| Tax deductions specified under Chapter VIA of the Income Tax Act | ||||
| Section Ptax,80C, 80D,80U,80G,80DDB,hbl Int.(24B), etc. | ||||
| Deduction towards payments made to | ||||
| 80C | Life Insurance Premium | Combined deduction limit of ₹ 1,50,000 | ||
| Provident Fund | ||||
| Subscription to certain equity shares | ||||
| Tuition Fees | ||||
| National Savings Certificate | ||||
| Housing Loan Principal | ||||
| Other various items | ||||
| 80CCC | Annuity plan of LIC or other insurer towards Pension Scheme | |||
| 80CCD(1) | Pension Scheme of Central Government | |||
| Section 80CCD(1B) | ||||
| Deduction towards payments made to Pension Scheme of Central Government, excluding deduction claimed under 80CCD (1) | | Deduction limit of ₹ 50,000 | ||
| Section 80CCD(2) | ||||
| Deduction towards contribution made by an employer to the Pension Scheme of Central Government | ||||
| If the Employer is a PSU or Others | | Deduction limit of 10% of salary | ||
| If the Employer is Central or State Government | | Deduction limit of 14% of salary | ||
| Section 80CCH | ||||
| Deduction in respect of contribution to Agnipath Scheme | ||||
| Where an assessee, being an individual enrolled in the Agnipath Scheme and subscribing to the Agniveer Corpus Fund on or after the 1st day of November, 2022, has in the previous year paid or deposited any amount in his account in the said fund | Allowed a deduction in the computation of total income, of the whole of the amount so paid or deposited | |||
| Where the Central Government makes any contribution to the account of an assessee in the Agniveer Corpus Fund | | Allowed a deduction in the computation of total income of the whole of the amount so contributed | ||
| Section 80D | www.sandipanedu.in | |||
| Deduction towards payments made to Health Insurance Premium & Preventive Health check up | ||||
| For Self / Spouse or Dependent Children | | ₹ 25,000 (₹ 50,000 if any person is a Senior Citizen) | ||
| ₹ 5,000 for preventive health check up, included in above limit | ||||
| For Parents | www.sandipanedu.in | ₹ 25,000 (₹50,000 if any person is a Senior Citizen) | ||
| ₹ 5,000 for preventive health check up, included in above limit | ||||
| Deduction towards Medical Expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage | ||||
| For Self/ Spouse or Dependent Children | www.sandipanedu.in | Deduction limit of ₹ 50,000 | ||
| For Parents | | Deduction limit of ₹ 50,000 | ||
| Policy for? | Deduction for self & family | Deduction for parents | Preventive Health check-up | Maximum Deduction |
| Self & Family (below 60 years) | 25,000 | - | 5,000 | 25,000 |
| Self & Family + Parents (all of them below 60 years) | 25,000 | 25,000 | 5,000 | 50,000 |
| Self & Family (below 60 years) + Parents (above 60 years) | 25,000 | 50,000 | 5,000 | 75,000 |
| Self & Family + Parents (above 60 years) | 50,000 | 50,000 | 5,000 | 1,00,000 |
| Members of HUF (below 60 years) | 25,000 | 25,000 | 5,000 | 25,000 |
| Members of HUF (a member is above 60 years) | 50,000 | 50,000 | 5,000 | 50,000 |
| Section 80DD | ||||
| Flat deduction of | ||||
| ₹ 75,000 | ||||
| Deduction towards payments made towards maintenance or medical treatment of a Disabled Dependent or Paid / Deposited any amount under relevant approved scheme | available for a person with Disability, irrespective of expense incurred. | |||
| The deduction is | ||||
| ₹ 125,000 | ||||
| if the person has Severe Disability (80% or more).= | ||||
| Please note: If Taxpayer is claiming deduction u/s 80DD then its recommended to file form 10-IA also before filing of return. | ||||
| Form 10IA can be filed later also however it is recommended to file form 10-IA along with return of income to avoid any inconvenience later. | ||||
| Section 80DDB | ||||
| www.sandipanedu.in | ||||
| Deduction towards payments made towards Medical treatment of Self or Dependant for specified diseases | Deduction limit of | |||
| ₹ 40,000 | ||||
| (₹ 1,00,000 if Senior Citizen) | ||||
| Section 80E | ||||
| Deduction towards interest payments made on loan for higher education of Self or relative | Total amount paid towards interest on loan taken | |||
| Section 80EE | ||||
| Deduction towards interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 to 31st March 2017 | Deduction limit of | |||
| ₹ 50,000 | (24b and 80EE) you can claim the benefits under both sections | |||
| on the interest paid on loan taken | ||||
| Section 80EEA | e | |||
| Deduction available only to individuals towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 & deduction should not have been claimed u/s 80EE | (24b and 80EEA) you can claim the benefits under both sections | Deduction limit of | ||
| ₹ 150,000 | ||||
| on the interest paid on loan taken | ||||
| Section 80EEB | ||||
| Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023 | Deduction limit of | |||
| ₹ 150,000 | ||||
| on the interest paid on loan taken | ||||
| Section 80G View Details | ||||
| Deduction towards Donations made to prescribed Funds, Charitable Institutions, etc. | ||||
| Donation are eligible for deduction under the below categories | ||||
| Without any limit | View Details | 100% deduction | ||
| 50% deduction | ||||
| Subject to qualifying limit | | 100% deduction | ||
| 50% deduction | ||||
| Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2000/- | ||||
| Section 80GG | ||||
| Deduction towards rent paid for house & applicable to only those who are self-employed or for whom HRA is not part of Salary | ||||
| Least of the following shall be allowed as deduction | ||||
| Rent paid reduced by 10% of Total Income before this deduction | ₹ 5,000 per month | 25% of Total Income (excluding long term capital gains, short term capital gains under section 111A or income under section 115A or 115D) | ||
| Note: Form 10BA to be filled for claiming this deduction. | ||||
| Section 80GGA | ||||
| Deduction towards Donations made for Scientific Research or Rural Development | ||||
| Donation are eligible for deduction under the below categories: | ||||
| Research Association or University, College or other Institution for | ||||
| Scientific Research | ||||
| Social Science or Statistical Research | ||||
| Association or Institution for | ||||
| Rural Development | ||||
| Conservation of Natural Resources or for Afforestation | ||||
| PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project | ||||
| Funds notified by Central Government for | ||||
| Afforestation | ||||
| Rural Development | ||||
| National Urban Poverty Eradication Fund as setup and notified by Central Government | www.sandipanedu.in | |||
| | Note: No deduction shall be allowed under this Section in respect of donation made in cash exceeding ₹ 2000/- or if Gross Total Income includes income from Profit / Gains of Business / Profession | |||
| Section 80GGC | ||||
| | Deduction towards Donations made to Political Party or Electoral Trust | |||
| Deduction towards Donations made to Political Party or Electoral Trust | ||||
| Section 80TTA | ||||
| | Deduction limit of | |||
| Deduction on interest received on saving bank accounts by Non-Senior Citizens | ₹ 10,000/- | |||
| Section 80TTB | ||||
| | Deduction limit of | |||
| Deduction on interest received on deposits by Resident Senior Citizens | ₹ 50,000/- | |||
| Section 80U | ||||
| | Flat ₹ 75,000 deduction for a person with Disability, irrespective of expense incurred | |||
| Deductions for a resident individual taxpayer with Disability | Flat ₹ 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred | |||