|• Section 80C (Various investments)||• Section 80CCC (Premium for annuity plans)|
|• Section 80CCD(1) (Assessee's contribution to pension a/c)||• Section 80CCD(2) (Employer's contribution to pension a/c)|
|• Section 80CCD (Additional contribution to NPS)||• Section 80CCG (Rajiv Gandhi Equity Saving Scheme)|
|• Section 80D (Medical/health ensurance)||• Section 80DD (Reh. of handicapped dependent relative)|
|• Section 80DDB (Medical exp. on self/dependent relative)||• Section 80E (Intt. on loan for higher studies)|
|• Section 80G (Donations)||• Section 80EE (Intt. on loan for residential house property)|
|• Section 80G (Donations)||• Section 80GG (House rent)|
|• Section 80GGA (Donations)||• Section 80GGC (Sci. Research/Rural Dev.)|
|• Section 80RRB (Royalty on patents)||• Section 80QQB (Royalty on books)|
|• Section 80TTA (Saving bank intt.)||• Section 80U (Physical disability)|
|• Section 24 (Home loan intt.)|
This section has been introduced by the Finance Act 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section (alongwith section 80CCC and 80CCD) is limited to Rs. 1.50 lakh only (Increased from Rs. 1.00 lacs w.e.f. 01.04.2014).
Payment of premium for annuity plan of LIC or any other insurer Deduction is available upto a maximum of Rs. 100,000/-. (proposed to be enhanced to Rs. 1,50,000 w.e.f. 01.04.2015).
The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund.
Deduction available for the amount paid or deposited in a pension scheme notified or as may be notified by the Central Government subject to a maximum of :
(a) 10% of salary in the previous year in the case of an employee
(b) 10% of gross total income in any other case.
Deduction available for the amount paid or deposited by the employer of the assessee in a pension scheme notified or as may be notified by the Central Government subject to a maximum of 10% of salary in the financial year.
Amount invested by resident individuals, whose gross total income does not exceed Rs. 12 lakhs, in listed shares or listed units in accordance with notified scheme for a lock-in period of 3 years (Subject to certain conditions).
Deduction of 50 % of total investment subject to maximum of Rs. 25,000 in 3 consecutive assessment years, beginning with the assessment year relevant to the previous year in which the listed shares or list units of equity oriented funds are first acquired.
Deduction is available upto Rs. 20,000/- (proposed to be enhanced to Rs. 30,000 w.e.f. 01.04.2015) for senior citizens and upto Rs. 15,000/- (proposed to be enhanced to Rs. 25,000 w.e.f. 01.04.2015) in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 20,000/- (proposed to be enhanced to Rs. 30,000 w.e.f. 01.04.2015) if parents are senior Citizen and Rs. 15,000/- (proposed to be enhanced to Rs. 25,000 w.e.f. 01.04.2015) in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 60,000/-. From AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.
Deduction of Rs. 50,000/- (proposed to be enhanced to Rs. 75,000 w.e.f. 01.04.2015) in respect of
Further, if the defendant is a person with severe disability a deduction of Rs. 100,000/- (proposed to be enhanced to Rs. 1,25,000 w.e.f. 01.04.2015) shall be available under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist. Note: A person with 'severe disability' means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the 'Persons with disabilities (Equal opportunities, protection of rights and full participation)' Act.
A deduction to the extent of Rs. 40,000/- (Rs. 60,000 in case of senior citizen) or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.
The deduction under this sub-section is available w.e.f. AY 2014-15. The maximum deduction available is Rs. 1 lac. In a case where the interest payable for the financial year 2013-14 is less than Rs. 1 lac, the balance deduction amount shall be available in AY 2015-16.
The deduction under sub-section (1) shall be subject to the following conditions :
Deduction available is the least of
Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).
Deduction of Rs. 50,000/- (proposed to be enhanced to Rs. 75,000 w.e.f. 01.04.2015) to a resident individual who suffers from a physical disability(including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 100,000/- (proposed to be enhanced to Rs. 1,25,000 w.e.f. 01.04.2015) shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.
Where a housing property has been acquired / constructed / repaired / renewed with borrowed capital, the amount of interest payable yearly on such capital is allowed as deduction under Section 24 of Income Tax Act, subject to the limits stated below. Penal interest on housing loan is not eligible for deduction. If a fresh loan has been raised to repay the original loan and the new loan has been used only for the purpose of repaying the original loan then, the interest accrued on such fresh loan is allowed for deduction.
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