80CCC

Payment of premium for annuity plan of LIC or any other insurer, deduction is available up to a maximum of Rs. 1,00, 000/-

The Finance Act 2015 has enhanced the ceiling of deduction under Section 80CCC from Rs.100, 000 to Rs. 1, 50,000 with effect from A.Y. 2016-17

 

80CCD

 Deposit made by an employee in his pension account to the extent of 10% of his salary.

Further, in any year where any amount is received from the pension account such amount shall be charged to tax as income of that previous year.

80CCF

Subscription made by individual or HUF to the extent of Rs. 20,000 to notified long term infrastructure bonds is exempt from A.Y. 2011-12 onwards. This deduction is discontinued w.e.f. A.Y. 2013-14. 

 

80CCG

Investment under Rajiv Gandhi Equity Savings Scheme, 2013.The deduction was 50 % of amount invested in such equity shares or ₹ 25,000, whichever is lower. The maximum Investment permissible for claiming deduction under RGESS is Rs. 50,000. The benefit is in addition to deduction available u/s Sec 80C.

80D

Payment of medical insurance      premium. Deduction is available up to Rs.15, 000/ for self/ family and also up to Rs. 15,000/- for insurance in respect   of parent/ parents of the assessee.In case of senior citizens, a deduction              up to Rs.20, 000/- shall be available under this Section.

Insurance premium of senior citizen parent/ parents of the assessee also eligible for enhanced deduction of Rs. 20000/- The premium is to be paid by any mode of payment other than cash and the insurance scheme should    be framed by the General Insurance Corporation of India & approved by the Central Govt. or Scheme framed by any other insurer and approved by the Insurance Regulatory & Development Authority.

80DD

Deduction of Rs.40, 000/ — In respect of

(a) Expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.

(b) Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

Under this section Budget 2015 has Further Proposed to hike the limit from A.Y. 2016-17 to Rs. 75000 from existing Rs. 50,000/-  and for person with severe disability to Rs. 1.25 lakh from existing Rs. 1 Lakh. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist.

80DDB

Deduction of Rs.40, 000/- in respect of medical expenditure incurred. W.e.f.     01.04.2004, deduction under this section   shall        be available to the extent of Rs.40, 000/- or the amount actually paid, whichever is less.

In case of senior citizens, a deduction up to Rs.60, 000/- shall be available under this Section. Budget 2015 has proposed deduction of Rs. 80000/- for senior citizen aged 80 year or More from A.Y. 2016-17.

80E

Deduction in respect of payment in the previous year of interest on loan taken from a financial institution or approved charitable institution for higher studies.

This provision has been introduced to provide relief to students taking loans for higher studies. The payment of the interest thereon will be allowed as deduction over a period of up to 8 years.

Further, by Finance Act, 2007 deduction under this section shall be available not only in respect of loan for pursuing higher education by self but also by spouse or children of the assessee.

80EE

Deduction in respect of interest on loan taken for residential house property Vide Finance Act 2013, an individual is allowed a deduction up to a limit of Rs 1, 00,000 being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04- 2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) for acquisition of a residential house whose value does not exceed Rs 40 lakhs.

80G

Donation to certain funds, charitable institutions etc. The various donations specified in Sec. 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in Sec. 80G

80GG

Deduction under Section 80GG for payment of Rent can be claimed at the time of filing of income tax return, only if the following conditions are satisfied:-

1. Deduction under Section 80GG for Rent paid is only available to an Individual or HUF.
2. The taxpayer is either Self-employed or Salaried(but does not receive any benefit of deduction under Section 10(13A) for House Rent Allowance)

• The taxpayer himself or his spouse or Minor Child or HUF of which he is a member should not own any accommodation at the place where he is employed or carries on his business or profession.

1. If the taxpayer owns any property at any place other than the place mentioned above, he should not be claiming benefit of that property as Self-Occupied Property. That other property would be deemed.

80TTA 

Deduction in respect of interest on deposits in savings account Section 80TTA is introduced wef A.Y. 2013-14 to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office.

The deduction is restricted to Rs 10,000 or actual interest whichever is lower. 

80U

Deduction of Rs.50, 000/- to an individual who suffers from a physical disability (including blindness) or mental retardation.

Further, if the individual is a person with severe disability, deduction of Rs.75, 000/- shall be available u/s 80U.W.e.f. 01.04.2010 this limit has been raised to Rs. 1 lakh. Budget 2015 proposed to amend section 80U to raise limit of deduction in respect of a person with disability from Rs. 50,000/- to Rs. 75,000 and for person with severe disability from one lakh rupees to one hundred and twenty five thousand rupees. 

87A 

Rebate of Rs 2000 for Individuals Having Total Income Up to Rs 5 Lakh 

Finance Act 2013 has provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income  not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. WEF A.Y. 2014-15. 

80RRB

Deduction in respect of any income by way of royalty in respect of a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available as:-Rs. 3 lacs or the income received, whichever is less. 

The assessee who is a patentee must be an individual resident in India. The assessee must furnish a certificate in the prescribed form duly signed by the prescribed authority alongwith the return of income.

80QQB

Deduction in respect of royalty or copyright income received in consideration for authoring any book of literary, artistic or scientific nature other than text book shall be available to the extent of Rs. 3 lacs or income received, whichever is less.

The assessee must be an individual resident in India who receives such income   in exercise of his profession.

80C

This section has been introduced by the Finance Act, 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section is limited to Rs. 1.50 lakh only.