Click here to Download the Automated Income Tax Calculator (All in One) for West Bengal Govt employees for the Financial Year 2017-18

A. Section 80C:- Entitles an employee to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,50,000/-

(1) Payment of insurance premium to effect or to keep in force an insurance on the life of the individual, the spouse or any child of the individual.

(2) Any payment made to effect or to keep in force a contract for a deferred annuity, not being an annuity plan as is referred to in item (7) herein below on the life of the individual, the spouse or any child of the individual, provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity;

• New Introduce Kissan Vikas Patra (K.V.P.) U/s 80 C (From FY 2014-15)
• Provident Fund
• Saving certificates
• Unit-linked insurance plan of the LIC Mutual Fund referred to section 10 (23D) and as notified by the Central Government
• Any sums paid by an assessee for the purpose of purchase or construction of a residential house property
• Tuition fees
• Term deposit for a fixed period not below 5 Years
• Deduction in respect of contribution to certain pension funds (Section 80CCC)
• Deduction in respect of contribution to pension scheme of Central Government & Private Employees also( Passed by the Central Finance Budget)

(Section 80CCD):  Section 80CCD(1) allows an employee, being an individual employed by the Central Government or any other employer, on or after the 01.01.2004, a deduction of an amount paid or deposited out of his income chargeable to tax under a pension scheme as notified vide Notification F. N. 5/7/2003- ECB&PR dated 22.12.2003 or as may be notified by the Central Government. However, the deduction shall not exceed an amount equal to 10% of his salary(includes Dearness Allowance but excludes all other allowance and perquisites).

As per Section 80CCD(2), where an employee receives any contribution in the said pension scheme from the Central Government or any other employer then the employee shall be allowed a deduction from his total income of the whole amount contributed by the Central Government or any other employer subject to limit of 10% of his salary of the previous year.

However, if any amount is standing to the credit of the employee in the pension scheme referred above and deduction has been allowed as stated above and the employee or his nominee receives this amount together with the amount accrued thereon, due to the reason of

(i) Closure or opting out of the pension scheme or

(ii) Pension received from the annuity plan purchased and taken on such closure or opting out then the amount so received during the FYs shall be the income of the employee or his nominee for that Financial Year and accordingly will be charged to tax. Where any amount paid or deposited by the employee has been taken into account for the purposes of this section, a deduction with reference to such amount shall not be allowed under section 80C.

Further, it has been specified that w.e.f 01.04.09 that any amount received by the employee from the new pension scheme shall be deemed not to have received in the previous year if such amount is used for purchasing an annuity plan in the previous year.

It is emphasized that as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC and Section 80CCD(1) shall not exceed Rs.1,50,000/-. However, the contribution made by the Central Government or any other employer to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,50,000/- provided under this Section. In this Finance Budget 2014, the Non-Govt employees also entitled to get the benefits U/s 80CCD.

On December 13, 2017 by www.taxexcel.net

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Tax Deductions available under section 80 of Income Tax Act, 1961

Section 80C (Individual & HUF) : - In all, total deductions under section 80C, 80CCC and 80CCD (1) cannot exceed Rs 1.50 lakh for the current assessment year. Which means total investments, expenses, and payments up to a limit of Rs 1.50 lakh are eligible for tax deductions mentioned in the above-mentioned sections. These sections cover many savings schemes like National savings certificates (NSCs), Public Provident Fund (PPF) and other pension plans, life insurance premiums, government bond investments. Here’s a section-wise breakup of deductions and exemptions available under the above-mentioned codes:

Section 80CCC (Individual): - This section provides tax deductions for any investments made in an annuity plan or Life Insurance Corporation (LIC) or pension received under funds mentioned in Section 10(23AAB).

Section 80CCD (1) (Individual): - The deductions under this section are aimed at encouraging people to save. These deductions are allowed to people who avail the National Pensions savings scheme (NPS). Under this, an individual can avail a deduction of up to 10 percent of his/her salary or Rs 1.50 lakh whichever is lower if the person has employed or the lower of Rs 1.50 lakhs or 10 percent of gross income, if the individual is self-employed.

