2.5 lakh. 30% if above 2.5 lakh.