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Section 80 Deductions

Section 80 Deductions

The Income Tax Act allows certain deductions depending on investments or expenses incurred during the year like life insurance and medical insurance etc. Deductions are reduced from your gross income and help reduce your tax liability as per income tax slabs in India Most of these provisions are covered in section 80 under different categories. Please refer the table below for a brief overview of the various deductions under section 80 -

SectionPermissible LimitType of Investment, Expense or Income
80C, 80CCC,Maximum INR 1,50,000PPF, EPF, Bank FD's, NSC, LIC premium, ULIP, tuition fees, Pension funds policy, Equity shares
80 CCDMaximum upto INR 50,000National Pension Scheme
80CCG50% of amount invested subject maximum of INR 25,000Equity linked saving schemes
80CCFUp to INR 20, 000Long term infrastructure bonds
80DFor HUFs- Premium up to INR 25,000 and up to INR 30,000 in case the member insured is a senior citizen or super senior citizen For individual taxpayers- INR 25,000: In case of self, spouse and/or dependent children. Additional benefit of INR 25,000/- in case of parents- In case health insurance is taken for a senior citizen (resident individual who is of the age of 60 years or more), the INR 25,000 limit mentioned above will be substituted by INR 50,000.Medical insurance premium and Health check up
80DDINR 75,000 (>=40% and <80% disability), 2. INR 1,25,000 (>=80% disability)Maintenance/Medical treatment of Handicapped dependents
80DDBThe deduction allowed is equal to the amount actually paid or INR 40,000 whichever is less.Deduction in respect of Medical treatment for self or a dependent
80TTAUp to INR 10,000 per yearInterest earned on savings bank account
80ENo limit definedInterest paid on higher education loan
80EEMaximum INR 50,000Interest on loan payable for acquiring a residential house property
80GDiffers with the amount of donationGeneral donations of any recognized society
80GGADepends on quantum of donationDonations to Scientific Research or Rural development
80GGBDepends on quantum of donationDonations to political parties
80GGINR 5000 per month or 25% of total income whichever is lessRent paid in case HRA is not a component of income
80 UINR 75,000 (>=40% and <80% disability), INR 1,25,000 (>=80% disability)Deductions in case of permanent disability