TAX BENEFITS

Salaried individual

You are eligible for a deduction of taxable income of up to:

– Rs.50,000 under Section 80CCD (1B), over and above limit of Rs.1,50,000 under Section 80C

– 10% of your salary (Basic + Dearness allowance) under Section 80CCD(1) of Income Tax Act, 1961 subject to a limit of Rs.1,50,000 under Section 80C

Self-employed individual

You are eligible for a deduction of taxable income up to:

– Rs.50,000 under Section 80CCD (1B) over and above the limit of Rs.1,50,000 under Section 80C

– 20% of your gross annual income under Section 80CCD(1) of Income Tax Act, 1961 subject to a limit of Rs.1,50,000 under Section 80C