Categories: Income TaxOthers

Summary of Deductions U/S 80C, 80CCC, 80CCD & 80D

Summary of Deductions U/S 80C, 80CCC, 80CCD & 80D

SECTION 80 DEDUCTION

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

 

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