Download Automated Master of Form 16 Part B which can prepare at a time 100 Employees Form 16 Part B for F.Y.2016-17 

Download Automated Master of Form 16 Part B which can prepare at a time 50 Employees Form 16 Part B for F.Y.2016-17

 Section 80CCD (2) (Individual): - This is applicable in the case of employer’s contribution. The maximum deduction of 10% of salary.

Section 80CCD (1B) (Individual): -For the financial year 2015-16 or assessment year 2016-17, this new section provides for an additional tax deduction for the amount contributed to NPS of up to Rs 50,000. So for AY2016-17, total deductions under Section 80 are available up to Rs 200,000.

Section 80D (Individual & HUF): - Deduction up to Rs.25,000 for self, spouse, and dependent children and separate deduction of Rs.30,000 for parents is allowed for the premium paid towards medical insurance.

Section 80DD (Individual & HUF): -Deduction of expenses incurred on medical treatment of Dependent Relative is fixed at   Rs.75,000 for 40% disability and Rs.1,25,000 for severe i.e. 80% disability. Claimant is required to furnish a certificate of disability from prescribed authority.

Section 80DDB (Individual & HUF): -Deduction in respect of specified disease for self or dependent relatives is allowed lower of Rs.60,000 or the actual amount paid. This deduction amount increases to Rs.80,000 in the case of the senior citizen.

Section 80E (Individual): -Deduction is also available on interest outgo on education loan for higher studies. This loan could be taken by the assessee, spouse or children or a student for whom the assessee is a legal guardian.

Section 80G (All Assessee): -Donations given to various specified institutions and organizations are allowed to be deducted from your income. The deductions are segregated into two categories i.e. 100% or 50% but cash donations exceeding Rs.10,000 is not allowed to claim.

Section 80GG (Individual): - A deduction on house rent paid is available to those who are not paid house rent allowance (HRA) by the employer. An individual, spouse or minor children shouldn’t own a home at the place of employment of the assessee to claim this deduction.  Neither the assessee should have a self-occupied residence at any other place. The deduction available is limited to rent minus 10% of total income or 25% of total income or Rs 2000 (whichever is lower).

Section 80TTA (Individual & HUF): - Any interest earned (up to Rs 10,000) on your deposits in a savings bank account, co-operative society or post office is tax deductible.  This excludes fixed deposit interest income.

Section 80U (Individual & HUF) : - Physically Disabled persons can claim deductions under 80U of Rs.1,00,000. The assessee is required to obtain a certificate from Government Doctor.

Section 87A (Individual & HUF) :- Tax Rebate Rs. 5,000/- from the Financial Year 2016-17

On June 30, 2017 by www.taxexcel.net

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Download All State Govt employees All in One TDS on Salary for FY 2015-16 (Prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary sheet + Automated HRA Calculation + Form 16 Part A&B and Part B for the Financial Year 2015-16)

As per the Income Tax Rules the all deduction Under Chapter VI A with the all current amended Section of Income Tax which was passed by the Central Finance Budget 2015-16 have also in this Chapter and showing the same is given below, so you can guess the which Section you can get the Income Tax benefits.

Deduction Under chapter VI A is given bwlow:-

Section 80D: Deduction in respect of Medical Insurance

Deduction is available up to Rs. 30,000/- for senior citizens and upto 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. 25,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 55,000/-. From AY 2016-17, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available.

Download the Automatic Master of Form 16 Part A&B for FY 2015-16 (Prepare at a time 50 employees Form 16 Part A&B for the Financial Year 2015-16)

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 dependent 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.

Download Govt & Non Govt  employeesAll in One TDS on Salary for FY 2015-16 (Prepare at a time Tax Compute Sheet + Arrears Relief Calculation + Form 10E + HRA Calculation+Form 16 Part A&B and Form 16 Part B)

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.

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:

• Prime Minister’s National Relief Fund
• National Defence Fund
• Prime Minister’s Armenia Earthquake Relief Fund
• The Africa (Public Contribution - India) Fund
• The National Foundation for Communal Harmony
• Approved university or educational institution of national eminence
• The Chief Minister’s Earthquake Relief Fund, Maharashtra
• Donations made to Zila Saksharta Samitis.
• The National Blood Transfusion Council or a State Blood Transfusion Council.
• The Army Central Welfare Fund or the Indian Naval Benevolent Fund or The Air Force Central Welfare 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

Donations to the Government or a local authority for the purpose of promoting family planning.

