Sections |
Deductions |
Maximum Limit |
Description |
80C |
Investment in several schemes |
`1,50,000 |
Deduction of up to `1,50,000 is allowed under this section to an individual in respect of amount paid or deposited by him in certain schemes or insurance policies during the financial year |
80CCC |
Contribution to pension funds |
Deduction on purchase of a new policy or continuation of an existing policy that pays pension after maturity of the policy |
|
80CCD ( 1B ) |
Investment in National Pension Scheme |
`50,000 |
An additional deduction of `50,000 over and above this limit is allowed to an employee for amount deposited by him to his NPS account |
80CCG |
Investment in RGESS ( Rajiv Gandhi Equitylinked Saving Scheme ) |
`25,000 |
The amount of deduction is capped at 50 % of the amount invested in equity shares / units subject to maximum deduction of `25,000 . |
80DD |
Medical treatment of disabled dependents |
`75,000 to 1,25,000 |
Tax break on expenditure incurred by an individual to support disabled family members ( spouse , children , parents or siblings ) dependent on him for support and maintenance |
80DDB |
Medical expenditure on critical diseases |
`40,000 to 60,000 |
This deduction is allowed to a taxpayer if he incurs expenses on his own medical treatment of specified critical diseases ( i . e cancer , AIDS , Thalassemia , etc ) or for dependent family members |
80E |
Interest on loan for higher education |
Actual amount paid |
Deduction is allowed to a taxpayer only if he has taken the education loan from a bank , an approved charitable institution or an approved financial institution for his own education or higher education of spouse or children |
80G |
Donation made to funds |
50 % to 100 % of actual amount paid |
Any taxpayer making donations to specified institutions , funds or for charity can claim the deduction , subject to certain limits set down by the government |
80GG |
House rent |
`60,000 ( 5,000 per month ) |
Allowed to an individual taxpayer who is living in a rented house but does not receive any house rent allowance from employers |
80GGA |
Donation for Scientific Research |
Actual amount paid |
Deduction from his gross total income in respect of donations made for scientific research or rural development subject to certain conditions |
80GGC |
Donation to political parties |
Actual amount paid |
Allows an individual to claim deduction of any amount of contribution made by him to a political party ( or an electoral trust ) |
80TTA |
Interest on deposits in savings account |
`10,000 |
Deduction of up to `10,000 in respect of interest earned on deposits in a savings account |
80U |
Deduction to disabled person |
`75,000 to 1,25,000 |
Available to a resident individual who is certified by the medical authority as disabled |
Source : Taxmann |
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www . outlookmoney . com February 2018 Outlook Money 27 |