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Deductions-under-Section-80C-to-80E

 

Deductions under Section 80C to 80E

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As per Income tax act the following deductions are allowed under Chapter VI-A (i.e. 80C to 80U), now i am explaining about deduction under section 80C to 80E in this blog & deductions under section 80G to 80U explained in next blog. The details are as under-
   
Section Eligiblity Particulars Deduction Limit
80C Individual/HUF Any sum paid or deposited in the financial year- Employee Provident Fund, Public Provident Fund, Life insurance premium (upto 10% of sum assured and in case of severe disabilty upto 15% of sum assured), Tax Saving mutual fund (ELSS), Home loan principal repayment, Sukanya Samriddhi Account, Tuition fees of children, National Saving  Certificate, Tax-saving FDR with banks etc. Section 80C+80CCC+80CCD(1) up to maximum of Rs. 1,50,000
80CCC Individual Payment of premium for annuity plan of LIC or any other Insurer for receiving pension from the fund.
80CCD(1) Individual Deduction for contribution in pension scheme notified by the Government to the extent of 10% of salary in case of employees and 10% of total income in case of others.
80CCD(1B) Individual Contribution to National Pension Scheme. The deduction is an additional to the deductions under 80C, 80CCC and 80CCD(1). Up to Rs. 50,000
80CCD(2) Salaried Persons Contribution by employer in pension scheme notified by the Government Max 10% of salary.
80D Resident Individual/ HUF Medical Insurance Premium for Self, Spouse and dependent children or Parents dependent or Not
For self, spouce and dependent children ( any one age < 60 yrs ) Rs. 25,000
For Parents - Father or mother or both (any one age < 60 yrs) Rs. 25,000
For self, spouce and dependent children ( any one age > 60 yrs ) Rs. 50,000 (w.e.f 01.04.2018)
For Parents  - Father or mother or both (any one age > 60 yrs) Rs. 50,000 (w.e.f 01.04.2018)
80DD Resident Individual/ HUF Deduction in respect of maintenance including medical treatment of dependent who is a person with disability. Person suffering atleast 40% of Disability - Rs. 75,000
Person suffering atleast 80% of Disability - Rs. 1,25,000 (Severe Disability)
80DDB Resident Individual/ HUF Medical treatment of specified disease or ailment for self or dependent relative. Person whose treatment below the age of 60 years, least of Actual Exp. or Rs. 40,000 or Senior Citizens and Super Senior Citizens Least of Actual Exp. Or Rs. 1,00,000 w.e.f. 2018-19 onwards
80E Individual Interest on loan taken for pursuing higher education of self, his spouse and children No limit. Deduction is allowed for maximum of 8 years or until the full amount of interest is repaid, whichever is earlier.



Comments

Vishu on 2/19/2019 7:12:54 PM says:
Good article

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