Section |
Nature of Deduction |
Who can Claim |
Maximum Deduction available |
Section 80C |
· Life insurance premium for policy
· Sum deducted from salary payable to Government servant for securing deferred annuity or making provision for his wife/children [qualifying amount limited to 20% of salary]
· Contributions made under Employees’ Provident Fund Scheme/Public Provident Fund Account
· Contribution by an employee to a recognised provident fund
· Contribution by an employee to an approved superannuation fund
· Subscription to any notified security or notified deposit scheme of the Central Government. For ex, Sukanya Samriddhi Account Scheme.
· Subscription to notified savings certificates [National Savings Certificates (VIII Issue)]
· Contribution for participation in unit-linked Insurance Plan of UTI
· Subscription to notified deposit scheme or notified pension fund set up by National Housing Bank
· Tuition fees (excluding development fees, donations, etc.) paid by an individual to any university, college, school or other educational institution situated in India, for full time education of any 2 of his/her children
· Certain payments for purchase/construction of residential house property
· Sum paid towards notified annuity plan of LIC
· Contribution by an individual to any pension fund set up by any mutual fund which is referred to in section 10(23D) or by the UTI
· Term deposits for a fixed period of not less than 5 years with a scheduled bank.
· Subscription to notified bonds issued by the NABARD.
· Deposit in an account under the Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions)
· 5-year term deposit in an account under the Post Office Time Deposit Rules, 1981
· Contribution to specified account of the pension scheme referred to in 80CCD, in case of central Government employee.
|
Individual/HUF
|
Upto Rs. 1,50,000
|
Section 80CCC |
Investment in Pension Funds |
Section 80CCD(1) |
Contribution to pension scheme notified by Central Government up to 10% of salary |
Section 80CCD(1B) |
Additional Contribution to pension scheme notified by Central Government |
Individual |
Upto Rs. 50,000 |
Section 80CCD(2) |
Contribution made by employer under National Pension Scheme. |
Individual |
Amount contributed or 14% of Basic Salary +DA (If contribution made by Central/State Government): 10% of Basic + DA (in case of any other employee)
-whichever is lower
|
Section 80D |
Medical Insurance Premium, preventive health checkup and Medical Expenditure |
Individual/HUF |
Individuals who are less than 60 years of age are eligible to claim up to Rs.25,000; while the senior citizens can claim up to Rs.50,000.
Preventive Health check up shall not exceed Rs. 5,000
|
Section 80DD |
Expenditure for medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability |
Resident Individual/HUF |
Rs. 75,000 for 40-80% disability, Rs. 1,25,000 in case of severe disability, more than 80% |
Section 80DDB |
Expenses actually paid for medical treatment of specified diseases and ailments |
Resident Individual/HUF |
Senior Citizens: Upto Rs 1,00,000 Others: Upto Rs 40,000 |
Section 80E |
Payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education (maximum period : 8 years) |
Individual |
No Limit. |
Section 80EE |
Interest payable on loan from any financial institution for the purpose of acquisition of a residential house property subject to certain condition. |
Individual |
Maximum Rs. 50,000 |
Section 80EEA |
Interest payable on loan from any financial institution for the purpose of acquisition of a residential house property subject to certain condition. (Not Eligible to Claim Deduction u/s 80EE) |
Individual |
Maximum Rs. 1,50,000 |
Section 80EEB |
Interest payable on loan from any financial institution for the purpose of purchase of an electric vehicle subject to certain condition. |
Individual |
Maximum Rs. 1,50,000 |
Section 80G |
Donations to certain approved funds, trusts, charitable institutions/donations for renovation or repairs of notified temples, etc. |
All Assessee |
100% or 50% of the Donated amount or Qualifying limit, Donation allowed in cash upto Rs.2000/- |
Section 80GG |
Income Tax Deduction for House Rent Paid |
Individuals not receiving any house rent allowance |
Rent paid in excess of 10% of total income for furnished/unfurnished residential accommodation (subject to maximum of Rs. 5,000 p.m. or 25% of total income, whichever is lower) |
Section 80GGA |
Certain donations for scientific, social or statistical research or rural development programme or for carrying out an eligible project or scheme or National Urban Poverty Eradication Fund |
All assessees not having any income chargeable under the head ‘Profits and gains of business or profession’ |
100% of the amount donated. Allowed donation in cash upto Rs.10,000/- |
Section 80GGB |
Sum contributed to any political party/electoral trust |
Indian Company |
100% of the amount contributed No deduction available for the contribution made in cash |
Section 80GGC |
Sum contributed to any political party/electoral trust |
All assessees, other than local authority and artificial juridical person wholly or partly funded by Government |
100% of the amount contributed. No deduction available for the contribution made in cash |
Section 80QQB |
Royalty income of author of certain specified category of books |
Resident Individual – Author |
Maximum Rs. 3,00,000 |
Section 80RRB |
Royalty on patents |
Resident Individuals |
Maximum Rs. 3,00,000 |
Section 80TTA |
Interest on deposits in savings bank accounts |
Individuals/HUFs (except Senior Citizen) |
Maximum Rs. 10,000 |
Section 80TTB |
Interest on deposit in saving account or fixed deposit |
Senior Citizen |
Maximum Rs. 50,000 |
Section 80U |
Disabled Individuals who are certified by the medical authority to be a person with disability |
Resident Individuals |
Normal Disability: Rs. 75,000
Severe Disability: Rs. 1,25,000
|