This document discusses various tax deductions available under Sections 80C and 80D of the Indian Income Tax Act. Section 80C allows deductions up to Rs. 1.5 lakh for contributions to specified savings instruments like PPF, EPF, life insurance premiums, NPS, etc. Section 80D allows a deduction of up to Rs. 25,000 for health insurance premiums and Rs. 5,000 for medical checkups. The document provides details of the new income tax slabs introduced in the FY 2020-21 budget and explains how taxpayers can reduce their taxable income and tax liability by claiming deductions under Sections 80C and 80D.

1. CORPORATE TAX LAW AND PLANNING
DISCUSS ABOUT DEDUCTION 80 C
AND 80 D
Yamuna G
2nd M.Com
Under the guidance of
Sundar B. N.
Asst. Prof. & Course Co-ordinator
GFGCW, PG Studies in Commerce
Holenarasipura

2. INCOME TAX DEDUCTION LIST FY 2020-21
Tax planning is an important part of a financial plan . Whether you are a salaried individual a
professional or a businessman. You can save taxes to certain extent through proper tax planning
The Indian income tax act allowes for certain tax deduction/ tax exemption which can be claimed to save
tax you can subtract tax deduction from your Gross income and your taxable income gets reduceds to
that extent

3. INCOME TAX SLAB RATES FY 2020-21 /AY 2021 -22
•OFFERING AN OPTIONAL LOWER RATE OF INCOME TAX
TO INDIVIDUALS FINANCE MINISTER NIRMALA
SITHARAMAN IN THE BUDGET 2020-21 PROPOSED NEW
INCOME TAX SLABS OF 15% AND 25% IN ADDITION TO
THE 10% 20%AND 30% SLAB RATES

4. NEW INCOME TAX SLAB AND RATES FY 2020-21 [AY2021-22]
INCOMESLABE INCOMETAXRATES
UPTO RS 250000 NILL
RS250000 TO RS 500000 5% [WITH TAX REBATE U/S87A]
RS 500001 TO 750000 10%
RS 750001 TO 1000000 15%
RS 1000001 TO 1250000 20%
RS 1250001 TO 1500000 25%
ABOVE RS 1500000 30%

5. INCOME TAX SLAB RATE :FY 2020-2021 [AY 2021-22
INCOME SLAB GENERAL CATEGORY
[NON-SENIOR CITIZENS
SENIOR CITIZENS
[60&ABOVE YEAR OF AGE
BUT BELOW 80YEAR
VERY SENIOR CITIZENS
[80 YEARS &ABOVE OF
AGE
INCOMETAX RATE
UP TO 250000 NILL NILL NILL
RS 250001 TO
RS 300000
5% NILL NILL
RS 300001 TO
RS 1000000
5% 5% NILL
RS 500001 TO
RS 1000000
20% 20% 20%
ABOVE RS 30% 30% 30%

6. Section 80C
The maximum tax exemption limit under section 80C is 1.5 lakh only
• PPF (public provident fund)
• EPF(Employees provident fund)
• Five year Bank or post office tax saving deposits
• NSC ( national saving certificates)
• ELSS mutual funds ( Equity linked saving schemes)
• Kids Tuition fees
• SCSS ( post office senior citizens savings scheme)
• Life insurance premium ( best term insurance plans)
• Sukanya samriddhi account deposit scheme
• NPS ( national pension system)
• The contributions by the government employees ( only)
• NPS will also be covered under section 80C for Deduction up to rs 1.5 lakh for the
purpose of income tax [ with a 3 years lock in period.

7. IN THE UNION BUDGET 2018 THE
GOVERNMENT OF INDIA IMPLEMENTED THE BELOW CHANGES
WITH RESPECT TO DEDUCTION AVAILABLE ON HEALTH
INSURANCE AND OR TOWARDS MEDICAL TREATMENT
SECTION 80 D

9. • (CHECKUPS) EXPENSES TO THE EXTENT OF RS 5000/- PER FAMILY CAN BE
CLAIMED AS TAX DEDUCTION
FAMILY INCLUDE SELF SPOUSE PARENTS AND DEPENDENT CHIDREN)
NRI ALSO CAN CLAIM TAX DEDUCTION U/S 80D

10. CONCLUSION
Easily the most popular Section for saving under the I
T act of india Section 80C to 80D of income tax act is
wide as a tax payers in india we all look for various
way to save our taxes and reduced our taxes
The advantage of claiming and reduce our tax
deduction under 80C tax reduce your taxable income
and tax outgo

11. Refference
https:. // www re lakh. Com/ income- tax-
deductions- list- fy- 2020-21