ITR filing for FY 2017-18: Deductions and taxable total income for ITR-1 SAHAJ users

ITR filing for FY 2017-18 Deductions and taxable total income for ITR-1 SAHAJ users

New Delhi: The new Income Tax Return (ITRs) forms for the assessment year 2018-19 can be now accessed for filing tax returns.

The most basic – ITR-1 or Sahaj – is to be filled by the salaried class of taxpayers. The form this time seeks an assessee’s details in separate fields such as allowances not exempt, profit in lieu of salary and value of prerequisites among others.

The field to either mention the 12-digit Aadhaar number or the 28-digit enrolment Aadhaar ID has been retained in the latest forms. The last date for filing the ITRs is July 31.

Here is all about deductions and taxable total income for ITR-1 SAHAJ users

Deduction under 80C

As provided in section 80CCE, aggregate amount of deduction under section 80C, 80CCC and sub – section (1) of 80CCD shall not exceed Rs 1.5 lakh.

Deduction under 80C includes amount paid or deposited towards – life insurance, contribution to public provident fund (PPF), Employees Provident Fund, contribution by the taxpayers to an approved superannuation fund, National Savings Certificates, tuition fees, payment/ repayment for purposes of purchase or construction of a residential house and many other investments.

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Deduction under 80D

Deduction under 80D includes amount paid towards Health Insurance Premium, contributions to CGHS, medical expenditure incurred on self or family members or any parent.

The upper limit for claiming deduction under section 80D in various cases is as under: –

(A) 1. Health Insurance Premium 1. Self , Spouse, Dependent Children (aggregate) – Rs 25,000

(A) 2. Parents – Rs 25,000

(A) 3. Senior Citizen or very Senior Citizen – Rs 30,000

(A)  4. Premium paid by HUF for health insurance of any member of HUF – Rs 25,000

(B) Medical expenditure in the case of a very senior citizen (above 80 years) where no amount has been paid for his health insurance

(B) 1. On self – Rs 30,000

(B) 2. On parents – Rs 30,000\

(B) 3. On member of HUF paid by HUF – Rs 30,000

The aggregate of deduction s under (A1) and (B1) above shall not exceed Rs 30,000 while the aggregate of deductions under (A2) and (B2) shall not exceed Rs 30,000.

Deduction under 80G

Deduction  in  respect  of  donations  to  certain  funds,  charitable  institutions, etc.

Deduction under 80TTA

Deduction in respect of interest on deposits in savings account – Maximum deduction Rs 10,000