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1. INCOME TAX DEDUCTION-DEDUCTION LIST ON UNDER SECTION 80C,80CCC,80CCD & 80D FY-2023-24 SUBMITTED TO: Ms. Narinder Kaur Assistant Professor Department of Management Maharaja Agrasen Institute of Management & Technology Submitted by: Karan Kumar Sharma ROLL NO – 232004 CLASS – MBA 2 ND Semester

2. Contents Meaning of Income Meaning of Tax Meaning of Income Tax Tax slabs for Financial Year 2023-24 Meaning of Deduction Income Tax Deduction Under Section 80C Income Deduction Under Section 80CCC Income Tax Deduction Under Section 80CCD Income Tax Deduction Under Section 80D Conclusion Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

3. MEANING OF INCOME Income refers to the money or entity earning that individual or entity receives, Typically in exchange for providing goods, service, or labour . Its can come from various source such as salaries, wages, investment, rent or business profits. Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

4. MEANING OF TAX Tax is a compulsory financial charge or levy of imposed by a government on individual or businesses to fund public expenditure and services. Its typically based income, property, goods or services. Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

5. MEANING OF INCOME TAX Income tax is tax imposed by the government on the income earned by individual and business. Its typically calculated as a percentage of taxable income which includes wages, salaries, interest, dividends, rental income and others sources . Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

6. INCOME TAX NEW SLABS FOR 2023-24 Monday, 12 February 2024 Karan Kumar Sharma,MAIMT Slabs Rates Taxable Rates Rs 0 – 3,00,000 Nill Rs 3,00,000 – 6,00,000 5% Rs 6,00,000 – 9,00,000 10% Rs 9,00,000 – 12,00,000 15% Rs 12,00,000 – 15,00,000 20% More than – Rs 15,00,000 30%

7. INCOME TAX OLD SLAB FOR 2023-24 Slabs Individual (age < 60 years) Senior citizens (> 60 but < 80 years) Super senior citizens (80 years and above) Up to Rs 2,50,000 Nill Nill Nill Rs 2,50,0001 to 3,00,000 5% Nill Nill Rs 3,00,001 to Rs 5,00,000 5% 5% Nill Rs 5,00,001 to Rs 10,00,000 20% 20% 20% Above Rs 10,00,000 30% 30% 30% Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

8. MEANING OF DEDUCTION A income tax deduction reduces the amount of taxable income you have which can lower your overall tax bill deductions are expenses or contribution that the government allow to subtract from your gross income before calculating how much tax you owe . Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

9. INCOME TAX DEDUCTION UNDER SECTION 80C Deduction in respect of life insurance premium, public provident fund etc. Maximum deduction under this section 1,50,000 Who is entitled for this deduction An individual Hindu undivided family Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

10. INCOME TAX DEDUCTION UNDER SECTION 80CCC Deduction in respect of contribution in annuity funds LIC Akshay Yojana LIC Akshay Yojana is a pension plan offered by the life insurance corporation of India. Its is single premium immediate annuity plan which mean you pay a lump sum amount up- front and start receiving a regular income immediately or differed as chosen for the rest of your life or for fixed period. Its provide financial securities and a steady during retirement. Quantum of deduction Eligibility Karan Kumar Sharma,MAIMT Monday, 12 February 2024

11. INCOME TAX DEDUCTION UNDER SECTION 80CCD Deduction in respect of contribution in pension fund-National pension fund NPS NPS regulated by pension fund regulator under ministry of finance government of India. When ensure transparent norms governing the activities. Quantum of deduction in this section 1,50,000 Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

12. INCOME TAX DEDUCTION UNDER SECTION 80D Deduction in respect of medical insurance premium, check-up expenditure etc Quantum of deduction in this section 1,50,000 Eligibility An individual Hindu undivided family Monday, 12 February 2024 Karan Kumar Sharma,MAIMT

13. Monday, 12 February 2024 Karan Kumar Sharma,MAIMT CONCLUSION

14. Monday, 12 February 2024 Karan Kumar Sharma,MAIMT ANY QUERIES

15. THANKS HAVE A NICE DAY Monday, 12 February 2024 Karan Kumar Sharma,MAIMT