Income Tax Deduction under section 80C, 80CCG, 80D, 80DD, 80E,80G, 80GG & 80U as per the New Central Finance Budget 2014
1. Summary and Deduction under section 80C for investment in various financial instrument, insurance policy, fixed deposits, etc. Maximum Deduction under Section 80C, 80CCC and 80CCD is Rs.150,000/-Click here to view details of U/s 80C
2. Deduction under section 80CCA: Discontinued from April, 1992 Income Tax Deduction under section 80CCA for investment in National Savings Scheme or payment to a deferred annuity plan.
3. Deduction under section 80CCC for Contribution to pension scheme Maximum Deduction under Section 80C, 80CCC and 80CCD is Rs.150,000/-
4.Deduction under section 80CCD(2) for Contribution to pension scheme of Central Government.Click here to view the Section 80CCC & 80CCD(2)
5. Deduction under section 80CCG for Contribution to equity shares or equity mutual fund under Rajiv Gandhi Equity Saving Scheme and maximum deduction under Section 80CCG is Rs.50,000/- (50% of actual investment is entitled)
6. Deduction under section 80D for Contribution to medical premium and maximum deduction under Section 80D is Rs.15,000/- & Sr.Citizen Rs. 20,000/- P.A. Click here to view Section 80D
7. Deduction under section 80DD for Contribution to medical treatment and maintenance of handicapped dependent and Maximum Deduction under Section 80DD is Rs.100,000/- & Rs 50,000/-.
8. Deduction under section 80DDB for Contribution to medical treatment of specified diseases and maximum deduction under Section 80DDB is Rs.60,000/- and Rs 40,000/-
9. Deduction under section 80E for interest payment of loan taken for higher education and there is no maximum Deduction under Section 80E so individual can total interest paid on education loan.
10. Deduction under section 80EE for interest payment of loan taken for new home for home loan amount of Rs 25 Lakhs and maximum Deduction under Section 80EE is Rs.100,000/-
11.Deduction under section 80G for Contribution/Donation to charitable organization and maximum deduction under Section 80G is 100% Or 50% of contribution amount to 10% of 10% of adjusted gross total income of the taxpayer.Click here to View the Section 80G
12. Deduction under section 80GG for payment of rent by individual salaried taxpayer who is not receiving House rent allowance (HRA) and should not own any residential accommodation and maximum deduction under Section 80GG is Rs 2000/- per Month.Click here to view the Section 80GG
13. Deduction under section 80GGB for Contribution/ Donation to political parties by Indian Company and there is no maximum deduction limit under Section 80GGB so assessee can claim whatever donation he made to political party as deduction u/s 80GGB.
14. Deduction under section 80GGC for Contribution/ Donation to political parties by tax payer other than Indian Company and there is no maximum deduction limit under Section 80GGC so assessee can claim whatever donation he made to political party as deduction u/s 80GGC.
15.Deduction under section 80U for disable person. Individual can claim deduction from taxable income based on his physical disability and amount of deduction is dependent on percentage of disability and maximum deduction under Section 80U is Rs.50,000/- and Rs 100,000/-.Click here to view the Section 80U
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