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.
|Sections||Nature of Deductions||Limit|
|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.
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.
|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|
|Contribution to NPS up to 10% of salary.|
|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|
|Medical Insurance – Self, spouse, children.|
Medical Insurance – Parents more than 60 years old.
|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.
|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)|
|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.
|Donations to certain approved funds, trusts, charitable institutions.||100%/50% of amount paid|
|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.
|Donation for scientific research and rural development by any assessee not having income chargeable under the head ‘Profits and gains of business or profession’.||–|
|Contributions are given by companies to political parties.||–|
|Contributions are given by any person to political parties.||–|
| Section 80-IA|
|Profits and gains from undertakings or enterprises engaged in infrastructure development, etc.||–|
|Profits and gains from an undertaking or enterprise engaged in the development of Special Economic Zone (SEZ).||–|
| Section 80-IB|
|Profits and gains from certain industrial undertakings other than infrastructure development undertakings.||–|
|Profits and gains from an undertaking or enterprise in special category States.||–|
|Profits and gains from business of hotels and convention centres in specified areas.||–|
|Deductions in respect of certain undertakings in the North Eastern States.||–|
|Dedeuctions in respect of profits and gains from business of collecting and processing of bio-degradable waste.||–|
|Deductions in respect of the employment of new workmen.||–|
|Certain income of Offshore Banking Units and International Financial Services Centre||–|
Co- operative Societies
|Certain specified income of a Co- operative Societies.||–|
|Royalty income of author of a certain specified category of books.||₹3,00,000.00|
|Deduction in respect of royalty on patents.||₹3,00,000.00|
|Interest on deposits in savings bank account.||₹10,000.00|
|Self suffering from a disability.|
An individual suffering from a physical disability (including blindness) or mental retardation.
An individual suffering from severe disability.