Download Automated All in One TDS on Salary for Non-Govt employees for F.Y.2017-18 & A.Y.2018-19 [ This Excel Based Software can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Non-Govt Salary pattern + Automated H.R.A. Exemption Calculation + Automated Form 12 BA + Automated Form 16 Part A&B and Form 16 Part B with all the amended by  the Finance Budget 2017-18]

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Form 16 Part B

Form 16 Part A&B

Section - 10 (5)

Exemption for Leave Travel Concession
The amount actually incurred on the performance of travel on leave to any place in India by the shortest route to that place is exempt. This is subject to a maximum of the air economy fare or AC 1st Class fare (if the journey is performed by a mode other than air) by such route.

Provided that the exemption shall be available only in respect of two journeys performed in a block of 4 calendar years.

Section - 10(10):
Gratuity Exemption
Descriptions :
Least of the following will be exempt
1. Amount received
2. Max  Rs. 10,00,000
3. 15*/26 x LS x (CYS + Fraction 6 months)
LS: Last Month Salary Drawn (Salary means Basic + DA (both))

Section - 10(10AA)

Leave Encashment upon Retirement

Other Employee Least of the following will be exempted

1.Amount Received

2.Rs. 3, 00,000

3.10 x AS

(LE or 30 days) Received by Employee During the Employment (Fully TAXABLE)

Note - Govt. Employee {Fully Exempt} Received by Legal Heir (Fully exempt)

Section - 10(13A)

HRA

The least of the following will be exempted

1.Amount received

2.50% or 40% of Salary

3.Rent paid less 10% of Salary

4.Salary means; Basic Salary +D.A

Section - 10(14)

Children Education Allowance.

Rs.100 per month per child up to a maximum 2 children.

Hostel expenditure Allowance on employee’s child

Rs.300 per month per child up to a maximum two children.

Note: Allowance granted to meet Hostel expenditure Allowance on employee’s child.

Deductions under section 80 of Income Tax Act:

Section - 80C:
General deduction for investment in PPF, PF, Life Insurance, ULIP, Stamp duty on the house, Fixed deposits for 5 years, bonds etc. Maximum Rs. 1,50,000 is allowed. Investment need not be from taxable income.

Section - 80CCC
Deduction in case of a contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income. Maximum is Rs 1,50,000.

Section - 80CCD (1):

Deduction in respect to contribution to the new pension scheme. Employees of central and others are eligible.

The maximum is a sum of employer’s and employee’s contribution to the maximum: 10 % of salary.

Section - 80CCD (2): Employer’s Contribution to the Employees Pension Fund. This section is Additional deduction out of U/S 80C Limit Rs. 1.5 lakh.

Section - 80CCD (1B): Additional Deduction can be availed Max Rs.50 thousand to the New NPS Scheme, this deduction also allowing as Additional Deduction out of U/s 80C Max Rs.1.5 Lakh.

Section - 80CCE
It should be noted that employer contribution is allowable as extra u/s 80CCD(2) & 80CCD(1B) of the Income Tax Act from Asst YR 2018-19 and only employee's contribution is within limit of Rs 1 Lakh as stated in 80CCE

It should be noted that as per section 80CCE, the maximum amount of deduction which can be claimed in.

Section - 80D

Medical insurance on self, spouse, children or parents. The deduction is also allowable for CGHS contribution to Central and State scheme. It is also for conducting health check up to Rs 5000.

Rs 25,000 for self, spouse & children.  IF parents are above 60 years, extra sum should be read as Rs 30,000. Thus maximum is RS 55,000 per annum to a person of age below 60 yrs.

Section - 80DD

For maintenance including treatment or insurance the lives of physical disable dependent relatives

Rs 50,000. In case of disability is severe, the amount is Rs 1,50,000. Watch video on 80DD Deduction

Section - 80DDB

For medical treatment of self or relatives suffering from a specified disease. The actual amount paid to the extent of Rs 40,000. In a case of a patient being Sr Citizen, an amount is Rs 80,000.

Section - 80E

For interest payment on loan is taken for higher studies for self or education of spouse or children. The actual amount paid as interest and start from the financial year in which he /she starts paying interest and runs till the interest is paid in full. Watch the video on 80E.