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

Donation to the Government or any local authority to be utilized by them for any charitable purposes other than the purpose of promoting family planning.

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. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

Section 80TTA:- 

Deduction can be available from the Savings Bank Interest up to Rs. 10,000/- who's Taxable Income below 5 Lakh

Section 87A:- 

Tax Rebate can be available up to Rs. 2,000/- who's Taxable Income below 5 Lakhs. 

On December 12, 2015 by www.taxexcel.net

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Click here to Download the Automated Income Tax Preparation Excel based software for Govt and Non govt employees for FY 2015-16 ( Prepare at a time Income Tax Computed Sheet + Automatic House Rent Exemption Calculation +Automatic Arrears Relief Calculator + Form 16 Part B and Form 16 Part A&B with Salary Structure for Govt and Non Govt Salary  for FY 2015-16)

Under Section 80C :-

As per the Income Tax Act and further amended Income Tax Department's time to time Notification and amended Section Under Section 80C is given below:-

The total limit under this section is Rs 1.5 lakh. Included under this heading are many small savings schemes like NSC, PPF and other pension plans. Payment of life insurance premiums and Sukanya Samriddhi Account  are also eligible for deduction under Section 80C

Most of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act.  However, it is important to know the Section in toto so that one can make best use of the options available for exemption under income tax Act.   One important point to note here is that one can not only save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions.

Besides these investments, the payments towards the principal amount of your home loan are also eligible for an income deduction. Education expense of children is increasing by the day. Under this section, there is provision that makes payments towards the education fees for children eligible for an income deduction

Sec 80C of the Income Tax Act is the section that deals with these tax breaks. It states that qualifying investments, up to a maximum of Rs. 1.5 Lakh, are deductible from your income. This means that your income gets reduced by this investment amount (up to Rs. 1.5 Lakh), and you end up paying no tax on it at all!

 80 C Deduction at a glance as per Finance Budget 2015

 

Provident Fund (PF) & Voluntary Provident Fund (VPF)and (PF) is automatically deducted from your salary. Both you and your employer contribute to it. While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). Current rate of interest is 8.5% per annum (p.a.) and is tax-free.

Public Provident Fund (PPF):  Maximum Limit raised up to Rs. 1.5 Lakh

Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.

Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C.

Home Loan Principal Repayment: The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest component can save you significant income tax – but that would be under Section 24 of the Income Tax Act. Please read “Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage”, which presents a full analysis of how you can save income tax through a home loan.

Stamp Duty and Registration Charges for a home: The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.

National Savings Certificate (NSC): National Savings Certificate (NSC) is a 6-Yr small savings instrument eligible for section 80C tax benefit. Rate of interest is eight per cent compounded half-yearly, i.e., the effective annual rate of interest is 8.16%. If you invest Rs 1,000, it becomes Rs 1601 after six years. The interest accrued every year is liable to tax (i.e., to be included in your taxable income) but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.

Pension Funds – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed with the limit of Section 80C – it maeans that the total deduction available for 80CCC and 80C is Rs. 1.5 Lakh.This also means that yourinvestment in pension funds upto Rs. 1.5 Lakh can be claimed as deduction u/s 80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed Rs. 1.5 Lakh.

5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction.

Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings Scheme (SCSS) is the most lucrative scheme among all the small savings schemes but is meant only for senior citizens. Current rate of interest is 9% per annum payable quarterly. Please note that the interest is payable quarterly instead of compounded quarterly. Thus, unclaimed interest on these deposits won’t earn any further interest. Interest income is chargeable to tax.

5-Yr post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) – which currently offers 7.5 per cent rate of interest –qualifies for tax saving under section 80C. Effective rate works out to be 7.71% per annum (p.a.) as the rate of interest is compounded quarterly but paid annually. The Interest is entirely taxable.

