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Section
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Eligible Assessee
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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
-Life insurance premium paid
-Contribution to PPF, SPF, RPF and superannuation fund
-Repayment of amount borrowed of loan taken for purchase or construction of
residential house property, 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)
-Payment of any tuition fees to any
university, college, school etc. situated within India
-Investment in FDs 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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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 maximum of –
1.
In case of an employee –
10% of his salary in relevant FY
2.
Other case – 20% of Gross
Total Income in relevant FY
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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
80CCD (1) is availed.
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Maximum
Rs. 50,000
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80D
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Individual
and HUF
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Medical
Insurance Premium
(1)
Any premium paid,
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
(2)
Contribution to CGHS of
such other scheme as notified by Central Government.
(3) Payment,
including cash payment, for preventive health check-up of himself.
(4) 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.
(5) Payment,
including cash payment, for preventive health checkup of parents
(6) Any
amount paid on account of medical expenditure 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
(7) If
the premium paid as mentioned in Points (1), (2) and (4) 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 higher education or higher education of his or her relative
i.e., spouse or children of the individual.
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The deduction is
available for interest payment in the initial AY (year of commencement of
interest payment) and seven AYs years
immediately succeeding the initial assessment year
or
Until the interest
is paid in full by the assessee, whichever is earlier
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80G
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All
Assessees
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Donation to certain
funds, charitable institution etc.
Prime minister’s
National Relief fund,
Prime minister’s
Drought Relief fund,
National children
fund,
Rajiv Gandhi
Foundation,
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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1
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100% deduction of
amount donated without any qualifying limit
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2
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50% deduction of
amount donated without any qualifying limit
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1.
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Deductions under chapter VI-A of the Act
except under section 80G
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3
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100% deduction of
amount donated subject to qualifying
limit
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2.
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STCG
taxable u/s 111A
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3.
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LTCG
taxable
u/s 112
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4
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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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80GG
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Individual
not in receipt of house rent allowance
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Rent Paid:
Least of the
following is allowable as deduction :
1.
25% of total income;
2.
Rent paid – 10% of total
income
3.
Rs. 5,000 Per month
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No deduction if any residential accommodation is owned by the assessee or his spouse or his minor child or his HUF
at the place where he ordinarily
resides or performs the duties of
his office or employment or carries on his business or profession
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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 a maximum of10,000.
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