Section - 80EE

Interest on home loan sanctioned during F. Y. 2017-18. Maximum Rs 50 Thousand.  The value of the property should be below Rs 50 Lakh and max loan sanctioned should be Rs 25 lakh. Further Assessee should not have any other residential house.

Section - 80G:

Donations to the charitable institution. 100% or 50% of an amount of donation made to 19 entities (National defense fund, Prime minister relief fund etc). For Asst Yr 2018-19, National Children Fund will also get 100% deduction.

Section - 80GG

For rent paid. This is only for people not getting any House Rent Allowance. Maximum is Rs 5000 per month or Rs.60,000/- P.A.

Section - 80TTA

Individual & HUF having interest in Savings Bank Account  Rs 10,000 maximum Limit

Section - 80U
Deduction in respect of permanent physical disability including blindness to taxpayer
RS 75,000 which goes to Rs 1,50,000 in case taxpayer is suffering from severe disability.

Section - 87A
Rebate to an individual having low taxable income, Amount of tax or Rs 2,500  who’s taxable Income Less than 3.5 Lakh.

On May 03, 2017 by www.taxexcel.net

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Download Automated Master of Form 16 Part A&B for the Financial Year 2016-17 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B with all up dated Tax Section and Tax Section as per Finance Bill 2016]

Deductions on Section 80C, 80CCC, 80CCD & 80CCD(1B)

Section 80C

The deduction under section 80C is allowed from your Gross Total Income. These are available to an Individual or an HUF.

Broadly speaking, this section provides deduction from total income in respect of various investments / expenditures / payments. Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for the financial year 2016-17, excluding U/s 80CCD(2) And 80CCD(1B).

Section 80CCC: Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer

This section provides the deduction to an Individual for any amount paid or deposited in any annuity plan of LIC any other insurer for receiving the pension from a fund referred to in Section 10(23AAB).

In case the annuity is surrendered before the date of its maturity, the surrender value is taxable in the year of receipt.

Section 80CCD: Deduction in respect of Contribution to Pension Account

Total Deduction under Section 80C, 80CCC and 80CCD(1) cannot exceed Rs 1,50,000. Employer’s contribution under section 80CCD(2) towards NPS is outside the monetary ceiling mentioned above & Rs. 50 thousand can get additional tax relief from U/s 80CCD(1B)

Deductions on Savings Bank Account

Section 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account

Deduction from gross total income of an individual or HUF, up to a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable 

Deductions on House Rent

Section 80GG: Deduction in respect of House Rent Paid

Deduction available is the least of

1. Rent paid minus 10% of total income
2. Rs.5000/- per month
3. 25% of total income, provided
• Assessee or his spouse or minor child should not own residential accommodation at the place of employment.
• He should not be in receipt of house rent allowance.
• He should not have self-occupied residential premises in any other place.

Deductions on Loan for Higher Studies

Section 80E: Deduction in respect of Interest on Loan for Higher Studies

Deduction in respect of interest on loan is taken for pursuing higher education. The deduction is also available for the purpose of higher education of a relative w.e.f. A.Y. 2008-09.

Deductions on Rajiv Gandhi Equity Saving Scheme (RGESS)

Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

The Rajiv Gandhi Equity Saving Scheme (RGESS) was launched after the 2012 Budget. Investors whose annual income is less than Rs. 10 lakhs can invest in this scheme (up to Rs. 50,000) and get a deduction of 50% of the investment.

So, if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).

Deductions on Medical Insurance

Section 80D: Deduction in respect of Medical Insurance

The deduction is available up to Rs. 20,000/- for senior citizens and up to Rs. 25,000/ in other cases for insurance of self, spouse, and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 30,000/- if parents are senior Citizen and Rs. 15,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 55,000/-. From A.Y 2016-17, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available.

Deductions on Medical Expenditure on Self or Dependent Relative

Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative

A deduction to the extent of Rs. 80,000/- or the amount actually paid, whichever is less is available for expenditure 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 10 I is to be furnished by the assessee from any Registered Doctor.

Deductions on Medical Expenditure for a Handicapped Relative

Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative

Deduction of Rs. 50,000/- is available on:

1. expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.
2. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

Further, if the dependant is a person with severe disability, a deduction of Rs. 100,000/- is also available under this section. 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.

