Deductions are the exemptions on the amount taxable as per Income Tax Act. They are. Deduction Under Section 80C and 80U: Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg. The aggregate amount of deductions under sections 80C to 80U cannot exceed gross total income(gross total income after excluding long term capital gains.

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Hence, you can claim both premiums paid as a deduction under Section 80D. Deduction under Section 80C is available in respect of life insurance premium paid to any insurer approved by the Insurance Regulatory and Development Authority of India, whether public or private.

Government or any approved esction authority, institution or association to be utilized for the purpose of promoting family planning Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the defuction of sports and games in India.

In case the individual on behalf of whom such expenses are incurred is a senior citizen, a deduction upto Rs 1 lakh can be claimed by the individual or HUF taxpayer. Partial NPS withdrawals will be tax free – Budget In which year can I claim deduction of the stamp duty paid for purchase of a house sectoin.

Find out how you can claim deductions under section ti for rent paid. Read more about fixed deposit Interest rates, Eligibility, benefits, investment amount, Banks applicable and how to open the SCSS account.

The individual should not be an artificial judicial person or a local authority. Deduction under Section 80GG Section 80GG is a provision which allows a deduction on the rent paid by an individual who is not receiving HRA from his employer in any form or who is a self-employed person.


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Here’s how to get a certificate for claiming deduction under section 80DDB in your income tax return. To claim this deduction, you are required to furnish a medical certificate from a government hospital as per the format suggested in the Form IA, adds Wadhwa.

Section 80C Deductions on Investments Under section 80C, a deduction of Rs 1,50, can be claimed from your total income. Sum deducted by the government from the salary of an employee for securing a deferred annuity for self, spouse or children.

Deduction under Section 80DDB Section 80DDB is available for treatment of certain specified diseases with a limited amount of Rs 40, for people below 60 years of age and Rs 1,00, if the person treated, is a senior citizen. This article will help you understand the deduction that can be claimed for the repayments. How to save tax on HRA by paying rent to parents.

I have been paying life insurance premium to a private insurance company. Section 80DDB is available for treatment of certain specified diseases with a limited amount of Rs 40, for people below 60 years of age and Rs 1,00, if the person treated, is a senior citizen. On the other hand, if the dependent has severe disability of atleast 80 percent, then the maximum amount available is Rs 1. Do keep in mind no deduction will be allowed for health insurance premium paid for independent children, parents-in-law, siblings and grandparents.

A deduction of Rs. The deduction under section 80CCG i. Rajiv Gandhi Equity Scheme has been discontinued starting from 1 April For claiming the deduction three documents are required such as stamped receipt, the photocopy of the 80G certificate. Under section 80TTA offers a tax deduction on interest income earned from deposits held in savings accounts of some financial institutions.


All your tax details will be automatically calculated. It’s a secure way to invest in mutual funds. The Chartered Accountants should audit ceduction accounts of these companies and produce a report reflecting the returns. Contributions are to be made in the form of cash, cheque or draft.

Deductions under section 80C to 80 U of Income Tax Act

Is there ddduction restriction or maximum limit upto which I can claim a deduction under Section 80E? Even though there is no maximum ceiling in rupee terms, this deduction cannot exceed 10 percent of your salary, adds Wadhwa. Hence, a company or a firm cannot take the benefit of Section 80C. Why you should file belated ITR before December An additional Rs 50, can be claimed as deduction if the investment is made in National Pension System NPS in which case the maximum deduction amount that will be available is Rs 2 lakh.

Section 80C to Section 80U Deductions

Here are deductions that can be claimed to lower your tax liability under various sections of the income tax Act. Sign Up Remember Password. The 80v is available for a maximum of 8 years or till the interest is paid, whichever is earlier. The maximum deduction allowed under this section depends on the age of the person on whom money is being spent for the treatment. The sixth tab is divided into 4 sections and deduction can be claimed as either percent or 50 percent of the amount donated with subject to ‘With’ or ‘Without’ the upper limit.