Deductions Under Section 80C/80D/80G
Deductions Under Section 80C/80D/80G for Architects, like any other taxpayers, are eligible to claim deductions under various sections of the Income Tax Act in India.
The eligibility for specific deductions depends on the individual’s circumstances, the nature of their income, and the expenses they have incurred.
Here’s how architects might be able to claim deductions under different sections:
♦ Section 80C:
This section allows individuals to claim deductions for certain investments and expenses, such as life insurance premiums, tuition fees for children, repayment of home loan principal, etc.
Architects can claim deductions under this section if they have made eligible investments or expenses.
However, being an architect itself doesn’t provide any specific advantage for claiming deductions under Section 80C.
♦ Section 80D:
This section pertains to deductions on health insurance premiums. If they have taken out a health insurance policy for themselves, their spouse, children, or parents, they can claim deductions under this section.
The deduction limits depend on the age of the insured individuals and the type of coverage.
♦ Section 80G:
This section provides deductions for donations made to certain charitable organizations. They can claim deductions for donations made to eligible charities under this section.
The deduction amount can vary, and not all donations are eligible for deductions.
It’s important to note that claiming deductions requires proper documentation and adherence to the rules and limits set by the Income Tax Act.
Taxpayers, including architects, should consult with a tax professional or refer to the official tax guidelines to ensure they are accurately claiming deductions they are eligible for.
Tax laws and regulations may change over time, so it’s essential to stay updated with the latest information.
To visit: https://www.mca.gov.in/
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