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Section
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Eligible Persons for claiming
Deductions
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Eligible
Payments
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Permissible Deductions / Conditions
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80C
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Individual and HUF
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Contribution to PPF, Payment of LIC
premium, etc.
Sums paid or deposited in the previous year
a. Life insurance
premium
b. Sum paid under a
contract for deferred annuity (however, contract should not contain an option to receive
cash payment in lieu of annuity)
c.
Contribution to Public Provident
Fund (PPF)
d.
Contribution for participation in Unit
Linked Insurance Plan (ULIP) of LIC Mutual Fund and ULIP of UTI
For
a to d above, payment can be made by individual for himself/herself,
spouse and children and by HUF for any member of HUF
e.
Annuity Plan of LIC or any other
insurer as notified by Central Government (New Jeevan Dhara/New Jeevan
Dhara-I/New Jeevan Akshay/New Jeevan Akshay-I/New Jeevan Akshay-II/Jeewan
Akshay-III/Jeevan Akshay -VI/Jeevan Akshay-VII plan of LIC /Immediate Annuity
Plan of ICICI Prudential Life Insurance Company Limited/ TATA AIG Easy retire
Annuity Plan of TATA AIG Life Insurance Company Limited)
f.
Investment in Equity Linked Savings
Scheme
g.
Contribution to notified pension funds
set up by any Mutual fund or administrator or specified company as notified
by Central Government (UTI Retirement Benefit Pension Fund/ Reliance Retirement
Fund Set up by Reliance Mutual Fund/ HDFC retirement Savings Fund set up by
HDFC Mutual Fund)
h.
Subscription to notified deposit scheme or notified pension
fund
set up by National housing Bank [National Housing Banks (Tax Saving) Term Deposit Scheme,
2008]
i.
Subscription to notified schemes of (a) public
sector companies engaged in providing long-term finance for
purchase/construction of houses in India for residential purposes (Public
Deposit Scheme of Housing and Urban Development Corporation Limited) /(b)
authority constituted under any law for satisfying need for housing
accommodation or for planning, development or improvement of cities, towns
and villages, or for both
j.
Payment of any tuition fees to any
university, college, school, other educational institution situated within
India for the purpose of full-time education by an individual, for any 2 children
of such individual (excluding payment for development fees/ donation/ payment
of similar nature).
k.
Principal Repayment of amount borrowed for loan taken for
purchase or construction of residential house property, under any
self-financing scheme/other scheme of any development authority/housing
board/ other authority engaged in construction and sale of house property on
ownership basis, from Central / State Government, any bank including
co-operative bank, LIC, National Housing bank etc. (but does not include
repayment of loan taken from friends / relatives)
l. Payment of stamp duty,
registration fee and other expenses for the purpose of transfer of such house
property to the individual or HUF (but does not include admission fee, cost
of share, Initial deposit required to be paid for becoming a shareholder or
member of co-operative society and cost of any addition/ alteration/
renovation/ repair carried out after issue of completion certificate or after
the house property is occupied or let-out, any deduction allowable under
House Property etc.)
m. Subscription
to equity shares or debentures forming part of any approved eligible issue of
capital made by a public company or public financial institutions and the
entire proceeds are utilized wholly and exclusively for any business engaged
in infrastructure
facility, telecommunication services, etc.
n. Subscription to any
units of any approved mutual fund of subscription to such units is subscribed
only in 'eligible issue of capital' made by a public company or public
financial institutions and the entire proceeds are utilized wholly and
exclusively for any business engaged in infrastructure facility, etc.
o. Investment in Fixed
Deposits with a maturity period of 5 years or more with a scheduled bank or
Post office in India etc.
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Rs.
1,50,000
(Maximum permissible deduction)
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80CCC
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Individual
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Contribution to certain pension funds
Any amount paid or deposited to keep in
force a contract for any annuity plan of LIC of India or any other insurer
for receiving pension from the fund.
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Maximum
permissible deduction Rs. 1,50,000/-
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80CCD
(1)
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Individual
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Contribution
to pension scheme notified by Central Government
Any
amount paid/deposited in his a/c under such Pension Scheme shall be allowed
as deduction
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Maximum
of –20% of Gross Total Income in relevant FY
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80
CCE
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Aggregate
amount of deduction under Section 80C, 80CCC and 80CCD(1) shall not exceed
Rs. 1,50,000/-
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80CCD
(1B)
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Individual
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Contribution to pension scheme of Central
Government / National Pension Scheme
Any amount paid or deposited in an account
under Pension Scheme notified or as may be notified by the Central Government.
