National Saving Certificate (NSC)

National Savings Certificate (NSC) and Public Provident Fund (PPF) are the most popular fixed income earning instruments which can be opened with a Post Office and also help in saving tax under Section 80C. In this article, we would be focusing on National Savings Certificate (NSC), its Interest Rate, Maturity Period etc.

National Saving Certificate

National Savings Certificate Scheme

National Savings Certificate Scheme is a scheme launched by the govt to promote the habit of savings amongst the common man and to channelize these savings in the right direction for the benefit of the whole country. Under this scheme, deposits are accepted by the govt through Post Offices and the amount generated through these deposits is used for the growth of the country.

To encourage the taxpayer to invest in this scheme, the govt has allowed this Investment in National Savings Certificate (NSC) to be claimed as a tax deduction under Section 80C which helps the tax payer in reducing his tax burden.

National Savings Certificate Interest Rate

The Interest Rate on National Savings Certificate is almost at par with the Interest Rates on other Fixed Income earning Instruments like PPF, Tax Saving Fixed Deposit etc. The Interest Rate on NSC is compounded half yearly and is announced by the Govt every year before 1st April and they keep on changing every year.

There are 2 issues of National Savings Certificate (NSC) currently in operation and the Interest Rate on these National Savings Certificate is as follows:-

Particulars	NSC (VIII Issue)	NSC (IX Issue)
Maturity Period*	5 year	10 year
NSC Interest Rate (wef 1st April 2013)	8.5%	8.8%

*Earlier the smaller duration issues were of 6 years but from 1st December 2011, this has been reduced to 5 years.

Interest on National Savings Certificate (NSC) is liable to tax as per the Income Tax Slabs of the Individual. However, no TDS is deducted on such interest but such interest shall be reflected in the Income Tax Return of the Individual.

Although this Interest on National Savings Certificate is taxable, this Interest is not paid to the account holder but is reinvested in NSC. As this Interest is re-invested in National Savings Certificate which is a specified instrument u/s 80C, a taxpayer can claim this amount of interest as a tax deduction under Section 80C. So, the taxpayer will first have to show this interest earned as an income and then claim this as a deduction under Section 80C. The total maximum deduction that can be claimed u/s 80C is Rs. 1,00,000 only.

Minimum and Maximum Amount to be Invested in NSC

The Minimum Amount to be invested in National Savings Certificate is Rs. 100 and there is no maximum limit on the amount to be invested in the NSC. A person can invest any amount in National Savings Certificate. However, tax deduction u/s 80C can only be claimed for a maximum of Rs. 1,00,000.

The National Savings Certificate is issued in denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs. 10,000. A person can purchase any no. of certificates of any denomination.

NRI’s are not eligible to purchase National Savings Certificate (NSC). However, if a person was a Resident Indian at the time of purchasing the NSC and become a NRI during the maturity period, he shall be allowed to claim benefits of this scheme.

HUF’s and Trusts are also not eligible to invest in this savings scheme.

Type of NSC Certificates

There are 3 types of National Savings Certificate, namely

1. Single holder Type Certificate: This type of NSC is issued to the holder himself or on behalf of the minor.

2. Joint A type Certificate: This type of NSC is issued jointly to 2 adults payable to both the holders jointly.

3. Joint B type Certificate: This type of NSC is issued jointly to 2 adults payable to either of the holders.

These National Saving Certificates (NSC) are only redeemable on maturity of the specified term. At the time of maturity, the holder of the certificate shall submit the certificate to the Post Office. On receipt of the maturity amount, the holder shall sign on the back of the certificate that he has received the payment and surrender the certificate to the Post Master.

Payment for Purchase of NSC

The buyer shall submit a request for purchasing the NSC in Form A.

