Here is a list of deductions available under Sections 80C to 80U of the Income Tax Act in India,
along with a brief description of each:
1. Section 80C: Investments and Expenditures
Maximum Deduction: ₹1,50,000 per annum
Eligible investments/expenditures:
Life Insurance Premiums
Employee Provident Fund (EPF) contributions
Public Provident Fund (PPF)
National Savings Certificate (NSC)
Tax-saving Fixed Deposits (5 years)
Senior Citizen Savings Scheme (SCSS)
Sukanya Samriddhi Yojana (SSY)
Tuition Fees for children (for up to 2 children)
Home Loan Principal Repayment
Unit-linked Insurance Plan (ULIP)
ELSS Mutual Funds
2. Section 80CCC: Pension Plans
Maximum Deduction: ₹1,50,000 (within the overall 80C limit)
Contributions to pension plans of insurance companies.
3. Section 80CCD: National Pension Scheme (NPS)
80CCD(1): Contributions by the individual (up to ₹1,50,000, within 80C limit).
Additional 10% of salary (for salaried individuals) or 20% of gross income (for self-
employed).
80CCD(1B): Additional deduction of ₹50,000 for NPS contributions.
80CCD(2): Employer’s contribution to NPS (up to 10% of basic salary + DA).
4. Section 80D: Medical Insurance
Maximum Deduction: ₹1,00,000
₹25,000 for self, spouse, and children.
₹25,000 for parents (below 60 years).
₹50,000 for senior citizen parents (above 60 years).
Preventive health check-up: ₹5,000 (within the above limits).
5. Section 80DD: Maintenance of Disabled Dependent
₹75,000 for dependents with 40%-80% disability.
₹1,25,000 for dependents with more than 80% disability.
6. Section 80DDB: Medical Treatment for Specified Diseases
₹40,000 for individuals below 60 years.
₹1,00,000 for senior citizens (above 60 years).
7. Section 80E: Interest on Education Loan
Deduction for interest paid on loans for higher education.
No upper limit, but available for 8 years.
8. Section 80EE: Interest on Home Loan for First-Time Buyers
Maximum Deduction: ₹50,000 (over and above 80C and 24(b))
Loan amount ≤ ₹35 lakhs, and property value ≤ ₹50 lakhs.
9. Section 80EEA: Additional Interest on Home Loan
Maximum Deduction: ₹1,50,000
Applicable for loans sanctioned between April 1, 2019, and March 31, 2022.
10. Section 80EEB: Interest on Electric Vehicle Loan
Maximum Deduction: ₹1,50,000
Interest paid on loans for electric vehicles.
11. Section 80G: Donations to Charitable Institutions
50% or 100% deduction (with or without qualifying limit) based on the institution.
12. Section 80GG: Rent Paid
Maximum Deduction: ₹60,000 per annum
For individuals not receiving HRA.
13. Section 80GGA: Donations for Scientific Research or Rural Development
100% deduction for donations to eligible entities.
14. Section 80GGB: Contributions to Political Parties
Contributions by companies are 100% deductible.
15. Section 80GGC: Contributions to Political Parties
For individuals contributing to political parties.
16. Section 80TTA: Interest on Savings Account
Maximum Deduction: ₹10,000
For individuals and HUFs, applicable on interest earned on a savings account.
17. Section 80TTB: Interest for Senior Citizens
Maximum Deduction: ₹50,000
On interest earned from deposits.
18. Section 80U: For Persons with Disabilities
₹75,000 for individuals with 40%-80% disability.
₹1,25,000 for individuals with more than 80% disability.
This is a general summary. Specific conditions and eligibility must be checked for claiming these
deductions. Let me know if you want detailed information about any specific section.
4o
You said:
87 A DEDCUTION
ChatGPT said:
ChatGPT
Section 87A Deduction (Rebate)
Eligibility Criteria:
1. Applicable only to resident individuals in India.
2. The total taxable income (after deductions) should not exceed ₹5,00,000.
Rebate Amount:
The maximum rebate available under Section 87A is ₹12,500.
This rebate is applied after calculating the income tax but before adding cess (4%).
How it Works:
If your income tax liability is less than or equal to ₹12,500, the rebate will offset it,
making your net tax liability zero.
If your tax liability exceeds ₹12,500, the rebate will be capped at ₹12,500.
Example Scenarios:
1. Taxable Income: ₹4,00,000
o Tax calculated: ₹10,000 (5% of income above ₹2,50,000)
o Rebate under 87A: ₹10,000
o Final Tax Payable: ₹0
2. Taxable Income: ₹6,00,000
o Tax calculated: ₹15,000 (no rebate applicable as income > ₹5,00,000)
o Final Tax Payable: ₹15,600 (including 4% cess).
Key Notes:
This rebate benefits low-income earners by effectively making their tax liability zero if
their taxable income does not exceed ₹5,00,000.
The rebate is not available to non-resident individuals or those with higher incomes.
