Chemists Claim Deductions Under Section 80C/80D/80G
Yes, a Chemists Claim Deductions Under Section 80C/80D/80G, etc., subject to the following conditions:
1. Section 80C:
The maximum deduction under Section 80C is Rs. 1.5 lakh in a financial year.
This deduction is available for investments made in various savings schemes, such as PPF, ELSS, NSC, LIC, etc., as well as for expenses incurred on education and medical treatment.
2. Section 80D:
The maximum deduction under Section 80D is Rs. 2 lakh for senior citizens and Rs. 1.5 lakh for individual taxpayers and Hindu Undivided Families (HUFs), as well as preventive health check-ups up to a limit of Rs. 50,000.
This deduction is available for medical insurance premium paid for self, spouse, dependent children, and parents.
3. Section 80G:
The maximum deduction under Section 80G is 100% or 50%, depending on the nature of the donation.
This deduction is available for donations made to charitable organizations, educational institutions, religious institutions, etc.
Please note that these are just the broad provisions of the Income Tax Act, 1961. The specific eligibility criteria and documentation requirements may vary depending on the type of deduction being claimed. It is always advisable to consult with a tax advisor before claiming any deductions.
Here are some specific deductions that a chemist may be eligible for:
1. Medical insurance premium paid for self, spouse, and dependent children.
2. Expenses incurred on preventive health check-ups.
3. Donations made to charitable organizations that are eligible under Section 80G.
4. Investments made in pension schemes, such as NPS and EPF.
5. Expenses incurred on education, such as tuition fees, books, and stationery.
To visit: https://www.mca.gov.in/
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