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Deductions U/s 80C To 80U For Assessment Year 2012-13

This document outlines various tax deductions available under sections 80C to 80U of the Indian Income Tax Act for Assessment Year 2012-13. Key deductions include: 1. Section 80C allows a maximum deduction of Rs. 1,00,000 for investments and payments such as PPF, life insurance, house deposits, etc. 2. Sections 80CCC and 80CCD allow deductions for contributions to pension funds up to Rs. 1,00,000 in aggregate. Employer contributions are additionally deductible under 80CCD(2). 3. Section 80D allows a maximum deduction of Rs. 35,000 for medical insurance of self, spouse, children and parents. This provides a high

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63 views3 pages

Deductions U/s 80C To 80U For Assessment Year 2012-13

This document outlines various tax deductions available under sections 80C to 80U of the Indian Income Tax Act for Assessment Year 2012-13. Key deductions include: 1. Section 80C allows a maximum deduction of Rs. 1,00,000 for investments and payments such as PPF, life insurance, house deposits, etc. 2. Sections 80CCC and 80CCD allow deductions for contributions to pension funds up to Rs. 1,00,000 in aggregate. Employer contributions are additionally deductible under 80CCD(2). 3. Section 80D allows a maximum deduction of Rs. 35,000 for medical insurance of self, spouse, children and parents. This provides a high

Uploaded by

ram_somala
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Deductions u/s 80C to 80U for Assessment

Year 2012-13
Sl No
1

Section Details of deductions


Quantum
80C
General deduction for investment in Maximum Rs 1 ,00,000 is allowed.
PPF,PF,Life Insurance, ULIP, Stamp
duty on house, Fixed deposits for 5 Investment need not be from taxable income.
years , bonds etc

80CCC Deduction in case of contribution to


pension fund. However, it should be
noted that surrender value or
employer contribution is considered
income.
80CCD Deduction in respect to contribution
to new pension scheme. Employees
of central and others are eligible.

80D

Maximum is Rs 1,00,000

Maximum is sum of employers and


employees contribution to the maximum : 10
% of salary.

It should be noted that as per section 80CCE , the maximum amount of


deduction which can be claimed in aggregate of 80C ,80CCC & 80CCD(1) is
Rs 1,00,0000. However employer contribution is allowable as extra u/s
80CCD(2) of the Income Tax Act from Asst Yr 2012-13 and only employees
contribution is within limit of Rs 1 Lakh as stated in 80CCE
Medical insurance on self, spouse , Rs 15,000 for self , spouse & children
children or parents
Extra Rs 15,000 for insurance on parents. IF
parents are above 65 years, extra sum should be
read as Rs 20,000
Thus maximum is RS 35,000 per annum
For maintenance including
Rs 50,000 . In case disability is severe , the
treatment or 7insurance the lives of amount is Rs 1,00,000.
physical disable dependent
relatives

80DD

80DDB For medical treatment of self or


relatives suffering from specified
disease

Acutal amount paid to the extent of Rs 40,000.


In case of patient being Sr Citizen , amount is
Rs 60,000

80E

For interest payment on loan taken Actual amount paid as interest and start from the
for higher studies for self or
financial year in which he /she starts paying
education of spouse or children
interest and runs till the interest is paid in full.

80G

Donations to charitable institution 100% or 50% of amount of donation made to 19


entities (National defense fund , Prime minister
relief fund etc. )

10

80GG

For rent paid.

11

80GGA For donation to entities in scientific Only those tax payers who have no business
research or rural development f
income can claim this deduction .Maximum is
equivalent to 100 % of donation.

12

80GGC For contribution to political parties 100 % of donations

13

80QQB Allowed only to resident authors Royalty income or Rs 3,00,000 whichever is


for royalty income for books other less.
than text book

14

80RRB For income receipt as royalty on


patents of resident individuals

15

80U

This is only for people not getting any House


Rent Allowance. Maximum is Rs 2000 per
month. Rule 11B is method of computation.

Actual royalty or Rs 3,00,000 whichever is less.

Deduction in respect of permanent RS 50,000 which goes to Rs 1,00,000 in case


physical disability including
taxpayer is suffering from severe disability.
blindness to taxpayer

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