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Deductions of Chapter VI A - OVERVIEW - Available to Individuals / HUF - Exemptions and Deductions - Income Tax

Deductions of Chapter VI A - OVERVIEW - Available to Individuals / HUF
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SECTION

NATURE OF DEDUCTION

WHO CAN CLAIM

80C

Life insurance premium, provident fund contribution: Maximum deduction allowed is Rs. 1,50,000

Individuals and HUFs

80CCA Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan : Maximum deduction allowed is ₹ 20,000 and ₹ 1,50,000 taken 80C, 80CCA and 80CCB and 80CCC together Individual and HUF
80CCB Deduction in respect of investment made under Equity Linked Savings Scheme : Maximum deduction allowed is ₹ 10,000 and ₹ 1,50,000 taken 80C, 80CCA and 80CCB and 80CCC together Individual and HUF

80CCC

Pension Fund: Maximum deduction allowed is Rs. 1,50,000 

Individuals

80CCD

Contribution by an individual towards NPS / Contribution by employees / Contribution by employer [Upto Specified limit]

Individuals /Employee

80CCE

Limit on deductions under sections 80C, 80CCC and 80CCD

Individuals / HUF

80CCF Deduction in respect of subscription to long-term infrastructure bonds: Maximum deduction allowed is ₹ 20,000 Individuals and HUF

80CCG

Investment made under Rajiv Gandhi Equity Saving Scheme (Maximum deduction: 25,000)

Resident Individual

80D

Medical Insurance Premium [Upto Specified limit]

Individuals and HUFs

80DD

Maintenance including medical treatment  of a handicapped dependent who is a person with disability [Upto Specified limit]

Resident Individuals  or resident HUFs

80DDB

Medical treatment expenses [Upto Specified limit]

Resident Individuals  or resident HUFs

80E

Payment of interest on Loan taken for higher studies

Individuals

80EE

Interest on loan taken for residential property

Individuals

80EEA

Deduction in respect of interest on loan taken for certain house property: Maximum deduction allowed is Rs. 1,50,000

Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020

individuals
80EEB

Deduction in respect of purchase of electric vehicle: Maximum deduction allowed is Rs. 1,50,000

Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020

Individuals

80G

Donation to certain funds, charitable institutions [subject to maximum of 50% of qualifying donation (100% in some cases)]

All assessees

80GG

Rent paid for furnished/ unfurnished accommodation [Upto Specified limit]

Individuals

80GGA

Certain donations for scientific research or rural development

All assessees not having any income chargeable u/h PGBP

80GGC

Contribution to political parties

Specified assessees

80QQB

Royalty income of authors

Resident Individuals

80RRB

Royalty on Patents

Resident Individuals

80TTA

Interest on deposits in Saving account

Individual / HUF

80TTB

Deduction in respect of interest on deposits in case of senior citizens

Inserted vide THE FINANCE ACT, 2018w.e.f. 1st day of April, 2019

Senior citizen

80U

Income of a person with disability deduction allowed is Rs. 75000 &  person with severe disability deduction allowed is Rs. 1,25,000

Resident Individuals

 

 

  1. Section 80U - Deduction in case of a person with disability
  2. Section 80TTA - Deduction in respect of interest on deposits in savings account.
  3. Section 80RRB - Deduction in respect of royalty on patents
  4. Section 80QQB - Deduction in respect of royalty income, etc., of authors of certain books other than text-books
  5. Section 80GGC - Deduction in respect of contributions given by any person to political parties
  6. Section 80GGB - Deduction in respect of contributions given by companies to political parties or an electoral trust
  7. Section 80GGA - Deduction in respect of certain donations for scientific research or rural development
  8. Section 80GG - Deductions in respect of rents paid
  9. Section 80G - Deduction in respect of donations to certain funds, charitable institutions, etc.
  10. Section 80EE - Deduction in respect of interest on loan taken for residential house property.
  11. Section 80E - Deduction in respect of interest on loan taken for higher education
  12. Section 80DDB - Deduction in respect of medical treatment, etc.
  13. Section 80DD - Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability
  14. Section 80D - Deduction in respect of health insurance
  15. Section 80CCG - Deduction in respect of investment made under an equity savings scheme.
  16. Section 80CCD - Deduction in respect of contribution to pension scheme of Central Government
  17. Section 80CCC - Deduction in respect of contribution to certain pension funds
  18. Section 80C - Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
 

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