Deductions on Person suffering from Physical Disability

Section 80U: Deduction in respect of Person suffering from Physical Disability

Deduction of Rs. 75,000/- 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. 125,000/- shall be available u/s 80U. The certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

Deduction for donations towards Social Causes

Section 80G: Deduction for donations towards Social Causes

The various donations specified in Sec. 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in Sec. 80G. 80G deduction not applicable in case donation is done in form of cash for an amount over Rs 10,000.

Donations with 100% deduction without any qualifying limit:

• National Defence Fund set up by the Central Government
• Prime Minister’s National Relief Fund
• National Foundation for Communal Harmony
• An approved university/educational institution of National eminence
• Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district
• Fund set up by a State Government for the medical relief of the poor
• National Illness Assistance Fund
• National Blood Transfusion Council or to any State Blood Transfusion Council
• National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
• National Sports Fund
• National Cultural Fund
• Fund for Technology Development and Application
• Chief Minister’s Relief Fund or Lieutenant Governor’s Relief Fund in respect of any State or Union Territory
• the Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister’s Cyclone Relief Fund, 1996
• The Maharashtra Chief Minister’s Relief Fund during October 1, 1993, and October 6, 1993
• Chief Minister’s Earthquake Relief Fund, Maharashtra
• Any fund set up by the State Government of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat
• Any trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of earthquake in Gujarat (contribution made during January 26, 2001, and September 30, 2001) or
• Prime Minister’s Armenia Earthquake Relief Fund
• Africa (Public Contributions — India) Fund

Donations with 50% deduction without any qualifying limit.

• Jawaharlal Nehru Memorial Fund
• Prime Minister’s Drought Relief Fund
• National Children’s Fund
• Indira Gandhi Memorial Trust
• The Rajiv Gandhi Foundation

Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income

• Government or any approved local authority, institution or association to be utilized for the purpose of promoting family planning
• Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India.

Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

• Any other fund or any institution which satisfies conditions mentioned in Section 80G(5)
• Government or any local authority to be utilized for any charitable purpose other than the purpose of promoting family planning
• Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns, villages or both
• Any corporation referred in Section 10(26BB) for promoting interest of minority community
• For repairs or renovation of any notified temple, mosque, gurudwara, church or another place.

Download Automated Master of Form 16 Part B for the Financial Year 2016-17[ This Excel Utility can prepare at a time 100 employees Form 16 Part B with all updated Tax Section and Tax Slab]

On December 17, 2016 by www.taxexcel.net

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Download Automated Master of Form 16 Part A&B for the Financial Year 2014-15     [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B with all up dated Tax Section and Tax Slab]

Deductions on Section 80C, 80CCC & 80CCD

Section 80C

The deduction under section 80C is allowed from your Gross Total Income. These are available to an Individual or a HUF.

Broadly speaking, this section provides deduction from total income in respect of various investments / expenditures / payments. Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for the financial year 2014-15.

Section 80CCC: Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer

This section provides deduction to an Individual for any amount paid or deposited in any annuity plan of LIC any other insurer for receiving pension from a fund referred to in Section 10(23AAB).

In case the annuity is surrendered before the date of its maturity, the surrender value is taxable in the year of receipt.

Section 80CCD: Deduction in respect of Contribution to Pension Account

Total Deduction under Section 80C, 80CCC and 80CCD(1) cannot exceed Rs 1,50,000. From assessment year 2012-13, employer’s contribution under section 80CCD(2) towards NPS is outside the monetary ceiling mentioned above.

Deductions on Savings Bank Account

Section 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account

Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 1st April 2012 (Assessment Year 2013-14).

Deductions on House Rent

Section 80GG: Deduction in respect of House Rent Paid

Deduction available is the least of

1. Rent paid minus 10% of total income
2. Rs. 2000/- per month
3. 25% of total income, provided
• Assessee or his spouse or minor child should not own residential accommodation at the place of employment.
• He should not be in receipt of house rent allowance.
• He should not have self occupied residential premises in any other place.

Deductions on Loan for Higher Studies

Section 80E: Deduction in respect of Interest on Loan for Higher Studies

Deduction in respect of interest on loan taken for pursuing higher education. The deduction is also available for the purpose of higher education of a relative w.e.f. A.Y. 2008-09.

