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INCOME TAX DEDUCTION-DEDUCTION LIST ON
UNDER SECTION 80C,80CCC,80CCD & 80D FY-2023-24
SUBMITTED TO:
Ms. Narinder Kaur
Assistant Professor
Department of Management
Submitted by:
Karan Kumar Sharma
ROLL NO – 232004
CLASS – MBA 2ND Semester

Contents
• Meaning of Income
• Meaning of Tax
• Meaning of Income Tax
• Tax slabs for Financial Year 2023-24
• Meaning of Deduction
• Income Tax Deduction Under Section 80C
• Income Deduction Under Section 80CCC
• Income Tax Deduction Under Section 80CCD
• Income Tax Deduction Under Section 80D
• Conclusion
Thursday, 25 April 2024 Karan Kumar Sharma,MAIMT

MEANING OF INCOME
Income refers to the money or entity earning that individual or entity receives, Typically in exchange
for providing goods, service, or labour.
Its can come from various source such as salaries, wages, investment, rent or business profits.

MEANING OF TAX
Tax is a compulsory financial charge or levy of imposed by a government on individual or
businesses to fund public expenditure and services. Its typically based income, property, goods or
services.

MEANING OF INCOME TAX
Income tax is tax imposed by the government on the income earned by individual and business. Its
typically calculated as a percentage of taxable income which includes wages, salaries, interest,
dividends, rental income and others sources.

INCOME TAX NEW SLABS FOR 2023-
24
Slabs Rates Taxable Rates
Rs 0 – 3,00,000 Nill
Rs 3,00,000 – 6,00,000 5%
Rs 6,00,000 – 9,00,000 10%
Rs 9,00,000 – 12,00,000 15%
Rs 12,00,000 – 15,00,000 20%
More than – Rs 15,00,000 30%

INCOME TAX OLD SLAB FOR 2023-24
Slabs Individual
(age < 60 years)
Senior citizens
(> 60 but < 80 years)
Super senior citizens
(80 years and above)
Up to Rs 2,50,000 Nill Nill Nill
Rs 2,50,0001 to 3,00,000 5% Nill Nill
Rs 3,00,001 to Rs
5,00,000
5% 5% Nill
Rs 5,00,001 to Rs
10,00,000
20% 20% 20%
Above Rs 10,00,000 30% 30% 30%

MEANING OF DEDUCTION
A income tax deduction reduces the amount of taxable income you have which can lower your
overall tax bill deductions are expenses or contribution that the government allow to subtract from
your gross income before calculating how much tax you owe.

INCOME TAX DEDUCTION UNDER
SECTION 80C
• Deduction in respect of life insurance premium, public provident fund etc.
• Maximum deduction under this section 1,50,000
• Who is entitled for this deduction
 An individual
 Hindu undivided family

SECTION 80CCC
Deduction in respect of contribution in annuity funds
• LIC Akshay Yojana
LIC Akshay Yojana is a pension plan offered by the life insurance corporation of India.
Its is single premium immediate annuity plan which mean you pay a lump sum amount up- front and start
receiving a regular income immediately or differed as chosen for the rest of your life or for fixed period.
Its provide financial securities and a steady during retirement.
• Quantum of deduction
• Eligibility
Karan Kumar Sharma,MAIMT
Thursday, 25 April 2024

SECTION 80CCD
Deduction in respect of contribution in pension fund-National pension fund
• NPS
NPS regulated by pension fund regulator under ministry of finance government of India. When
ensure transparent norms governing the activities.
• Quantum of deduction in this section 1,50,000

SECTION 80D
Deduction in respect of medical insurance premium, check-up expenditure etc
• Quantum of deduction in this section 1,50,000
• Eligibility
• An individual
• Hindu undivided family

CONCLUSION

ANY QUERIES

THANKS
HAVE A NICE DAY

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