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Section Deduction On Allowed Limit (Maximum) FY 2018-19

The document outlines various tax deductions allowed under Section 80 of the Indian Income Tax Act for the financial year 2018-19. Key deductions include: - Section 80C allows deductions up to Rs. 1,50,000 for investments/payments such as life insurance premiums, PF contributions, home loan principal repayment, tuition fees, etc. - Section 80D provides deductions up to Rs. 25,000/50,000 for medical insurance of self/parents respectively and up to Rs. 75,000/1,25,000 for medical treatment of disabled dependents. - Section 80U allows deductions up to Rs. 75,000/1,25,000 for individuals with physical/mental disability or severe

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33 views3 pages

Section Deduction On Allowed Limit (Maximum) FY 2018-19

The document outlines various tax deductions allowed under Section 80 of the Indian Income Tax Act for the financial year 2018-19. Key deductions include: - Section 80C allows deductions up to Rs. 1,50,000 for investments/payments such as life insurance premiums, PF contributions, home loan principal repayment, tuition fees, etc. - Section 80D provides deductions up to Rs. 25,000/50,000 for medical insurance of self/parents respectively and up to Rs. 75,000/1,25,000 for medical treatment of disabled dependents. - Section 80U allows deductions up to Rs. 75,000/1,25,000 for individuals with physical/mental disability or severe

Uploaded by

Praveen kumar
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© © All Rights Reserved
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Section 80 Deduction Table

Allowed Limit (maximum)


Section Deduction on FY 2018-19

80C Investment in PPF Rs. 1,50,000


– Employee’s share of PF contribution
– NSCs
– Life Insurance Premium payment
– Children’s Tuition Fee
– Principal Repayment of home loan
– Investment in Sukanya Samridhi Account
– ULIPS
– ELSS
– Sum paid to purchase deferred annuity
– Five year deposit scheme
– Senior Citizens savings scheme
– Subscription to notified securities/notified deposits
scheme
– Contribution to notified Pension Fund set up by Mutual
Fund or UTI.
– Subscription to Home Loan Account scheme of the
National Housing Bank
– Subscription to deposit scheme of a public sector or
company engaged in providing housing finance
– Contribution to notified annuity Plan of LIC
– Subscription to equity shares/ debentures of an
approved eligible issue
– Subscription to notified bonds of NABARD

80CCC For amount deposited in annuity plan of LIC or any other -


insurer for a pension from a fund referred to in Section
10(23AAB)

80CCD(1) Employee’s contribution to NPS account (maximum up to -


Rs 1,50,000)

80CCD(2) Employer’s contribution to NPS account Maximum up to 10% of


salary

80CCD(1B Additional contribution to NPS Rs. 50,000


)
Allowed Limit (maximum)
Section Deduction on FY 2018-19

80TTA(1) Interest Income from Savings account Maximum up to 10,000

80TTB Exemption of interest from banks, post office, etc. Maximum up to 50,000
Applicable only to senior citizens

80GG For rent paid when HRA is not received from employer Least of :
– Rent paid minus 10% of
total income
– Rs. 5000/- per month
– 25% of total income

80E Interest on education loan Interest paid for a period


of 8 years

80EE Interest on home loan for first time home owners Rs 50,000

80CCG Rajiv Gandhi Equity Scheme for investments in Equities Lower of


– 50% of amount invested
in equity shares; or
– Rs 25,000

80D Medical Insurance – Self, spouse, children – Rs. 25,000


Medical Insurance – Parents more than 60 years old or – Rs. 50,000
(from FY 2015-16) uninsured parents more than 80 years
old

80DD Medical treatment for handicapped dependent or payment – Rs. 75,000


to specified scheme for maintenance of handicapped – Rs. 1,25,000
dependent
– Disability is 40% or more but less than 80%
– Disability is 80% or more

80DDB Medical Expenditure on Self or Dependent Relative for – Lower of Rs 40,000 or


diseases specified in Rule 11DD the amount actually paid
– For less than 60 years old – Lower of Rs 1,00,000 or
– For more than 60 years old the amount actually paid

80U Self-suffering from disability : – Rs. 75,000


Allowed Limit (maximum)
Section Deduction on FY 2018-19

– An individual suffering from a physical disability – Rs. 1,25,000


(including blindness) or mental retardation.
– An individual suffering from severe disability

80GGB Contribution by companies to political parties Amount contributed (not


allowed if paid in cash)

80GGC Contribution by individuals to political parties Amount contributed (not


allowed if paid in cash)

80RRB Deductions on Income by way of Royalty of a Patent Lower of Rs 3,00,000 or


income received

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