This is the most popular income tax deduction. Fighting under this section is
private and HUF is allowed. The Limit under 80C is Rs. 1.5 Lakh.
• Life insurance premium payment
Annual plan of LIC or any other advertised
insurer (life loan, life loss etc.)
Contribution of UTI's Unit Linked
Insurance Plan (ULIP) or LIC Mutual Fund ULIP 10 (23D)
PPF (Public Provident Fund) contribution
Non-commuted delayed annual plan payment
Government A deferred annuity is the
amount deducted from the salary of a government employee for the purpose of
protecting him
SRF / RPF contributions
Payment of tuition fees
Housing loan repayment
Supervision Fund contributions
Senior Citizen Scheme Investment
PPF investment
5 years F.D investment
Sukanya Samriddhi Yojana investment
Mutual fund (equity-linked savings scheme)
investment
Subscription to any National Housing Bank
(NHB) Deposit Scheme / Pension Fund
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The equity shares or debentures of a
public company or public financial institution are part of the eligible capital
issue approved by the board where the money is used for the infrastructure
company.
Stamp duty, the registration fee for the
purpose of transferring such home property to the appraiser.
Section 80CCC: Deduction of income tax for
contributions to the pension fund
80CCC income tax exemption may be claimed
for contributions made to specific pension plans Max limit Rs.1.5 Lakh under
section 80C.
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Section 80CCD (1): An income tax deduction
for contributions made by individuals to eligible NPS
Contributions made to eligible NPS
accounts are tax-deductible up to Rs 1.5 lakh under Section 80 CCD (1). This tax benefit is between the limit of Rs. 1.5 Lakh.
Section 80CCD (1B): Deduction of additional
income tax for contributions made by individuals to eligible NPS
Section 80CCD (1B) gives you an additional
tax savings facility up to Rs. 50,000 for contribution to NPS account. This is
beyond the scope of Section 80CD and this is why Section 80CCD has received so
much attention.
Section 80CCD (2): Deduction of income tax
for contribution to eligible NPS by the employer
The amount that the employer has
contributed to the NPS account of an employee is also tax-deductible under
section 80CCD (2). The maximum deduction limit is Rs.
Section 80D: Income tax exemption in
medical insurance premiums
1. Medical insurance premium
2. Expenditure for preventive health
check-ups
3. Other medical expenses
Benefits under this section can be availed
up to a total of Rs.1,00,000 for oneself and family.
Section 80DD: Reduction of income tax for
treatment of persons with disabilities
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Section 80DD provides income tax benefits
up to Rs. 75,000 and Rs. 1,25,000 respectively in case of normal and severe
disability. This benefit can be availed to cover the medical expenses of a
disabled dependent relative. Please read the detailed guidelines for covered
diseases, necessary paperwork and other information.
Section 80 EE: Income Tax Exemption for
Home Loans
An additional discount of up to Rs 50,000
is available under Section 80EE. This discount is available on home interest
payments.
Section 80G: Decrease in grants to certain
funds and charities
1. Deductions under this section are
available to all types of taxpayers (private / firm / LLP or any other person).
2. The amount of deduction based on the
number of funds received i.e. with or without any eligibility limit.
Where the formula for calculation of
deduction subject to a limit of fund eligibility = Total Qualification Amount -
Net Qualification Amount
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Donations should be made in any payment
method other than cash if it is more than Rs.10,000 Grants under this a paragraph is not eligible for exemption.
Check the complete list of funds under
section 80G with their eligibility limits and for example calculating the
amount of deduction.
Section 80GG: House Rent exemption who are
not getting any House Rent Allowances from the employer
In cases where HRA (House Rent Allowance) or RFA (Rent free Accommodation) income tax benefits were not available
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