Section
VI of the Income-tax Act contains various sub-sections of section 80 which
allow an appraiser to claim exemption from gross total income as a result of
various tax-saving investments, approved expenditures, grants, etc.
Chapter VI of the
Income Tax Act contains the following sections:
80C:
Exemption in case of life insurance premium, deferred annuity, the contribution of
Provident Fund (PF), subscription of certain equity shares or debentures
etc.
80CCC:
Exemption limit for contribution to the fixed pension fund with Section 80C and
Section 80CCD (1) is Rs. 1.5 lakhs.
80CCD (1): Exemption for contribution to the Central Government
Pension Scheme - In the case of an employee, 10 % of his salary (Basic + DA)
and in any other case, 20 per cent of his total income will be tax-free in a
financial institution. The combined limit of 80C and 80cc together is Rs 1.5
lakh.
80
CCD (1B): Discount up to Rs. 50,000 for contribution to Central
Government Pension Scheme (NPS).
80CCD (2): Concession by the employer for contribution to Central
Government Pension Scheme Tax benefit is given by employer on 14% contribution,
where Central Government makes such contribution and where any other employer
contributes, the tax benefit is 10%.
80D:
Deduction in case of health insurance premium. Premiums paid up to Rs 25,000
are eligible for discounts for persons other than senior citizens. For senior
citizens, the limit is Rs 50,000 and the overall limit u / s 80D is Rs 1
lakh.
80DD: Disability is a reduction in maintenance, including the
treatment of a dependent person. The maximum discount limit under this section
is Rs 75,000.
80
DDB: Neurologist, One Oncologist, Urologist, One deduction on
expenses up to Rs. 40,000/- for treatment of a specific disease from a haematologist, immunologist or such specialist.
80E:
Exemption in case of interest on loan taken for higher education without higher
limit.
80EEA: Discount in case of interest up to Rs. 1.5 lakhs on the fixed home property (taken
for affordable housing)
80G:
Depending on the nature of donations to specific funds, charities, etc., the
range varies from 100 % of total donations to 50% of the total
donations or 50 % of donations to 10 %of total income.
80GG:
Discount on rent paid by non-salaried persons without HRA benefits. The
discount limit is Rs 5,000/- per month or 25 per cent of the total income in a
year, whichever is less.
80
TTA: Discount on interest rate up to Rs. 10,000/- in savings bank
account for any assessment other than a residential senior citizen
80U:
Exemption in case of the disabled person. Maximum waivers are allowed depending on
the type and extent of disability allowed under this section Max Rs.25000/- for
below 60 Years and Rs. 50,000/- for Sr. Citizen above 60 Years
