Income Tax Deductions Section 80C to 80U

Deductions

Section 80C to 80U of the Income Tax Act, 1961 provides provisions for tax deductions from your gross total income. You can claim deductions for amounts spent in tuition fees, medical expenses and donations. Also, you can invest in various schemes such as ELSS, national savings schemes, PPF, bank deposits etc. to get tax deductions.

Income Tax Deductions Under Section 80C to 80U

SectionsNature of DeductionsLimit

Section 80C

Individual/HUF

Life insurance premium payment.

Investment in PPF.

Employee’s contributions to EPF, Recognized PF and approved Superannuation Fund.

National Saving Certificates (VIII Issue).

Sum paid to purchase deferred annuity.

Children’s Tuition Fee.

Principal repayment of home loan.

Investment in Sukanya Samridhi Account.

Equity Linked Savings Scheme (ELSS).

Unit Linked Insurance Plan (ULIP).

Five Year Deposit Scheme.

Subscription to notified securities/notified deposit scheme.

Contribution to notified deposit scheme or notified pension fund by National Housing Bank.

Contribution to notified annuity plan of LIC.

Contribution to notified pension fund set by a mutual fund or UTI.

Subscription to notified bonds issued by the NABARD.

Deposits in Senior Citizen Savings Scheme.

Subscription to equity shares or debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions.

 ₹150,000.00

 Section 80CCC

Individual

Contribution to certain pension funds of LIC or any other insurer for the pension from a fund referred to in section 10(23AAB).
 Section 80CCD

Individual

 Contribution to NPS up to 10% of salary.

Section 80CCF

Individual/HUF

 Subscription to notified long-term infrastructure bonds. ₹20,000.00
 Section 80CCG

New retail investors

 Rajiv Gandhi Equity Scheme for investments in Equities. Lower of – 50 of amount invested or ₹25,000.00

 Section 80D

Individual/HUF

Medical Insurance – Self, spouse, children.

Medical Insurance – Parents more than 60 years old.

 ₹25,000.00

₹30,000.00

 Section 80DD

Individual/HUF

Medical treatment for handicapped dependent or payment to specified scheme for maintenance of handicapped dependent.

Disability is 40% or more but less than 80 %.

Disability is 80% or more.

 

 

₹75,000.00

₹1,25,000.00

 Section 80DDB

Individual/HUF

Medical expense on self or dependent for diseases specified in Rule 11DD. Maximum deduction is ₹40,000 (60,000 for senior citizen and ₹80,000 for very senior citizen)

 Section 80E

Individual

Interest on education loan for higher studies. This loan may have been taken for the taxpayer, spouse or children or for a student for whom the taxpayer as a legal guardian.

Maximum period: 8 years.

 Section 80G

All assessees

Donations to certain approved funds, trusts, charitable institutions.100%/50% of amount paid

 Section 80GG

Individual

Deduction for house rent paid where HRA is not received.

Deduction available is the minimum of rent paid minus 10% of total income, ₹5000.00 per month or 25% of the total income.

₹60,000.00

Section 80GGA

 All assessees

Donation for scientific research and rural development by any assessee not having income chargeable under the head ‘Profits and gains of business or profession’.
Section 80GGB

Indian Companies

Contributions are given by companies to political parties.
Section 80GGC

All assessees

Contributions are given by any person to political parties.
 Section 80-IA

All assessees

Profits and gains from undertakings or enterprises engaged in infrastructure development, etc.
Section 80-IAB

All assessees

Profits and gains from an undertaking or enterprise engaged in the development of Special Economic Zone (SEZ).
 Section 80-IB

All assessees

Profits and gains from certain industrial undertakings other than infrastructure development undertakings.
Section 80-IC

All assessees

Profits and gains from an undertaking or enterprise in special category States.
Section 80-ID

All assessees

Profits and gains from business of hotels and convention centres in specified areas.
Section 80-IE

All assessees

Deductions in respect of certain undertakings in the North Eastern States.
Section  80JJA

All assessees

Dedeuctions in respect of profits and gains from business of collecting and processing of bio-degradable waste.
Section 80JJAA

All assessees

Deductions in respect of the employment of new workmen.
Section 80LA

All assessees

Certain income of Offshore Banking Units and International Financial Services Centre
Section 80P

Co- operative Societies

Certain specified income of a Co- operative Societies.
Section 80QQB

Individual

Royalty income of author of a certain specified category of books.₹3,00,000.00
Section 80RRB

Individual

Deduction in respect of royalty on patents.₹3,00,000.00
Section 80TTA

Individual/HUF

Interest on deposits in savings bank account.₹10,000.00
Section 80U

Individual

Self suffering from a disability.

An individual suffering from a physical disability (including blindness) or mental retardation.

An individual suffering from severe disability.

 

₹75,000.00

₹1,25,000.00

 

2 thoughts on “Income Tax Deductions Section 80C to 80U”

Leave a Reply

Your email address will not be published. Required fields are marked *