Income Tax Exemptions under various sections : Assessment Year 2013-14

                           Income Tax Exemptions under various sections :  Assessment Year 2013-14

Sr No	Section	Details of deductions	Limit
1	80C	General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc	Maximum Rs 1 ,00,000 is allowed.
2	80CCC	Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.	Maximum is Rs 1,00,000
3	80CCD	Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.	Maximum is sum of employer’s and employee’s contribution to the maximum : 10 % of salary.
5	80D	Medical insurance on self, spouse , children or  parents	Rs 15,000 for self , spouse & children
			Extra Rs 15,000 for insurance on parents. IF parents are above 65 years, extra sum should be read as Rs 20,000
			Thus maximum is Rs. 35,000 p.a.
6	80DD	For maintenance including treatment or insurance of physical disable dependent relatives	Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
7	80DDB	For medical treatment of self or relatives suffering from specified disease	Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000
8	80E	For interest payment on loan taken for higher studies for self or education of spouse or children	Actual amount paid as interest and start from the financial year in which he /she starts paying interest and runs till the interest is paid in full.
9	80G	Donations to charitable institution	100% or 50% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. )
10	80GG	For rent paid.	This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month.  Rule 11B is method of computation.
11	80GGA	For donation to entities in scientific research or rural development.	Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.

Difference between Winners & Losers : Its All Attitude that matters.

Big Guns Failed to impress franchisees in IPL Auction 2013

Highest base priced players for IPL 2013 Auction Ricky Ponting and Michel Clarke and Johan Botha failed get the big deal in the auction. Rather All rounders were most preferred players for the auction. Players with less International experience like Maxwell, Kane Richardson, Abhishek Nayer, Christopher Morris, Dirk Nannes and Jaydev Unadkat bagged good amount for IPL 2013 season. 

Experienced players like Hershelle Gibbs, Rangana Herath, Upul Tharanga, Matt Prior, Martin Guptill, Scott Styris were failed to impress franchisee owners this time. 

It was purely  recent performance based selection approach from the franchisee owners with experts like Rahul Dravid, Anil Kumble, VVS Laxman and Gautam Gambhir Supporting actively their respective franchisees in Auction Process.