Download: Form A for purchasing NSC

The Payment for the purchase of NSC may be made to the Post Office in any of the following modes namely:-

1. Cash
2. Cheque, Pay order or Demand Draft drawn in favour of the Postmaster
3. By submitting a request for with drawl of funds from the Post Office Savings Bank Account
4. By surrendering an old matured certificate stating on the back side of the certificate surrendered “Received payment through issue of fresh certificate, vide application attached”

The Postmaster shall issue the new NSC Certificate on the spot (if possible) or shall otherwise issue a provisional receipt to the purchaser which can later be exchanged with the National Savings Certificate (NSC) at the time of issue.

A National Savings Certificate can be transferred from one Post Office to another on making an application in the prescribed form at either of the two post offices.

Nomination Facility

The purchaser of the National Savings Certificate (NSC) may nominate any person as a nominee at the time of purchasing the National Savings Certificate in Form 1 or before the maturity of the NSC in Form 2. The person so nominated shall be entitled to claim the maturity proceeds in case of death of the Original Holder.

In the event of death of the holder of certificate, the nominee(s) shall be entitled at any time before or after the maturity of the certificate to:-

• Encash the Certificate
• Sub-divide the NSC Certificate in appropriate denominations in favour of individual nominees.

However, the rights of the nominee would only come in force in the event of death of the original holder of the National Savings Certificate (NSC). The nominees would also be required to make an application to the Postmaster intimating him about the death of the original holder. This application should also be accompanied with the Death Certificate.

Issue of Duplicate NSC Certificate in case of Loss

1. If the Certificate is lost, stolen, destroyed, mutilated or defaced, the rightful owner of such certificate may apply for the issue of a duplicate certificate in the specified form to the post office where the certificate is registered or to any other post office which shall forward the request to the post office from where the certificate has been issued.
2. Every such application for issue of duplicate certificate shall be accompanied by a statement showing the particulars, such as number, amount and the date of certificate and the circumstance attending such loss, theft, destruction, mutilation or defacement.
3. If the officer-in-charge of the post office of registration is satisfied of the loss, theft, destruction, mutilation or defacement of the certificate, he shall issue a duplicate certificate on the applicant furnishing an indemnity bond in the prescribed form with one or more approved sureties or with a bank guarantee.
4. A duplicate certificate shall be treated as equivalent to the original certificate for all the purposes of these rules except that it shall not be encashable at a post office other than the post office at which such certificate is registered without previous verification.
5. A Fee of Rs. 5 would be charged for the issue of Duplicate Certificate.

Post Maturity Interest on National Savings Certificate

In case a National Savings Certificate has matured but it has not been redeemed, interest shall be given on such certificates for a maximum of 2 years from the date of maturity.

Simple Interest would be given in such cases and the interest rate would not be the National Savings Certificate Interest Rate but Interest Rate would be the rate at which interest is given to Savings Account

Premature encashment of National Savings Certificate

NSC cannot be redeemed before the maturity of the National Savings Certificate except under following circumstances:-

1. On the Death of the Holder or the Holders in case of Joint Holders
2. On forfeiture by a pledge being a Gazetted Government Officer when the pledge is in conformity with these rules.
3. When ordered by a court of law

If the National Savings Certificate is encashed within 1 year from the date of issue, the encashment shall be done at the face value without any interest. However, if the encashment is done after 1 year interest shall be payable in such cases but the encashment shall be done at a discount.

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Income Tax Return form ITR-1

1. Scope of ITR-1 (Sahaj) 

It form has been reduced in AY 2013-14 significantly. In comparison to last year, Two main points has been added under restriction, first persons is that assessees who have negative income under head "Income from other sources" can not use this form and second main point is that if assessee's exempted income is more than 5000/ then that assessee can not use Sahaj (ITR-1). Most of the person using Sahaj form last year may have more than 5000/- exempted income ,so now they can not use this form? For example :

• Salaried person getting transport allowance which is exempted 800 per month (more than 5000) can not use ITR-1
• Salaried person getting HRA exemption (>5000) are also not eligible.
• Other allowances which are exempted also not eligible.
• If you have agriculture income >5000 Not eligible.
• if you have received maturity amount of insurance ,exempted at the time of receipt > 5000 also not eligible.

and so many other instances where exempted income is more than 5000/- then ITR-1 can not be used.so basically 70-80 % persons who have used ITR-1 earlier technically out from its preview.Details is given below.

