Deductions are the exemptions on the amount taxable as per Income Tax Act.
They are the Investments made by the persons for them, their Family & their parents.
Deduction Under Sections 80C to 80U
Section For Maximum Deduction Allowed Investment
Section 80C Self, Spouse, Children 150000…MAX Fixed Deposits (having Lock in period of 5 year), Public Provident
Fund (having lock in period of 15 years, but can be further extended by 5 year,
Partial withdrawal is allowed after 7 year), Employee Provident Fund , Unit 80C…GENERAL
Linked Insurance Plan (Investment, Withdrawal & Maturity amount is Tax DEDUCTION….INDIVIDUAL/HUF….INFORM
Free), Sukanya Samriddhi Yojna , Life Insurance Policy-PREMIUM , Tuition
OF INVESTMENT
Fees (Deduction is available only for 2 children whether it is in school, college, HOME
university etc), Repayment of Home Loan-Principal, stamp duty, registration LOAN…RS.40000…
fees, & transfer Expenses) PRINCIPAL AMT
Section 80CCD Self 50000..MAX NATIONAL PENSION SCHEME-NPS MEDICLAIM TAKEN FOR PERSON BELOW 60 80D
Section 80D Self, Spouse, Children 25000 FOR SELF ,SPOUSE, & CHILDREN Deduction for Medical Insurance of self, spouse, children & parents. SLF+WIFE+CHILD PREMIUM….RS.35000 MAX 25000 ELIGIBLE
Parents MEDICLAIM PRMIUM
ADDITIONAL 25000 FOR PARENTS IF THEY
ARE LESS THAN 60 YEARS AND 50000 IF
THEY ARE MORE THAN 60 YEARS. MEDICLAIM TAKEN FOR PERSON ABOVE 60( SENIOR CITZN)
Section 80DD Individual or HUF (self, 75000 or 125000 Deduction is allowed for rehabilitation of Handicapped Dependent. (Where PWD- HANDICAPPED PERSON PARNT:….70+ AGE….MEDICALIM PRMIUM…RS.60000 MAX 50000 ELIGLB
spouse, children & parents) Disability is 40% TO-LESS THAN 80% than fixed deduction allowed is Rs 75000 CERTFCT:..%
& where disability is 80% or more than deduction allowed is Rs. 125000.
Section 80DDB Individual, Spouse, Parents 40000 OR 100000 max.. Deduction for Medical Treatment for seniors for specified diseases (If
& Childrens Person is up to 80 years than deduction allowed is Rs. 40000 & if person is
above 80years than deduction allowed is Rs 100000) with regards to the
expense. 110000….SEC 24…INCOME FROM HP 95000 75000
Section 80E Self, Spouse, Children No Restriction Deduction is available for Interest on Education Loan for Higher Studies.
Deduction is available for maximum 8 years beginning from when the
interest start getting repaid or till the entire interest is repaid whichever is earlier
Section 80EE Self 50000 financial year Deduction for Interest on Home Loan (towards first house property) RENT-H RS7000 RS.84000
Section 80G Individual or HUF 100% or 50% DONATION
Section 80GG Self a. Rent paid minus 10% of adjusted total Deduction is available only when a person pay the rent but he did not received
income any HRA 80 GG…DEDUCTION ON RENT RENT..MAX..RS.60000 USE FOR 80GG
b. Rs 5,000/- per month RS.60000
c. 25% of adjusted total income* OR
Adjusted Total Income: Income after
adjusting all deductions, exempt income, long
term capital gain & income relating to Non
resident & foreign companies 10 (13A)….HRA …RENT PAID…
Section 80TTA Self & HUF 10000..MAX Saving Bank Interest (Deduction allowed is Bank Interest or 10,000 Whichever is
less)..FOR NORMAL CITIZEN HRA RECVD 124000
Section 80TTB Senior Citizens 50000…MAX Deduction allowed to the senior citizens from the specified Income SAVING ACCOUNT….INTEREST LESS: EXM U/S 10-13A
1. Interest on Bank Deposits 21-22…PY….SAV ACC….TOTAL INT…..RS.8000
2. Interest on post office Deposits INCM FRM OTHER SOURC
Section 80U Individual 75000 or 125000 Deduction allowed for the person suffering from physical disability (If a person
suffered from some small physical diseases like blindness or mental retardation
than deduction allowed is Rs 75000 & if a person suffered from some severe
disability than 125000 is allowed.)
LESS: DED U/S 80TTA..INT ON SAV BN -8000
DEDUCTION….EXPENSES EXEMPTION
INCOME FROM SALARY…
INCOME…..LESS: EXPENSES INCOME…....LESS: INCOME
HOME LOAN..PRINCIPAL 95000
LIC PREMIUM 25000
FD-5YRS 50000
TUITION FEES PAY 20000
80C…MAX..150000 190000
IN TX..60 + AGE SR CITIZEN/ 80+ AGE…SUPER SENIOR CTZN
80D- MEDICAL HEALTH INSURANCE…MEDICAL PRMIUM PAY…
MEDICAL INSURANCE KISKE LIE LIA HAI…
SELF+SPOUSE+CHILDREN PARENT- AGE 60+…BUT BELOW 80…................OR PARENT- AGE 80+
(AGE LESS THAN 60YR)
MEDICAL PREMIUM MEDICAL PREMIUM MEDICAL PREMIUM
30000 RS 40000 RS 60000 RS
80D MAX….25000RS. MAX…...30000 RS MAX…..RS.50000
80DD 80 U
HANDICAPPED DEPEND INDIVIDUAL - OWN….DISABLED
PWD ACT-1962/1994/2017
PERSON WITH DISABILITY ACT-
2017
DISABLED/HANDICAPPED
PERSON
PHYSICAL DISABLTY-40% + 80DD…FLAT…75000 RS 80U…FLAT…75000 RS
( HANDICAPPED)
PHYSICAL DISABLTY-80% OR + 80DD…FLAT…125000 RS 80U…FLAT…125000 RS
( SEVER HANDICAPPED)
80 E….EDUCATION LOAN…..INTEREST PAY
80E…NO LIMIT FOR INTEREST AMOUNT ON EDN LOAN FOR CLAIMING DEDUCTION
8% HOME LOAN FOR RS.12 LAC FOR 10 YR
IN CURRENT YEAR:
PRINCIPAL AMT RS.40000 EXPENSES….PRINCIPAL AMNT…..80C(RS.40000)/…INTEREST…RS.70000 IFHP…U/S24
INTEREST AMT RS.70000
LOAN AMOUNT 110000
