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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/-

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/-

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/-

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.
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:

  • The amount eligible under this sub-section is subject to a maximum limit of ₹ 50,000/-  
  • Further condition: No claim should have been made under sub-section (1) in respect of the same amount.
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.
  • If your Nature of Employment is PSU, State Govt or Others, the maximum deduction amount will be 10% of salary deposited by the employer in your account under the notified pension scheme. 
  • If your Nature of Employment is Central Govt. the maximum deduction amount will be 14% of salary deposited by the employer in your account under the notified pension scheme. 
  • If the nature of employment is “Pensioners” or “Not Applicable”, this deduction will not be allowed.
80D

Health Insurance
Premia, Medical Expenditure, Preventive Health Check-up    

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:

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:

Options  Max. Limit and Max. Rollover Amount
Dependent person with Disability     ₹ 75,000 or GTI, whichever is less
Dependent person with Severe disability ₹ 1,25,000 or GTI, whichever is less
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. 
The eligible amount of deduction is subject to maximum limit as given below:

Options Max. Limit Amount
Self or Dependent    
    
₹ 40,000 or GTI, whichever is less
Self or Dependent - Senior Citizen ₹ 1,00,000 or GTI, whichever is less
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.

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.
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.
The amount eligible for deduction is subject to maximum limit of ₹150,000 paid during the year and further conditions specified in sub-section (3) of section 80EEA. In case deduction u/s 80EE is claimed, deduction u/s 80EEA shall not be allowed.

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.

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):
A: Donations entitled for 100% deduction without qualifying limit
B: Donations entitled for 50% deduction without qualifying limit
C: Donations entitled for 100% deduction subject to qualifying limit
D: Donations entitled for 50% deduction subject to qualifying limit

Fill the following fields:

  • Name (of donee)
  • Address (of donee)
  • PAN of donee
  • Amount of donation 
  • Donation in cash
  • Donation in other mode

Note: Donation in cash against single PAN cannot exceed ₹ 2,000/-

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.

Note for 80GG:

The maximum amount allowed is: 

  • Total rent paid as reduced by 10% of total income before deduction of this expenditure, or
  • ₹60,000/- (₹5000/- monthly), or
  • 25% of total income before deduction of this expenditure (whichever is less).
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:

  • 80GGA(2)(a) Sum paid to Research Association or University, college or other institution for Scientific Research
  • 80GGA(2)(aa) Sum paid to Research Association or University, college or other institution for Social science or Statistical Research
  • 80GGA(2)(b) Sum paid to an association or institution for Rural Development
  • 80GGA(2)(bb) Sum paid to PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project 
  • 80GGA(2)(c) Sum paid to an association or institution for Conservation of Natural Resources or for afforestation
  • 80GGA(2)(cc) Sum paid for Afforestation, to the funds, which are notified by Central Govt.
  • 80GGA(2)(d) Sum paid for Rural Development to the funds, which are notified by Central Govt.
  • 80GGA(2)(e) Sum paid to National Urban Poverty Eradication Fund as setup and notified by Central Govt. 

Note: Donation in cash against single PAN cannot exceed ₹ 10,000/-
 

80GGC Donation to Political party  

Amount of contribution made to a political party or an electoral trust eligible for deduction u/s 80GGC. 

Note: 

  • The maximum amount allowed in this field is less than or equal to the gross total income.
  • This deduction is not admissible for any sum contributed by way of cash.
     
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:

  • Deduction claimed by you, 
  • Amount filled in Interest Income from Saving Account dropdown in Schedule OS, or
  • Gross total income, or 
  • ₹10,000/-

Note:
This field will be non-editable if your Date of Birth is on or before 1st April 1960.

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
deduction u/s 80TTB.
This amount should be the lowest from among:

  • Deduction claimed by you, 
  • Sum of Amount filled in Interest Income from Saving Account and Interest from Deposit (Bank/Post Office/Cooperative Society) dropdowns in Schedule OS, or
  • Gross total income, or 
  • ₹50,000/-

Note:
This field will be non-editable if your Date of Birth is after 1st April 1960.

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:

Options     Max. Limit and Max. Rollover Amount
Self with Disability  ₹ 75,000 or GTI, whichever is less
Self with Severe disability   ₹ 1,25,000 or GTI, whichever is less