इनकम टैक्स भरने से बचे | Income tax Deduction 80C | #incometax #gst #deduction #finance #tranding #education #accounting #section
Section 80C | Section 80CCC | Section 80CCD | Section 80D | Section 80DD |
Section 80C

A maximum amount of up to Rs. 1,50,000 (aggregate of sections 80CCD, 80CCC, 80C)

Individuals, Hindu Undivided Families

Section 80CCC

A maximum amount of up to Rs. 1,50,000 (aggregate of sections 80CCD, 80CCC, 80C)

Individuals

Section 80CCD

Contribution of employee u/s 80CCD(1): For employees, an upper limit of up to 10% of salary or for self-employed individuals, 20% of gross total income. Maximum limit is capped at Rs. 1,50,000 (aggregate of 80C, 80CCC, and 80CCD)

Self Contribution u/s 80CCD(1B): Both self-employed and salaried individuals are allowed to claim an additional deduction of Rs.50,000 for their contributions towards the NPS. Along with this, the upper limit of the deduction available u/s 80C raises to Rs. 2,00,000.

Employer’s Contribution u/s 80CCD(2): An additional deduction of up to 10% of the salary of an employee for the contribution of the employer towards the NPS.


Individuals

Section 80CCG

Deductions u/s 80CCG were specific to the RGESS (Rajiv Gandhi Equity Savings Scheme).

50% of the total amount invested is the deduction that’s allowed under RGESS. Also, it is capped at Rs. 50,000.

Please note that the deduction u/s 80CCG has been discontinued starting from April 1, 2017.

Individuals with income below Rs. 12,00,000

Section 80D

Under this section, deduction for premiums paid for the health insurance plans and medical expenses of senior citizens is allowed.

Individuals who are less than 60 years of age are eligible to claim up to Rs.25,000; while the senior citizens can claim up to Rs.50,000.


Individuals, HUFs

Section 80DD

Rs.75,000 for those with 40%-80% disability;

Rs. 1,25,000 for severe disability (80% or more)

HUFs who have a handicapped dependent and individual

Section 80DDB

Medical treatment expenses of a dependent who is suffering from a particular illness can be deducted.

The amount allowed as deduction is as follows:

Lower amount between the amount paid and a maximum of Rs. 40,000. This is applicable for individuals who are less than 60 years of age.

Lower amount between a maximum of Rs.1,00,000 or the amount paid. This is applicable for senior and super senior citizens.




Individuals and HUFs

Section 80E

Only the interest amount earned on the education loan can be deducted.

Available only for 8 years, beginning from the commencement period of your loan repayment till the time when the interest is fully repaid. It is available at the time which comes earlier.


Individuals
Section 80EE

Only the interest portion of the residential house property loan which is availed from a financier can be deducted.

A maximum amount of Rs. 50,000 can be claimed according to this section.



Individuals
Section 80EEA

Section 80EEA allows a deduction of an amount of up to Rs. 1,50,000 for interest which is paid by the first-time homebuyers for a loan which is sanctioned from a financier.


Individuals
Section 80G

The donations which are made towards charity are subject to deduction.

Under this section, the donations of up to 50% or 100% can be claimed as a tax deduction.

Individuals, HUF's, Companies, Firms

Section 80GGB

Under this section, Indian corporations or companies can claim tax deductions for contributing towards a political party or an electoral trust registered in India.

A tax deduction of up to 100% against the donated amount can be claimed.

Indian companies

Section 80GGC

Deductions for contributions made to the political parties can be claimed under this section.

The range of the claimed tax deduction is 50%-100% of the contributed amount.

Individuals

Section 80GG

Individuals who pay the rent for residency are allowed to claim a tax deduction of:

Rs.5,000 per month

25%*total income

Rent - 10%*adjusted gross total income, whichever is less.



Individuals not receiving HRA

Section 80RRB

Income of up to Rs.3 lakh received from royalties is eligible for tax deduction under this section.

Resident Indian

Section 80TTA

Income of up to Rs.10,000 earned from interest on savings accounts can be claimed as a tax deduction under this section.

Individuals and HUFs

Section 80TTB

This section allows senior citizens more than 60 years of age to claim up to Rs.50,000 as a tax deduction from their gross total income.

Senior Citizens (above 60 years)

Section 80U

Deductions of up to Rs.75,000 can be claimed for people suffering from a disability and up to Rs.1.25 lakh for people with severe disability.