Tax deductions specified under Chapter VI-A of the Income Tax Act
80C,80CCC, 80CCD(1)
Deduction Towards Payments Made to
80C
Life Insurance
Equity Tax Saving Scheme(ELSS)
Tuition Fees
Housing Loan Principal
Insurance Plan
80CCC
Annuity Plan of LIC or other pension scheme
80CCD(1)
Pension Scheme of Central Govt
Deduction Limit of RS.1,50,000.00
80CCD(1B)
contribution to pension scheme of Central Government (NPS)
Deduction Limit of RS.50,000.00
80CCD
Central Government or State Government Employer: Up to 14% of their salary (basic + DA)
any other employer: Maximum deduction of 10% of salary (basic + DA)
80D
If self, Spouse and Children
age below 60years Deduction Rs.25,000.00
age above 60years Deduction Rs.50,000.00
Parents
age below 60years Deduction Rs.25,000.00
age above 60years Deduction Rs.50,000.00
Preventive Health Check-up Deduction Rs.5,000.00
80E
Total amount paid towards interest on loan taken
80EE
Deduction towards interest payments made on loan taken for Acquisition of Residential House Property where the loan is sanctioned between 1st April 2016 to 31st March 2017
Deduction Rs.50,000.00 Per Financial Year
80EEA
Deduction towards interest payments made on loan taken for Acquisition of Residential House Property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 and deduction should not have been claimed u/s 80EE
Deduction Rs.1,50,000.00
80EEB
Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023
Deduction Rs.1,50,000.00
80G
Deduction towards donations made to certain funds, charitable institutions, etc.
Without any Limit 100%Deduction - 50% Deduction :-
No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹2,000/-.
Qualifying Limit 100% Deduction - 50% Deduction
80GG
Deduction towards rent paid for house and applicable only for whom HRA is not part of salary.
Rent paid reduced by 10% of total income before this deduction Rs.5,000.00 Per Month
25% of total income before this deduction
Note: Form 10BA to be filed for claiming this deduction.
80GGA
Deduction towards donations made for Scientific Research or Rural Development.
Research Association or University, College or other Institution for
Scientific Research Social Science or Statistical Research
Association or institution for
Rural Development Conservation of Natural Resources or for afforestation
PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project.
Funds notified by Central Government for:-
Afforestation - Rural Development
National Urban Poverty Eradication Fund as setup and notified by Central Government
Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2,000 or if gross total income includes income from Profit / Gains from Business / Profession.
80GGC
Deduction towards Donations made to Political party or Electoral Trust
Deduction of total amount paid through any mode other than cash.
80IA
Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction
80IAB
Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone
100% of profit for 10 consecutives AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government
No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1st April 2017
80IB
Deduction towards Profits and Gains from specified business. 100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31st March 2000 but before 1st April 2007)
80IBA
Profit and Gains derived from Developing and Building Housing Projects
100% of profit subject to various conditions specified
80IC
Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states
100% of profits for first 5 AY and 25% (30% for a Company) for next 5 AY to manufacture or produce specified article or thing
80IE
Deduction to certain Undertakings set up in North - Eastern states
100% of profits for 10 AY subject to various conditions specified
80JJA
Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste
100% of profits for 5 AY where the Gross Total Income of an Assessee includes any Profits and Gains derived from the Business of Collecting and Processing or treating of Biodegradable Waste
80JJAA
Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies.
30% of additional employee cost for 3 AY, subject to certain conditions
80TTA
Deduction on interest received on Saving Bank Accounts by Individual (other than Senior Citizen) / HUF.
Deduction Limit Rs.10,000.00
