Deductions on which I can get tax benefit
Salaried individuals below the age of 60 years are eligible to avail various tax exemptions, as specified under Section 80 of the Income Tax Act. Following deductions and allowances are available:
| Section | Deduction | Description | ||||||
| 80C | Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. |
Amount paid or deposited towards life insurance premium, contribution to any Provident Fund set up by the Government, employees contribution to a recognised Provident Fund or an approved superannuation fund, contribution to deferred annuity plan, subscription to National Savings Certificates, tuition fees, payment or repayment of amounts borrowed for purposes of purchase/ construction of a residential house, and other similar payments/investments which are eligible for deduction under section 80C of the Income Tax Act. The deduction claimed under this section cannot exceed ₹1,50,000/- |
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| 80CCC |
Deduction in respect of contribution to certain Pension Fund |
Amount paid towards any annuity plan of LIC or any other insurer for receiving pension from the pension fund, which is eligible for deduction u/s 80CCC. The deduction claimed under this section cannot exceed ₹1,50,000/- |
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| 80CCD (1) |
Deduction in respect of contribution to pension scheme of Central Government |
Total amount paid or deposited during the year, in your account under a pension scheme notified by the Central Government which is eligible for deduction under sub-section (1) of section 80CCD. The deduction claimed under this section cannot exceed ₹1,50,000/- |
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| Note for 80C, 80CCC and 80CCD (1): The aggregate deduction u/s 80C, 80CCC and 80CCD (1) cannot be more than ₹1,50,000/- or the gross total income, whichever is less. |
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| 80CCD(1B) |
Contribution to pension scheme of Central Government |
Amount paid during the year in your account under a Central Government pension scheme eligible for deduction under sub-section (1B) of section 80CCD. Note:
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| 80CCD (2) |
Contribution to pension scheme of Central Government by employer |
Amount of your employer contributed during the year to your account under a Central Government pension scheme eligible for deduction under sub-section (2) of section 80CCD.
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| 80D |
Health Insurance |
Claim of medical expenditure or health insurance premium paid during the financial year for Self and Family. In case of multiple claims, details of each claim should be provided as a separate line item. The eligible amount of deduction u/s 80D in various cases, is subject to maximum limit as given below: |
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| 80DD | Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability |
Details of expenditure actually incurred for medical treatment, training and rehabilitation of a dependent person with disability. The eligible amount of deduction is subject to maximum limit (with rollover provided) as given below:
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| 80DDB | Deduction in respect of Medical treatment of specified disease |
Details of expenditure actually incurred on medical treatment of specified diseases for self or dependent.
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| 80E |
Deduction in respect of Interest on loan taken for higher education |
Enter the amount paid during the year by way of interest on loan taken from any financial institution or approved charitable institution for the purpose of pursuing higher education of self or relative which is eligible for deduction u/s 80E The aggregate deduction u/s 80E is the total amount paid during the previous year towards interest. |
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| 80EE |
Interest on loan taken for residential house property |
Amount paid during the year by way of interest on loan taken from any financial institution for the purposes of acquisition of a residential property, which is eligible for deduction u/ 80EE. The amount eligible for deduction is subject to a maximum limit of ₹ 50,000 paid during the year and further conditions specified in sub-section (3) of section 80EE. |
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| 80EEA | Deduction in respect of interest on loan taken for certain house property |
Amount paid during the year by way of interest on loan taken from any financial institution during the period 1 April 2019 to 31 March 2020 for the purpose of acquisition a residential house property, which is eligible for deduction u/s 80EEA. |
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| 80EEB | Deduction in respect of purchase of electric vehicle |
Amount paid during the year by way of interest on loan taken for purchase of electric vehicle from any financial institution during the period 1 April 2019 to 31 March 2023 which is eligible for deduction u/s 80EEB The amount eligible for deduction is subject to maximum limit of ₹ 150,000/- paid during the year. |
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| 80G | Donations to certain funds, charitable institutions, etc. |
This schedule is for donations made during the year to charitable institutions or specified funds, after checking how much deduction your donation is entitled to (from your donation receipt): Fill the following fields:
Note: Donation in cash against single PAN cannot exceed ₹ 2,000/- |
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| 80GG | Deduction in respect of rent paid |
This schedule is for amount paid during the year towards rent in respect of any furnished/unfurnished residential accommodation eligible for deduction u/s 80GG. The claim under this section can only be made in cases where House Rent Allowance (HRA) is not a part of taxpayer's salary. |
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| Note for 80GG:
The maximum amount allowed is:
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| 80GGA | Deduction in respect of Certain donations for scientific research or rural development |
This schedule is for the amount of donation made during the year to any of the following eligible for deduction u/s 80GGA. Below are the types of eligible donation:
Note: Donation in cash against single PAN cannot exceed ₹ 10,000/- |
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| 80GGC | Donation to Political party |
Amount of contribution made to a political party or an electoral trust eligible for deduction u/s 80GGC. Note:
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| 80TTA | Interest on saving bank Accounts in case of other than Resident senior citizens |
Amount of income by way of interest on deposits in savings account(s) with a bank or a cooperative bank or a post office which is eligible for deduction u/s 80TTA. This amount should be the lowest from among:
Note: |
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| 80TTB | Interest on deposits in case of Resident senior citizens |
This deduction can be claimed only by senior citizens (if DOB in Part A General Information is on or before 01/04/1960). Enter the amount of income by way of interest on deposits with a bank or a co-operative bank or a post office which is eligible for
Note: |
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| 80U |
In case of a person with disability |
This deduction can be claimed only by a resident individual who is certified by the medical authority to be a person with disability. The eligible amount of deduction is subject to maximum limit as given below:
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