Deductions on Rajiv Gandhi Equity Saving Scheme (RGESS)

Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

The Rajiv Gandhi Equity Saving Scheme (RGESS) was launched after the 2012 Budget. Investors whose annual income is less than Rs. 10 lakhs can invest in this scheme (up to Rs. 50,000) and get a deduction of 50% of the investment.

So, if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).

Deductions on Medical Insurance

Section 80D: Deduction in respect of Medical Insurance

Deduction is available up to Rs. 20,000/- for senior citizens and upto Rs. 15,000/ in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 20,000/- if parents are senior Citizen and Rs. 15,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 40,000/-. From AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.

Deductions on Medical Expenditure on Self or Dependent Relative

Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative

A deduction to the extent of Rs. 40,000/- or the amount actually paid, whichever is less is available for expenditure 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 10 I is to be furnished by the assessee from any Registered Doctor.

Deductions on Medical Expenditure for a Handicapped Relative

Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative

Deduction of Rs. 50,000/- is available on:

1. expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.
2. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

Further, if the dependant is a person with severe disability, a deduction of Rs. 100,000/- is also available under this section. 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.

Deductions on Person suffering from Physical Disability

Section 80U: Deduction in respect of Person suffering from Physical Disability

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. 100,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

Deduction for donations towards Social Causes

Section 80G: Deduction for donations towards Social Causes

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. 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000.

Donations with 100% deduction without any qualifying limit:

• National Defence Fund set up by the Central Government
• Prime Minister’s National Relief Fund
• National Foundation for Communal Harmony
• An approved university/educational institution of National eminence
• Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district
• Fund set up by a State Government for the medical relief to the poor
• National Illness Assistance Fund
• National Blood Transfusion Council or to any State Blood Transfusion Council
• National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
• National Sports Fund
• National Cultural Fund
• Fund for Technology Development and Application
• Chief Minister’s Relief Fund or Lieutenant Governor’s Relief Fund in respect of any State or Union Territory
• the Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister’s Cyclone Relief Fund, 1996
• The Maharashtra Chief Minister’s Relief Fund during October 1, 1993 and October 6,1993
• Chief Minister’s Earthquake Relief Fund, Maharashtra
• Any fund set up by the State Government of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat
• Any trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of earthquake in Gujarat (contribution made during January 26, 2001 and September 30, 2001) or
• Prime Minister’s Armenia Earthquake Relief Fund
• Africa (Public Contributions — India) Fund

Donations with 50% deduction without any qualifying limit.

• Jawaharlal Nehru Memorial Fund
• Prime Minister’s Drought Relief Fund
• National Children’s Fund
• Indira Gandhi Memorial Trust
• The Rajiv Gandhi Foundation

Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income

• Government or any approved local authority, institution or association to be utilised for the purpose of promoting family planning
• Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India.

Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

• Any other fund or any institution which satisfies conditions mentioned in Section 80G(5)
• Government or any local authority to be utilised for any charitable purpose other than the purpose of promoting family planning
• Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns, villages or both
• Any corporation referred in Section 10(26BB) for promoting interest of minority community
• For repairs or renovation of any notified temple, mosque, gurudwara, church or other place.

Download Automated Master of Form 16 Part A&B for the Financial Year 2014-15     [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B with all up dated Tax Section and Tax Slab]

On March 13, 2015 by www.taxexcel.net

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Click here to Download the Automatic All in One TDS on Salary for Non -Govt Employees for the FY 2014-15 ( Prepare at a time Tax Compute Sheet + Individual Salary Structure + Automated HRA Exemption + Automated Form 16 Part A&B and Part B)

Section - 10 (5)

Exemption for Leave Travel Concession
The amount actually incurred on performance of travel on leave to any place in India by the shortest route to that place is exempt. This is subject to a maximum of the air economy fare or AC 1st Class fare (if journey is performed by mode other than air) by such route.

Provided that the exemption shall be available only in respect of two journeys performed in a block of 4 calendar years.

