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Various

Deduction
(Section 80)

Various deductions from the Gross Total Income are available to you if the
below investments/payments are made before 31st March of the relevant
financial year. The important deductions are explained below :1] Section 80

Under this section you get deduction for payment of Insurance Premium,
Contribution to Provident Fund & Public Provident Fund, subscription to unit
of Mutual Fund, Tuition fees of your kids, principle repayment of housing loan
etc. These investments can be made in your name or in the name of your
spouse and children as well. Overall limit for Sec 80C is Rs. 1, 00,000/-. As
per the Provident Funds Act, a non-resident Indian cannot invest in PPF in
that case you may invest into the name of spouse or child if they are Indian
residents.
2] Sec 80CCC

Contribution for any plan of Life Insurance Corporation of India, for receiving
pension from the fund, is deductible under this section. There is maximum
limit of Rs. 100,000/- for deduction.
Aggregate amount of deduction u/s 80C and 80CCC shall not exceed Rs.
1,00,000/3] Sec 80D

If you pay Medical Insurance Premium, you will get deduction under this
section. For the purpose, insurance policy may be in the name of spouse,
children or dependent parents. Overall limit is Rs. 15,000/-, but the limit is
increased to Rs. 20,000/-, if either of the parents is a senior citizen.
But care should be taken that the premium should not be paid in Cash, it
must be either by cheque or bank draft.
4] Sec 80DD

If you have incurred any expenditure, on medical treatment of a disabled
dependent or paid for the premium of Insurance Policy for the same person,
you will get a deduction of Rs. 50,000/-. The deduction will be extended to
Rs. 75,000/\, if the disability is severe. For the purpose, a medical certificate
(about disability) by medical authority along with return of income should be
furnished.
5] Sec 80DDB

If you have incurred any expenditure, on medical treatment of yourself or a
dependent suffering from specified disease, you will get a deduction of
amount spent or Rs. 40,000/- whichever is lower. For the purpose, a medical
certificate by medical authority should be obtained. If the dependent is a
Senior Citizen, the limit of Rs. 40,000/- is extended to Rs. 60,000/6] Sec 80E

If you have taken any loan for your Higher Education, interest portion paid is
deductible under this section. The deduction is available for eight years or full
repayment of loan whichever is earlier. Higher education means full time
graduate or post graduate courses.
7] Sec 80G

From donations paid to various funds or charitable institutions, 50% amount
paid is deductible under this section. Sec 80G has given a list of various
funds for this purpose.

000/-. you can claim deduction for the rent paid. 75. 50. 24. Here you should not be a person who is claiming House Rent Allowance exemption. 8] Sec 80GG If you do not owe any house.000/.000/Sections applicable to NRI 1] 80C – A non resident can not invest in PPF 2] Sec 80CCC 3] 80D 4] 80DD the taxpayer must be resident ( whether R or NOR ) may be Indian citizen or foreign national 5] 80DDB the taxpayer must be resident ( whether R or NOR ) may be Indian citizen or foreign national 6] 80E 7] 80G 8] 80GG 9] 80U .or 25% of Total Income or an amount actually paid in excess of 10% of total income. the limit is extended to Rs. 9] Sec 80U If you are disabled & certified by medical authority to be a person with disability.There is ceiling of 10% of Adjusted Gross total Income on the total amount of deduction under this section. you will be allowed a deduction of Rs. The deduction is least of Rs. If the disability is severe.