Tax Exemption Under Different Sections

Cooperative societies involved in different businesses can claim income tax exemption varying from rs.
Tax exemption under different sections. Income tax deductions under section 80p. There are several income tax exemptions available under the income tax act and here we will discuss all of the same. A brief description of the requirements for exemption of veterans organizations under internal revenue code sections 501 c 19 and 501 c 23.
Here is a complete list of tax free deductions available under section 80 apart from section 80c. Following are different tax exemption sections as described in details section 80c the government gives tax benefits on certain financial products in order to encourage savings under section 80c of the income tax act. Churches and religious organizations like many other charitable organizations may qualify for exemption from federal income tax under section 501 c 3.
Ppf public provident fund epf employees provident fund. List of income tax exemptions for fy 2017 2018 and ay 2018 2019. There are a number of great ways to save taxes.
Tax information for political organizations tax information for political parties and campaign committees subject to tax under irc section 527. Allowances exempted as per income tax act section 10. India tax exemptions are specified incomes on which a person can get exemptions.
You need to make use of the tax saving instruments wisely in order to minimize your tax payments. Different investments made under such schemes are referred to as 80c investments. The various investments that can be claimed as tax deductions under section 80c are listed below.
Yes there are other sections which give you additional tax saving exemptions besides section 80c. Organizations organized and operated exclusively for religious charitable scientific testing for public safety literary educational or other specified purposes and that meet certain other requirements are tax exempt under internal revenue code section 501 c 3. Deductions under section 80gga can be claimed if donation is made for scientific research or rural development.