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Easy
Chart for deduction u/s80C to 80U Rebate
u/s 87A
Section
|
Details of deductions
|
Quantum
|
Remarks
|
80C
(Individual
&
HUF)
|
A. ULIP of Spouse and Children and any member in case of
HUF
B.
Deferred annuity, SPF, RPF, PPF, Superannuation Fund, NSC(8TH),5 years PO Time deposit, Senior citizen Saving
Scheme, Term deposit of 5 years, Deposit for 10 or 15 years in Post office
saving bank.
C. Bonds of NABARD, Deposit scheme of NHB, Notified
deposit scheme,.
D. MF referred u/s 10(23D), Pension fund of MF[10(23D)],
Eligible issue of securities.
E. Cost of purchase or construction of residential house
including repayment of loan and expenses on transfer of property, tution fees
to any educational institutions for full time eduction of 2 childrens.
|
Maximum Rs 1 ,50,000 is allowed Investment
|
No Dedcution Allowed:
Terminates the insurance policy within 2
years, Terminate ULIP within 5 years, transfer house within 5 years
Limit of eligible premium in case of
insurance policy on life of disable person has been increased to 15 % instead
of 10 % from FY 13-14.
Max. 10% of the minimum amt assured under
Life policies
|
80CCC
(Individual)
|
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 1,00,000
|
Aggregate of 80C 80CCC
80CCD is Rs 1,00,000
|
80CCD
(individual)
|
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 scheme
limited upto 10 % of salary.
|
Aggregate of 80C 80CCC
80CCD is Rs 1,00,000
|
80CCE
|
It should be noted that employer
contribution is allowable as extra u/s 80CCD(2) of the Income Tax Act from
Asst Yr 2012-13 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 aggregate of 80C ,80CCC 80CCD(1) is Rs 1,00,0000
|
|
80CCG
|
Individual having gross total income upto
Rs 12 Lakh can claim this deduction for inveting in IPOs of share or mututal
fund units.
|
50 % 0f the invested amount . Limit is Rs 25,000 max.
|
The deduction is allowed for three years
only.
|
80D
(Individual
&HUF)
|
Medical insurance on self, spouse , children
or parents. The deuction is also allowable for CGHS contribution to Cenral
and State scheme. It is also for conducting health check up to Rs 6000.
|
Age Below 60 years: Rs 15,000 including Rs. 5000 on preventive
checkup for self , spouse children + Rs
15,000 for insurance on parents.
Age above 60 years: Replace Rs 15,000 with 20,000.
|
Cash payment not allowed. But for
Preventive Checkup it is allowed.
|
80DD
(Individual &HUF)
|
For maintenance including treatment or insurancing
the lives of physical disable dependent relatives
|
Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
|
dependent relatives includes spouse,
child, parents, brother sister
|
80DDB
(Individual &HUF)
|
For medical treatment of self or relatives
suffering from specified disease
|
Acutal amount paid to the extent of Rs 40,000. In case of patient
being Sr Citizen , amount is Rs 60,000.
|
Deduction reduced by
the amount received under insurance from an insurer or reimbursed by an
employer.
|
80E
(Individual)
|
For interest payment on loan taken for
higher studies(after 12) 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 upto maximum of 8 years.
|
loan from any financial institution banking or approved
charitable institution
|
80EE
|
interest on home loan sanctioned during Fy
2013-14. However, 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.
|
RS 1 lakh
|
|
80G
(All
Assessee)
|
Donations to charitable institution
(Max. 10,000 if paid in cash from A/Y
13-14)
|
100% of amount of donation made to 19 entities (National defense fund
, Prime minister relief fund etc. ). 50%
(Gandhi/ Drouhgt/ charitable purpose/infrastructural development
fund). For Asst Yr 2014-15, Natital Children Fund will also get 100%
deduction.
|
Where the aggregate
of sums exceed 10% of
adjusted gross total income, then such excess amount is ignored for computing
such aggregate.
|
80GG
|
For rent paid
|
This is only for people not getting any House Rent Allowance. Maximum
is Rs 2000 per month. Rule 11B is method of computation.
|
|
80GGA
|
For donation to entities in scientific
research or rural development (Max. 10,000 if paid in cash from A/Y 13-14)
|
Only those tax payers who have no business income can claim this
deduction .Maximum is equivalent to 100 % of donation.
|
Cash payment not allowed
|
80GGB 80GGC
|
For contribution to political parties
|
100 % of donations
|
Cash payment not allowed
|
80QQB
|
Allowed only to resident authors for
royalty income for books other than text book
|
Royalty income or Rs 3,00,000 whichever is less.
|
|
80RRB
|
For income receipt as royalty on patents
of resident individuals
|
Actual royalty or Rs 3,00,000 whichever is less.
|
|
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.
|
|
87A
|
Rebate to individual having low taxable
income
|
Amount of tax or Rs 2,000 which ever is less
|
Only resident individual gets this rebate.
|
