This newly modified section provides that where the assessee is a new retail investor, and his total income is less than 12 lakh, an amount of Rs.50,000 50% of the amount deposited under Rajiv Gandhi Equity invested in Savings Scheme (RGESS) would enable the shares/units investor to deduction of 50% of the 5 80CCG subject to a amount so invested up to a maximum maximum investment of Rs.50, 000/- from his investment of taxable income under section 80CCG, as Rs.50,000/- part of the Government of India policy to promote new retail investment in capital markets (a person will be entitled to this benefit only once). a. Medical Insurance Premium paid by Up to Rs. 15,000. any mode than cash. 6 80D b. For Senior Citizens Up to Rs. 20,000. Any expenditure for Medical, Nursing & a. Rehabilitation incurred on dependent relative suffering from permanent Up to Rs.50,000 physical Disability, Autism, Cerebral if disability is Palsy and Multiple disability 7 80DD over 40% & Rs.1,00,000 if b. Deposits under LIC, UTI’s Scheme & disability is severe. other IRDA approved Insurers for the benefit of Physically Handicapped dependent a. Actual expenditure incurred on medical treatment of self, or dependent family members suffering from terminal Up to Rs.40,000 8 80 DDB diseases like Cancer, AIDS, Renal Failure etc. Up to Rs.60,000 b. For Senior Citizens.
5 80CCG This newly modified section provides that where the assessee is a new retail investor, and his total income is less than 12 lakh, an amount of Rs.50,000 deposited under Rajiv Gandhi Equity Savings Scheme (RGESS) would enable the investor to deduction of 50% of the amount so invested up to a maximum investment of Rs.50, 000/- from his taxable income under section 80CCG, as part of the Government of India policy to promote new retail investment in capital markets (a person will be entitled to this benefit only once). 50% of the amount invested in shares/units subject to a maximum investment of Rs.50,000/- 6 80D a. Medical Insurance Premium paid by any mode than cash. Up to Rs. 15,000. b. For Senior Citizens Up to Rs. 20,000. 7 80DD a. Any expenditure for Medical, Nursing & Rehabilitation incurred on dependent relative suffering from permanent physical Disability, Autism, Cerebral Palsy and Multiple disability Up to Rs.50,000 if disability is over 40% & Rs.1,00,000 if disability is severe. b. Deposits under LIC, UTI’s Scheme & other IRDA approved Insurers for the benefit of Physically Handicapped dependent 8 80 DDB a. Actual expenditure incurred on medical treatment of self, or dependent family members suffering from terminal diseases like Cancer, AIDS, Renal Failure etc. b. For Senior Citizens. Up to Rs.40,000 Up to Rs.60,000
INCOME%20TAX%20CIRCULAR%20F.Y%202013-14.docx