Sukanya Samriddhi Account :- Newly introduce in the Budget 2015 for Minor Girl Child below 10 Years. 

Children Education Fees :- children’s education expense (for which you need receipts), that can be claimed as deductions under Sec 80C max Rs. 1,00,000/- p.a.

On June 09, 2015 by www.taxexcel.net

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  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/-

      Click here to view the Section 80EE

 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

On December 10, 2014 by www.taxexcel.net

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Click here to Download All in One Master of Form 16 Part B for Govt & Non-Govt Employees for the Financial Year 2014-15 & Ass Year 2015-16 ( This Excel utility can prepare at a time 50 employees Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet Form 16 Part B)

Each year most of the people eagerly wait for the budget proposals to be announced for various reasons.

One of the significant reasons is to know what all instruments of investments and deductions / exemptions have been included in the Section 80C of Indian Income Tax for employees, so that they can plan their tax savings according to the same, and maximize the benefits.

As income tax is major component of the salary, the changes / additions in 80C Section has major impact on the savings and expenses of salaried employees as they have a fixed source of income. The 80C Section deductions are introduced to boost savings of employees on one side and save tax on the other side.

Actually, Section 80C replaced the earlier Section 88 which was available till 1^st April 2006. The Deductions permitted in the 80 C Section of Indian Income Tax is more or less the same investment mixes that were available in Section 88. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of providing the tax benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt. One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. Unlike Section 88, there are no sub-limits and is irrespective of how much you earn and under which tax bracket you fall.

The most important aspect that needs to be kept in mind is that the total exemption limit under section 80c is revised from Rs 1,00,000 to Rs 1,50,000 in the budget presented by Finance Minister Arun Jaitley on July 10th 2014. 

Now see in details those deductions that are permissible under section 80C in this section. The following is section 80c deductions / exemption list mainly.

Provident Fund (PF) deduction under section 80C

Any contributions to Provident Fund, Voluntary provident Fund (VPF) or savings made in Public Provident Fund (PPF Account) are eligible for income tax deduction under section 80C of Indian Income Tax Act. The PF limit has been increased to 1.5 Lakhs from 1.0 Lakh earlier

Life Insurance Premiums

Any Life Insurance premiums (for one or more insurance policies) paid by you for yourself, your spouse or your children is eligible under income tax deduction under section 80C of Indian Income Tax Act.

ELSS Equity Linked Saving Schemes

Any investment made in certain Mutual Funds called equity linked saving schemes qualifies for section 80C deduction. Please note that not all mutual fund investments are eligible for this deduction. Some examples of ELSS funds are – SBI Magnum Tax Gain, HDFC Tax Saver, HDFC Long term advantage, etc.

ULIP – Unit Linked Insurance Plan

Investments made in certain ULIPs of Unit Trust of India and LIC of India are eligible for 80C deduction.

Bank Fixed deposits or Term deposits of term greater than 5 years

According to a relatively new provision amount saved in fixed deposits of term at least five years is eligible for income tax deduction under section 80C of Indian Income Tax Act.

Principal part of EMI on Housing Loan deduction under section 80C

If you are paying EMI on a housing loan, you would be aware that the EMI (equated monthly installments) consists of two parts – principal part and interest part. The principal part of the EMI on your housing loan is eligible for income tax deduction under section 80C. The interest part is also eligible for tax deduction, however not under section 80C but section 24.

Tuition Fees deduction under section 80C

Amount paid as tuition fee for the education of two children of the employee / Tax Payer is eligible for deduction under section 80C of Indian Income Tax Act.

Public Provident Fund (P.P.F.)under section 80C

The maximum limit of P.P.F. is now available up to Rs. 1.5 Lakh

 Other 80C deductions

Amount saved in National Saving Certificate (NSC),  amount paid as stamp duty and registration charges while buying a new home are eligible for income tax deductions under section 80C of Indian Income Tax Act.

Click here to Download All in One Master of Form 16 Part B for Govt & Non-Govt Employees for the Financial Year 2014-15 & Ass Year 2015-16 ( This Excel utility can prepare at a time 50 employees Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet Form 16 Part B)

On August 25, 2014 by www.taxexcel.net

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Download All in One ( TDS on Salary ) for Non-Govt employees for the Financial Year 2014-15 (as per the new Finance Budge Income Tax Slab)

Updated list of deductions available Chapter VI-A while calculating Income Tax for Individual & also helpful for tax planning.   