Not allowed for same payment for which
Section 80CCD (1) above is availed.
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Maximum
Rs. 50,000. The same is allowed in addition to deduction allowed under
Section 80CCD(1)
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80D
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Individual
and HUF
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Health
Insurance Premium
a.
Any premium paid or contribution made
to Central Government Health Scheme or such other scheme as notified by
Central Government, otherwise than by way of cash, to keep in force an
insurance on the health of:
In case of individual- Self, spouse
and dependent children
In case of HUF- Family member
b. Payment, including
cash payment, for preventive health check-up of himself/herself.
c.
Any premium paid, otherwise than by
way of cash, to keep in force insurance on the health of parents, whether or
not dependent on the individual.
d.
Payment, including cash payment, for
preventive health checkup of parents
e.
Any amount paid on account of medical
expenditure otherwise than by way of cash, incurred on the health of
self/spouse/parents who is a senior citizen and who is a resident of India
and no payment has been made to keep in force an insurance on the health of
such persons
f.
If the premium paid as mentioned in
Points (a), (b), (c) and (d) above is paid in lump sum covering more than 1
FY, then deduction in the relevant FY shall be eligible only to the extent
allowed for 1 FY.
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Maximum Rs.25,000
(Rs.50,000 in case individual or his/her spouse is a senior citizen and a resident in
India).
Maximum Rs.5,000
(subject to overall limit of Rs.25,000/ 50,000)
Maximum Rs. 25,000 (Rs.50,000, in case either or both
of the parents are Senior Citizen and a resident in India)
Maximum Rs.5,000
(subject to overall limit of Rs.25,000/ 50,000)
Maximum Rs.
50,000/-
i.e.
Amount paid in lump sum in current FY * 1 year/ Total years for which the
payment is made |
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80E
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Individuals
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Interest
on loan taken for higher education
Interest on loan should be taken from any
financial institution or approved charitable institution.
Such loan is taken for pursuing his/her higher education or higher education of his
or her relative i.e., spouse or children of the individual or student for
whom such individual is a legal guardian.
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The
deduction is available for interest payment in the initial year i.e. year of
commencement of interest payment and seven years immediately succeeding the
initial year
or
Until
the interest is paid in full by the individual, whichever is earlier
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80G
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All
persons
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Donation to certain funds, charitable
institution etc.
For example: Prime minister’s National
Relief fund,
Prime minister’s Drought Relief fund,
National Children’s fund, PM cares fund,
Government or any approved local authority,
institution for promotion of family planning certain funds/ institutions etc.
Qualifying
amount is calculated as follows:
Step 1: Compute
adjusted total income, i.e., the gross total income as reduced by the
following:
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There
are four categories of deduction: No deduction shall be allowed in excess of
Rs. 2,000 if paid in cash:
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a
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100% deduction of amount donated without
any qualifying limit
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b
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50% deduction of amount donated without any
qualifying limit
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a.
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Deductions under chapter VI-A of the Act
except under section 80G
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c
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100% deduction of amount donated
subject to qualifying limit
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b.
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STCG
taxable u/s 111A
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c.
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LTCG
taxable
u/s 112
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d
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50% deduction of amount donated subject to
qualifying limit
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Step 2: Calculate 10% of
adjusted total income.
Step 3: Calculate the
actual donation which is subject to qualifying limit
Step 4: Lower of step 2 or
step 3 is the maximum permissible deduction.
Step 5: The said deduction
is given first for donations qualifying for 100% deduction and thereafter the
balance for donations qualifying for 50% deduction.
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80GGC
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Individual
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Sum contributed to political party/
electoral trust
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Deduction will not be allowed if sum is
contributed in cash.
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80TTA
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Individual
or HUF
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Interest on deposits in Saving a/c
Any income by way of interest
on deposits in a savings a/c with a
bank, a co-operative society or a
post office (not being time deposits, which are repayable on expiry of fixed periods)
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Actual interest subject to maximum Rs.
10,000.
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