ITR 1 Form

2. Who can use this Return Form

This Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
NOTE Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

3. Who cannot use this Return Form

This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes:-
(a) Income from more than one house property; or
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head "Capital Gains" E.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Income from agriculture/exempt income in excess of Rs. 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head 'Income from other sources'; or
(g) Person claiming relief of foreign tax paid under section 90, 90A or 91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

4. Annexure-less Return Form

No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.

5. Manner of filing this Return Form

This Return Form can be filed with the Income-tax Department in any of the following ways, -
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
(iv) by furnishing a Bar-coded return.
Where the Return Form is furnished in the manner mentioned at 5(iii), the assessee should print out two copies of Form ITR-V.
NOTE One copy of ITR-V, duly signed by the assessee, has to be sent by post to - Post Bag No. 1, Electronic City Office, Bengaluru-560100, Karnataka. The other copy may be retained by the assessee for his record.

6. Filling out the acknowledgment

Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner mentioned at 5(1) or at 5(iv), the acknowledgment slip attached with this Return Form should be duly filled.

7. Obligation to file return

Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. The deductions under Chapter VI-A are mentioned in Part C of this Return Form. The maximum amount not chargeable to income tax in case of different categories of individuals is as follows:-

• In case of individuals below the age of 60 years : Rs 2,00,000/-
• In case of individuals who are of the age of 60 years or more at any time during the financial year 2012-13 : Rs 2,50,000/-
• In case of individuals who are of the age of 80 years or more at any time during the financials year 2012-13: 5,00,000/-

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Filing revised return (FAQ)

If you have wrongly uploaded your Income tax return then no need to worry, you can still correct your return. As per CPC guidelines if you have wrongly uploaded your return then you can revise it ,How to revise your return is given below.

How to file a revised return?

Answer: The process of filing a Revised Return is the same as filing an Original Return. The ONLY difference is that in the Excel utility (Return Preparing Software), you need to select the 'Revised' return option and provide the Original e-Filing Acknowledgement number and Date of filing the Original return. Further, the assessee is required to select the section of return filing as u/s 139(5).

First you have to fill excel utility with all data ., if you have already saved the previous excel file then Just make the correction in the file where ever required .select revised return as suggested above Generate the XML and upload it the efiling site again download the ITR-V and send to CPC in 120 days from date of upload.

How many times I can file the revised return?

Answer: Legally, a return can be revised any number of times before the expiry of one year from the end of the Assessment Year OR before the completion of the assessment by the Department; whichever event takes place earlier.

I filed my Original Income Tax Return post due date and I want to revise that Income Tax Return. Can I file a Revised Return?

Answer: You cannot file a Revised return if the Original was filed post due date (Belated)

I have filed the Original Income Tax Return as paper return. Can I file the revised return electronically as e-Filed Income Tax Return?

Answer: No

I have e-Filed the Original Income Tax Return. Can I file the revised return in paper-form?

Answer: No

If original return is invalid due to non-receipt of ITR-V, can I file original return again.

If 120 days (including any extension,if any) has lapsed then assessee is required to file a revised return ,however new revised return will be treated as original return.

Income-tax Returns due date for assessment year 2013-14 for non audit case are 31st July, 2013.

However, for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2013.

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Submitting form 60/61 instead of PAN

At the time of entering into certain specified transactions, PAN Card No. is mandatorily required to be submitted. In case a person does not have a PAN Card No., he can submit a declaration in Form 60/Form 61.

