CA Piyali Parashari

14
Deductions
from Income to
Save Tax
(Sec
(Sec 80)
80)
01 INVESTMENTS

1. Section 80C :
Limit of Rs 150000,
Covers investments-
ULIPs, Tax Saving deposits, EPF, PPF Home loan
principal, Sukanya Samriddhi Scheme, ELSS, Senior
Citizen Savings Scheme, NSC
Covers Expenses
Stamp Duty & registration of house, Children's
tuition fees, Term Insurance
02 INVESTMENTS

2. Sec 80CCC
It covers contributions made by an individual to
designated pension plans provided by life insurance.
Overall limit of Rs 1.5 lakhs clubbed with Sec 80C

3. Sec 80CCD
Contribution to National Pension Scheme upto
Rs 50000
03 MEDICAL/ REHABILITATION EXPENSES

4. Section 80D
Mediclaim - Self Rs 25000, parents Rs 25000, parents
aged more than 60 years Rs 50000, Expenses for
checkup Rs 5000 (included in above limits)

5. Section 80DD
Expenses for medical treatment, training and
rehabilitation of handicapped dependent relative Rs
75000/ Rs 125000 depending on severity
04 MEDICAL/ REHABILITATION EXPENSES

6. Section 80DDB
Medical treatment for specified diseases upto
Rs 40000/ Rs 100000 depending on whether your age
is age 60 or above

7.Section 80U
For people suffering from physical disability.
Rs 75000/Rs 125000 depending on severity of
disability
05 INTEREST EXPENDITURE

8. Section 80E
Interest on Education loan for yourself /family
members for a maximum up to 8 years starting from
the year in which the interest starts getting paid.
There is no upper limit

9. Section 80EEA
For first time homebuyers an additional deduction
of Rs 1.5lakhs is given, if loan taken between
01-04-2019 to 31-03-2022 and property value less
than Rs 45 lakhs
06 EXPENDITURE ON RENT

10. Section 80GG

For rent paid when HRA is not received or for a
person who is self-employed, provided the
individual does not have any house which is
declared as Self Occupied

Least of :
– Rent paid minus 10% of total income
– Rs. 5000/- per month
– 25% of total income
07 DONATIONS

11. Section 80G

Donations made for specified causes, which are
mentioned in Sec 80G are eligible for exemption
either upto 100% or 50%
Cash donations exceeding Rs 2000 are NOT allowed.

12. Section 80GGC

Donation made by an individual to a political party
or an electoral trust in a NON-CASH mode is allowed
as deduction
08 INTEREST INCOME

13. Section 80TTA

Individuals (who are less than 60 years) can claim
exemption upto Rs 10000 for interest earned in
SAVINGS Bank Account.
This does not include Fixed/ Recurring Deposit
Interest

14. Section 80TTAB

Individuals who are above 60 years can claim
exemption upto Rs 50000 for interest earned on Term
Deposits from Financial Institutions/ Banks
/Post Office