The chart given below describes the deductions
allowable under chapter VIA of the I.T. Act from the gross total income of the
assessees having income from salaries.(sourse from internet)
SECTION
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NATURE OF DEDUCTION
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REMARKS
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80CCC
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Payment of premium
for annuity plan of LIC or any other
insurer Deduction is available upto a maximum of Rs. 1,00,000/-
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The premium must be
deposited to keep in force a contract for an annuity plan of the LIC or any
other insurer for receiving pension from the fund. The Finance Act 2015 has
enhanced the ceiling ofdeduction under Section 80CCC from Rs.100,000 to Rs.
1,50,000 with effect from A.Y. 2016-17
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80CCD
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Deposit made by an
employee in his pension account to the extent of 10% of his salary.
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Where
the Central Government makes any contribution to the
pension account, deduction of such contribution to the extent of
10% of salary shall be allowed. 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. The Finance Act, 2009 has extended benefit to
any individual assesse, not being a Central Government employee.
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80CCF
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Subscription to long
term infrastructure bonds
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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 on wards. This
deduction is discontinued w.e.f. A.Y. 2013-14.
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80CCG
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Investment under
Rajiv Gandhi Equity Savings Scheme, 2013
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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.
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80D
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Payment of
medical insurance premium. Deduction is
available upto Rs.15,000/ for self/ family and also upto Rs. 15,000/- for
insurance in respect of parent/ parents of the assessee.In
case of senior citizens, a
deduction
upto Rs.20,000/- shall be available under this Section. Insurance premiume of
senior citizen parent/ parents of the assessee also eligible for enhanced
deduction of Rs. 20000/-
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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. The premium should be paid in respect of health
insurance of the assessee or his family members. The Finance
Act 2008 has also provided deduction upto Rs. 15,000/- in respect
of health insurance premium paid by the assessee towards his parent/parents.
w.e.f. 01.04.2011, contributions made to the Central Government Health Scheme
is also covered under this section.
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80DD
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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. W.e.f. 01 .04.2004 the
deduction under this section has been enhanced to
Rs.50,000/- Further, if the dependent is a person with severe
disability a deduction of Rs.1,00,000/– shall be available under this sectionBudget
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.
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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.Note:A person with severe disability means a person with 80% or
more of one or more disabilities as outlined in section 56(4) of the “Persons
with Disabilities (Equal opportunities, Protection of Rights and Full
Participation) Act.,
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80DDB
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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 upto Rs.60,000/-
shall be available under this Section.Budget 2015 has proposed deduction of
Rs. 80000/- for seniot citizen aged 80 year or More from A.Y. 2016-17
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Expenditure must be
actually incurred by resident assessee on himself or dependent relative for
medical treatment of specified disease or ailment. The diseases have been
specified in Rule 11DD. A certificate in form 10I is to be furnished by the assessee
from a specialist working in a Government hospital.Budget 2015 has Proposed
for the purpose of claiming deduction under the section assessee will be
required to obtain a prescription from a specialist doctor instead of Certificate.
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80E
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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.
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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 upto 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.W.e.f. 01.04.2010 higher education means any course of study pursued after passing the senior secondary examination or its equivalent from any recognized school, board or university. |
80EE
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Deduction in respect of interest on loan taken for residential
house property
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Vide Finance Act
2013, an individual is allowed a deduction upto 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.However the deduction is available if the assessee does not own any
residential house property on the date of sanction of the loan.
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80G
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Donation to certain
funds, charitable institutions etc.
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The various
donations specified in Sec. 80G
are
eligible for
deduction upto either 100% or 50% with or without restriction as provided in Sec. 80G |
80GG
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Deduction available
is the least of(i) Rent paid less 10% of total incomeii. Rs.2000 per
monthiii. 25% of total income
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(1)
Assessee or his
spouse or minor
child should not
own residential accommodation at
the place of employment.(2) He should not be in receipt of house rent
allowance.(3) He should not have a self-occupied residential premises in any
other place
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80TTA
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Deduction in respect of interest on deposits in savings
account
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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.
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80U
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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
withsevere disability from one lakh rupees to one hundred and
twenty five thousand rupees.
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Certificate should
be obtained on prescribed format from a notified ‘Medical authority’.
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87A
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Rebate Of Rs 2000 For Individuals Having Total Income Upto Rs
5 Lakh
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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.
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80RRB
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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.
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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.
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80QQB
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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.
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The assessee must be
an individual resident in India who receives such income in
exercise of his profession. To avail of this deduction, the assessee must
furnish a certificate in the prescribed form along with the return of income.
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80C
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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.
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