Transactions where PAN No is mandatorily required to be furnished

As per Rule 114B, PAN Card No. is mandatory required to be furnished at the time of entering into the following:-

1. Sale or purchase of any immovable property exceeding Rs. 5,00,000
2. Sale or purchase of any vehicle (excl two-wheelers)
3. Any FD exceeding Rs. 50,000 with any Bank
4. Any Fixed Deposit exceeding Rs. 50,000 with Post Office
5. Contract exceeding Rs. 10,00,000 for sale/purchase of specified securities
6. Opening a Bank Account
7. Making an application for installation of a telephone connection
8. Payment to Hotels and Restaurants for a payment exceeding Rs. 25,000

Submission of Form 60/ Form 61

In case a person who enters into any of the aforesaid transactions does not have a PAN Card, he shall file a declaration in Form 60/Form 61.

Form 60 is required to be filed in cases where a person enters into any of the transactions mentioned above but does not have a PAN card. (Download Form 60)

Form 61 is required to be furnished in case a person who has agricultural income and is not in receipt of any other income chargeable to income tax.

Procedure for furnishing Form 60/ Form 61

Several details are required to be furnished in Form 60/ Form 61. Some of these include the name of the person furnishing such declaration, details of the transaction entered into, the amount of transaction etc.

In Form 60, you would also be required to mention whether you’ve been assessed to tax earlier. And in case you’ve been assessed to tax earlier, you would also be required to mention the Details of the Income Tax Ward/Circle No/Range where the last return was filed and also the reason for not having a PAN Card.

Self attested copy of documents for address proof would also be required to be submitted along with Form 60 & Form 61. The documents which are counted as valid address proof are as follows:-

1. Ration Card
2. Passport
3. Driving License
4. Identity Card issued by any institution
5. Copy of the electricity bill or telephone bill showing the residential address
6. Any document or communication issued by Central/State Govt or any Local Authority showing the residential address
7. Any other document in support of the his address given in the declaration

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Income Tax Slabs

Income Tax Slabs Rates for Financial Year 2012-13 i.e. A/Y 2013-14 as announced in the Union Budget 2012 by the Finance Minister Pranab Mukherjee can be divided into following Categories

A.INDIVIDUALS & HUF

1. For Male Individuals below 60 Years of Age and HUF
2. For Female Individuals below 60 Years of Age
3. For all Senior Citizen above 60 years of Age
4. For all Super Senior Citizen above 80 years of Age

B. BUSINESSES

1. Co-operative Society
2. Firms, Local Authority & Domestic Company

The Income Tax Slab is the same for the Financial Year 2012-13 (A/Y 2013-14) as well as Financial Year 2013-14 (A/Y 2014-15) except for the fact that for the Financial Year 2013-14, a tax credit of Rs. 2,000 is being given to those earning less than Rs. 5,00,000 per annum. The following Income Tax Slab Rates apply for all incomes except Capital Gains

INCOME TAX SLABS RATES

A. FOR INDIVIDUALS & HUF

The following Income Tax Rates are applicable for the Financial Year 2012-13 i.e. A/Y 2013-14. Education Cess @ 2% and SHEC @ 1% shall be levied on the Tax computed using the Income Tax Rates given below while filing the Income Tax Return. No Surcharge is applicable in case of Individuals and HUF’s.

1. For Male Individuals below 60 years of age & HUF

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,00,000	NIL
Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

2. For Female Individuals below 60 years of Age
Income Tax Slabs for Males and Females are the same for the financial year 2012-13 i.e.

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,00,000	NIL
Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

3. For all Senior Citizens above 60 years of Age

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000	NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 10,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

4. For all Senior Citizens above 80 Years of Age

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 5,00,000	NIL
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Computation of Age
If an Individual attains the age of 60 years or 80 years during the financial year, his age shall be regarded as 60/80 (as the case may be), for that whole Financial Year.

After the computation of Total Tax Payable computed as per the Income Tax Slabs, the Balance Income Tax payable after the deduction of TDS as shown in Form 16/Form 16A and reflected in Form 26AS shall be payable vide Challan No. 280 in the form of Advance Tax in Installments before the specified Due Dates or else Interest on delay in payment of Income Tax would be liable to be paid.

B. SLABS FOR BUSINESS
The following Income Tax Slab Rates shall be applicable for the Assessment Year 2013-14 i.e Previous Year 2012-13. Education Cess @ 2% and SHEC @1% shall be levied on the Income Tax so computed.
1. For Co-operative Society

Income Tax Slabs	Income Tax Rates
Where the Total Income does not exceed Rs. 10,000	10% of the Income
Where the Total Income exceeds Rs. 10,000 but does not exceed Rs. 20,000	20% of the Amount by which it exceeds Rs. 10,000
Where the Total Income exceeds Rs. 20,000	30% of the Amount by which it exceeds Rs. 20,000

2. For Firms, Local Authority and Domestic Company

Income Tax Slabs Rates wont apply in this case and Tax @ 30% flat shall be computed on the Total Income. Surcharge shall not be levied on Income of Firms and Local Authorities but shall be levied on the Total Income Tax of Domestic Companies @ 5% provided that the Total Income of the Domestic Company exceeds Rs. 1 Crore

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Filing income tax returns in 8 easy steps

If you earn above Rs 5 lakh, you have to file returns electronically this year. That means you can file your returns even in the last two days from your home computer. You can seek the help of a professional or do it yourself by using the official website of the Income-Tax department or a host of private websites.

Before we proceed to how to use these portals effectively , let us address a major source of ambiguity this year regarding the applicability of forms ITR-1 and ITR-2 to salaried individuals or pensioners with one house property and interest income. Tax consultants are divided on the interpretation of new provision on exempt income , introduced this year.

According to this provision, those with exempt income exceeding Rs 5,000 cannot file their return using ITR-1 (Sahaj). While some feel that all salaried individuals who have tax-exempt income like House Rent Allowance (HRA), Leave Travel Allowance (LTA) and transport allowance have to use ITR-2 this year, others argue that they can continue to use the much simpler ITR-1 (Sahaj).

Filing Tax Return

Before you start the process, keep your bank statements, Form 16 issued by your employer and a copy of last year's return at hand. Next, log on to www.incometaxindiaefiling .gov.in. Follow these steps:

Step One

Register yourself on the website. Your Permanent Account Number (PAN) will be your user ID.

Step Two

View your tax credit statement  Form 26AS  for the financial year 2012-13 . The statement will reflect the taxes deducted by your employer actually deposited with the I-T department. The TDS as per your Form 16 must tally with the figures in Form 26AS. If you file the return despite discrepancies, if any, you could get a notice from the I-T department later.

Step Three

Under the 'Download' menu, click on Income Tax Return Forms and choose AY 2013-14 (for financial year 2012-13 ). Download the Income Tax Return (ITR) form applicable to you. If your exempt income exceeds Rs 5,000, the appropriate form will be ITR-2 . If the applicable form is ITR-1 or ITR 4S, you can complete the process on the portal itself, by using the 'Quick e-file ITR' link.

Step Four

Open the downloaded Return Preparation Software (excel utility) and complete the form by entering all the details , using your Form 16.

Step Five

Ascertain the tax payable by clicking the 'Calculate Tax' tab. Pay tax (if applicable) and enter the challan details in the tax return.

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Income Tax Deduction

Summary and List of Income Tax Deductions under Section 80C, 80CCA, 80CCC, 80CCD, 80CCF, 80CCG, 80D, 80DD, 80DDB, 80E, 80EE, 80G, 80GG, 80GGB, 80GGC, 80JJAA, 80QQB, 80RRB, 80TTA to 80U of Income Tax Act, 1961. There are different tax saving options i.e. Allowable Deductions/Exemption under Income Tax, are given under chapter VIA of the Income Tax Act, 1961. Summary of different tax saving section under which person can claim deduction or exemption from total Income are given below.

Tax Deductions

1. Deduction under section 80C for investment in various financial instrument, insurance policy, fixed deposits, etc. Maximum Deduction under Section 80C, 80CCC and 80CCD is Rs.100,000/-.
2. Deduction under section 80CCA: Discontinued from April, 1992 Income Tax Deduction under section 80CCA for investment in National Savings Scheme or payment to a deferred annuity plan.
3. Deduction under section 80CCC for Contribution to pension scheme Maximum Deduction under Section 80C, 80CCC and 80CCD is Rs.100,000/- Click to Read further Income Tax Deduction under section 80CCC for Deduction in respect of contribution to certain pension funds.
4. Deduction under section 80CCD for Contribution to pension scheme of Central Government Click to Read further Deduction in Respect of Contribution to Pension Scheme of Central Government or Any Other Employer under Section 80CCD
5. Deduction under section 80CCF: Discontinued from AY 2013-14 Deduction in Respect of Subscription to Long Term Infrastructure Bonds under section 80CCF of Income Tax Act and maximum deduction under section 80CCF was Rs 20000/-.
6. Deduction under section 80CCG for Contribution to equity shares or equity mutual fund under Rajiv Gandhi Equity Saving Scheme and maximum deduction under Section 80CCG is Rs.50,000/-.
7. Deduction under section 80D for Contribution to medical premium and maximum deduction under Section 80D is Rs.15,000/-.
8. Deduction under section 80DD for Contribution to medical treatment and maintenance of handicapped dependent and Maximum Deduction under Section 80DD is Rs.100,000/- & Rs 50,000/-.
9. Deduction under section 80DDB for Contribution to medical treatment of specified diseases and maximum deduction under Section 80DDB is Rs.60,000/- and Rs 40,000/-.
10. Deduction under section 80E for interest payment of loan taken for higher education and there is no maximum Deduction under Section 80E so individual can total interest paid on education loan.
11. Deduction under section 80EE for interest payment of loan taken for new home for home loan amount of Rs 25 Lakhs and maximum Deduction under Section 80EE is Rs.100,000/-
12. Deduction under section 80G for Contribution/Donation to charitable organization and maximum deduction under Section 80G is 100% of contribution amount to 10% of 10% of adjusted gross total income of the taxpayer.
13. Deduction under section 80GG for payment of rent by individual salaried taxpayer who is not receiving House rent allowance (HRA) and should not own any residential accommodation and maximum deduction under Section 80GG is Rs 2000/- per Month.
14. Deduction under section 80GGB for Contribution/ Donation to political parties by Indian Company and there is no maximum deduction limit under Section 80GGB so assessee can claim whatever donation he made to political party as deduction u/s 80GGB.
15. Deduction under section 80GGC for Contribution/ Donation to political parties by tax payer other than Indian Company and there is no maximum deduction limit under Section 80GGC so assessee can claim whatever donation he made to political party as deduction u/s 80GGC.
16. Deduction under section 80JJAA for additional wages paid to new workmen in factory and maximum deduction under Section 80JJAA is 30% of additional wages paid to new workmen in factory.
17. Deduction under section 80QQB for income from royalty to author for lump sum consideration for the assignment or grant of any of his interests in the copyright of any book being a work of literary, artistic or scientific nature, or of royalty or copyright fees in respect of such book and maximum deduction under Section 80QQB is Rs.300,000/-
18. Deduction under section 80RRB Any individual who is resident in India having a patent and receiving any income by way of royalty for that registered patent can claim maximum deduction of Rs 300,000/- from his gross total income for that royalty income.
19. Deduction under section 80U for disable person. Individual can claim deduction from taxable income based on his physical disability and amount of deduction is dependent on percentage of disability and maximum deduction under Section 80U is Rs.50,000/- and Rs 100,000/-.
20. Deduction under section 80TTA on interest on saving bank account and maximum deduction under Section 80TTA is Rs.10,000/-

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