Page Contents
According to the Finance Act of 2023 : Deductions and exemptions available under new and old tax regimes are compared. Based on all investments and payments made/applicable to them, one may select between the Old Regime and the New Regime.
| SECTION | DEDUCTION ON | ALLOWED LIMIT (MAXIMUM) FY 2018-19 |
| 80C | INVESTMENT IN PPF – EMPLOYEE’S SHARE OF PF CONTRIBUTION – NSCS – LIFE INSURANCE PREMIUM PAYMENT – CHILDREN’S TUITION FEE – PRINCIPAL REPAYMENT OF HOME LOAN – INVESTMENT IN SUKANYA SAMRIDHI ACCOUNT – ULIPS – ELSS – SUM PAID TO PURCHASE DEFERRED ANNUITY – FIVE YEAR DEPOSIT SCHEME – SENIOR CITIZENS SAVINGS SCHEME – SUBSCRIPTION TO NOTIFIED SECURITIES/NOTIFIED DEPOSITS SCHEME – CONTRIBUTION TO NOTIFIED PENSION FUND SET UP BY MUTUAL FUND OR UTI. – SUBSCRIPTION TO THE SCHEME OF HOME LOAN ACCOUNT, AS PROVIDED BY THE NATIONAL HOUSING BANK – SUBSCRIPTION TO DEPOSIT SCHEME OF A PUBLIC SECTOR OR COMPANY ENGAGED IN PROVIDING HOUSING FINANCE – CONTRIBUTION TO NOTIFIED ANNUITY PLAN OF LIC – SUBSCRIPTION TO EQUITY SHARES/ DEBENTURES OF AN APPROVED ELIGIBLE ISSUE – SUBSCRIPTION TO NOTIFIED BONDS OF NABARD | RS. 1,50,000 |
| 80CCC | FOR AMOUNT DEPOSITED IN ANNUITY PLAN OF LIC OR ANY OTHER INSURER FOR A PENSION FROM A FUND REFERRED TO IN SECTION 10(23AAB) | – |
| 80CCD (1) | EMPLOYEE’S CONTRIBUTION TO NPS ACCOUNT (MAXIMUM UP TO RS 1,50,000) | – |
| 80CCD (2) | EMPLOYER’S CONTRIBUTION TO NPS ACCOUNT | MAXIMUM UP TO 10% OF SALARY |
| 80CCD(1B) | ADDITIONAL CONTRIBUTION TO NPS | RS. 50,000 |
| 80TTA (1) | INTEREST INCOME FROM SAVINGS ACCOUNT | MAXIMUM UP TO 10,000 |
| 80TTB | EXEMPTION OF INTEREST FROM BANKS, POST OFFICE, ETC. APPLICABLE ONLY TO SENIOR CITIZENS | MAXIMUM UP TO 50,000 |
| 80GG | RENT PAID FOR RESIDENTIAL PURPOSE, AND NO HRA IS RECEIVED FROM EMPLOYER | LOWER OF THE FOLLOWING – – RENT PAID MINUS 10% OF TOTAL INCOME – RS. 5000/- PER MONTH – 25% OF TOTAL INCOME |
| 80E | INTEREST PAID ON THE LOAN TAKEN FOR EDUCATION PURPOSE | REPAYMENT OF INTEREST FOR A PERIOD OF MAXIMUM 8 YEARS |
| 80EE | INTEREST ON HOME LOAN FOR FIRST TIME HOME OWNERS | RS 50,000 |
| 80D | MEDICAL INSURANCE – SELF, SPOUSE, CHILDREN MEDICAL INSURANCE – PARENTS MORE THAN 60 YEARS OLD OR (FROM FY 2015-16) UNINSURED PARENTS MORE THAN 80 YEARS OLD | – RS. 25,000 – RS. 50,000 |
| 80DD | MEDICAL TREATMENT FOR HANDICAPPED DEPENDENT OR PAYMENT TO SPECIFIED SCHEME FOR MAINTENANCE OF HANDICAPPED DEPENDENT – DISABILITY IS 40% OR MORE BUT LESS THAN 80% – DISABILITY IS 80% OR MORE | – RS. 75,000 – RS. 1,25,000 |
| 80DDB | MEDICAL EXPENDITURE ON SELF OR DEPENDENT RELATIVE FOR DISEASES SPECIFIED IN RULE 11DD – FOR LESS THAN 60 YEARS OLD – FOR MORE THAN 60 YEARS OLD | – LOWER OF RS 40,000 OR THE AMOUNT ACTUALLY PAID – LOWER OF RS 1,00,000 OR THE AMOUNT ACTUALLY PAID |
| 80U | SELF-SUFFERING FROM DISABILITY: – AN INDIVIDUAL SUFFERING FROM A PHYSICAL DISABILITY (INCLUDING BLINDNESS) OR MENTAL RETARDATION. – AN INDIVIDUAL SUFFERING FROM SEVERE DISABILITY | – RS. 75,000 – RS. 1,25,000 |
| 80GGB | CONTRIBUTION MADE BY COMPANIES TO POLITICAL PARTIES | AMOUNT CONTRIBUTED, OTHER THAN IN CASH |
| 80GGC | CONTRIBUTION MADE BY INDIVIDUALS TO POLITICAL PARTIES | AMOUNT CONTRIBUTED, OTHER THAN IN CASH |
| 80RRB | DEDUCTIONS ON INCOME BY WAY OF ROYALTY OF A PATENT | LOWER OF RS 3,00,000 OR INCOME RECEIVED |
Navigating Complex Taxation of Rental Income for Indian Landlords Rental income can be a significant source of revenue for property… Read More
Setting Up A Business With 100% Export Oriented Units (EOUs) along with FDI Foreign investors must first assess their entry… Read More
Important Points for Taxation of Share Transaction & Disclosing F&O Income The income from these transactions should be reported under… Read More
Overview on International Financial Services Centre in GIFT City An International Financial Services Centre (IFSC) is a jurisdiction that caters… Read More
Why you should file ITR even if your income is less than INR 2.5 Lakhs ? While it may not… Read More
Form No. 67 filling for availing Foreign Tax Credit is a directory nature & not Compulsory. In Matter of Ms.… Read More