Section - 10(10):
Gratuity Exemption
Descriptions :
Least of the following will be exempt
1. Amount received
2. Max  Rs. 10,00,000
3. 15*/26 x LS x (CYS + Fraction 6 months)
LS : Last Month Salary Drawn (Salary means Basic + DA (both))

Section - 10(10A)
Commuted Pension, Actual  Amount

Section - 10(10AA)
Leave Encashment upon Retirement
Other Employee Least of the following will be exempted
1.Amount Received
2.Rs. 3, 00,000
3.10 x AS
(LE or 30 days) Received by Employee During the Employment (Fully TAXABLE)
Note - Govt. Employee {Fully Exempt} Received by Legal Heir (Fully exempt)

Section - 10(10B)
Retrenchment Compensation
Least of the followings will be Exempt
1.Amount Received
2.Amount Calculated under “Industrial Dispute Act”
3.Rs.5,00,000
Note - Ref. Sec. 10(10B) of IT

Section - 10(10C)
VRS
Least of the followings will be Exempt
1.Amount Received
2.Rs.5,00,000
Note - Ref. Sec. 10(10C) of IT

Section - 10(13A)
HRA
The least of the following will be exempted
1.Amount received
2.50% or 40% of Salary
3.Rent paid less 10% of Salary
4.Salary means; Basic Salary+D.A

Section - 10(14)
Children Education Allowance.
Rs.100 per month per child upto a maximum 2 children.
Hostel expenditure Allowance on employee’s child
Rs.300 per month per child upto a maximum two children.
Note: Allowance granted to meet Hostel expenditure Allowance on employee’s child.Deductions under section 80 of Income Tax Act:
Section - 80C:
General deduction for investment in PPF, PF, Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc. Maximum Rs. 1,50,000 is allowed. Investment need not be from taxable income.
Section - 80CCC
Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income. Maximum is Rs 1,50,000.

Section - 80CCD:
Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.
Maximum is sum of employer’s and employee’s contribution to the maximum: 10 % of salary.


Section - 80CCG
Individual having gross total income up to Rs. 12 Lakh can claim this deduction for investing in IPOs of share or mutual fund units. 50 % 0f the invested amount. Limit is Rs. 25,000 max. Note: The deduction is allowed for three years only.

Section - 80D
Medical insurance on self, spouse, children or parents. The deduction is also allowable for CGHS contribution to Central and State scheme. It is also for conducting health check up to Rs 6000.
Rs 15,000 for self, spouse & children. Extra Rs. 15,000 for insurance on parents. IF parents are above 65 years, extra sum should be read as Rs 20,000. Thus maximum is RS 35,000 per annum to a person of age below 60 yrs.


Section - 80DD
For maintenance including treatment or insurance the lives of physical disable dependent relatives
Rs 50,000. In case disability is severe, the amount is Rs 1,50,000. Watch video on 80DD Deduction

Section - 80DDB
For medical treatment of self or relatives suffering from specified disease. Actual amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen, amount is Rs 60,000.

Section - 80E
For interest payment on loan taken for higher studies for self or education of spouse or children. Actual amount paid as interest and start from the financial year in which he /she starts paying interest and runs till the interest is paid in full. Watch the video on 80E.

Section - 80EE
Interest on home loan sanctioned during F. Y. 2013-14. Maximum Rs 1 lakh.  Value of the property should be below Rs 50 Lakh and max loan sanctioned should be Rs 25 lakh. Further Assessee should not have any other residential house.

Section - 80G:
Donations to charitable institution. 100% or 50% of amount of donation made to 19 entities (National defense fund,Prime minister relief fund etc). For Asst Yr 2014-15, National Children Fund will also get 100% deduction.

Section - 80GG
For rent paid. This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month or Rs.24000/- P.A..

Section - 80GGA:
For donation to entities in scientific research or rural development Fund. Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation. Note: Cash payment not allowed.

Section - 80GGB & 80GGC
For contribution to political parties 100 % of donations  Note: Cash payment not allowed.

Section - 80TTA
Individual & HUF having interest in Savings Bank Account  Rs 10000 maximum Limit

Section - 80U
Deduction in respect of permanent physical disability including blindness to taxpayer
RS 50,000 which goes to Rs 1,00,000 in case taxpayer is suffering from severe disability.

Section - 87A
Rebate to individual having low taxable income, Amount of tax or Rs 2,000 which ever is less

On November 05, 2014 by www.taxexcel.net

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