Section 80C:

Under this section 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 (alongwith section 80CCC and 80CCD) is limited to Rs. 1.5 lakh only.( As per the Finance Budget 2014-15 the Max Limit of U/s 80 C HAS RAISED UP TO RS. 1.5 LAKH) 

1.     Life Insurance Premium For individual, policy must be in self or spouse's or any child's name. For HUF, it             may be on life of any member of HUF.  

2.     Sum paid under contract for deferred annuity For individual, on life of self, spouse or any child .   

3.     Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child               Payment limited to 20% of salary.  

4.     Contribution made under Employee's Provident Fund Scheme.  

5.     Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can be in the           name of any member of the family.  

6.     Contribution by employee to a Recognised Provident Fund.  

7.     Sum deposited in 10 year/15 year account of Post Office Saving Bank  

8.     Subscripttttion to any notified securities/notified deposits scheme. e.g. NSS  

9.     Subscripttttion to any notified savings certificate, e.g. NSC VIII issue.   

10.   Unit Linked Savings certificates.   

11.   Contribution to notified deposit scheme/Pension fund set up by the National Housing Scheme.   

12.   Certain payment made by way of installment or part payment of loan taken for purchase/construction of residential house property. Condition has been laid that in case the property is transferred before the expiry of 5 years from the end of the financial year in which possession of such property is obtained by him, the aggregate amount of deduction of income so allowed for various years shall be liable to tax in that year. 

  

13.  Contribution to notified annuity Plan of LIC(e.g. Jeevan Dhara) or Units of UTI/notified Mutual Fund. If in respect of such contribution, deduction u/s 80CCC has been availed of rebate u/s 88 would not be allowable.

14.  Subscripttttion to units of a Mutual Fund notified u/s 10(23D).

   

15.  Subscripttttion to deposit scheme of a public sector, company engaged in providing housing finance.

   

16.  Subscripttttion to equity shares/ debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions.

17.  Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children. Available in respect of any two children   Section 80CCC: Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer Payment of premium for annuity plan of LIC or any other insurer Deduction is available upto a maximum of Rs. 150,000/-. 

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.     Section 80CCD: Deduction in respect of Contribution to Pension Account Deposit made by a Central government servant in his pension account to the extent of 10% of his salary. 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. 

  

18.  Section 80CCG: Rajiv Gandhi Equity Saving Scheme As per the Budget 2012 anouncements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh 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).  

19. Section 80D: Deduction in respect of Medical Insurance Deduction is available upto 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.   

20. Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative Deduction of Rs. 50,000/- w.e.f. 01.04.2004 in respect of ü Expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative. ü Payment or deposit to specified scheme for maintenance of dependent handicapped relative.   Further, if the defendant is a person with severe disability a deduction of Rs. 100,000/- shall be 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.   

21. 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.   

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.   

Section 80G: Deduction in respect of Various Donations 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   Section 80GG: Deduction in respect of House Rent Paid Deduction available is the least of 1.          Rent paid less 10% of total income 2.          Rs. 2000/- per month 3.          25% of total income, provided   o    Assessee or his spouse or minor child should not own residential accommodation at the place of employment. o    He should not be in receipt of house rent allowance. o    He should not have self occupied residential premises in any other place.

22. 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. Section 80RRB: Deduction in respect of any Income by way of Royalty of a Patent Deduction in respect of any income by way of royalty is respect of a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available upto Rs. 3 lacs or the income received, whichever is less. The assessee must be an individual resident of India who is a patentee. The assessee must furnish a certificate in the prescribed form duly signed by the prescribed authority.   Section 80 

23. 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. 01.04.2012 (Assessment Year 2013-14).  

24. 80 EE. Additional House Building Loan Interest up to Rs. 1,00,000/- will be admissible who have paid the HBL Interest w.e.f. 1/4/2013 (Excluding the Section 24 B)

On July 26, 2014 by www.taxexcel.net

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