Easy chart of deductions u/s 80C to 80U
The
season of tax has arrived. Therefore , there is need for easy chart of
all tax deduction u/s 80c to 80U for an Individual taxpayer?Under Income
tax , deduction u/s 80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC
, 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U are
relevant to Individuals depending on the condition fulfillment. The
following chart of deductions will give instant and fair idea about
certain deductions to individual tax payers. (section 80IAB to 80IE are
not discussed which are specific to business men ) .
Sl No
|
Section
|
Details of deductions
|
Quantum
| |
1
|
80C
|
General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc
| Maximum Rs 1 ,00,000 is allowed. Investment need not be from taxable income. | |
2
|
80CCC
|
Deduction
in case of contribution to pension fund. However, it should be noted
that surrender value or employer contribution is considered income.
|
Maximum is Rs 1,00,000
| |
3
|
80CCD
|
Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.
|
Maximum is sum of employer’s and employee’s contribution to the maximum : 10 % of salary.
| |
4
| |
It
should be noted that as per section 80CCE , the maximum amount of
deduction which can be claimed in aggregate of 80C ,80CCC & 80CCD
is Rs 1,00,0000
| ||
5
|
80D
|
Medical insurance on self, spouse , children or parents
| Rs 15,000 for self , spouse & children Extra Rs 15,000 for insurance on parents. IF parents are above 65 years, extra sum should be read as Rs 20,000 Thus maximum is RS 35,000 per annum | |
6
|
80DD
|
For maintenance including treatment or 7insurance the lives of physical disable dependent relatives
|
Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
| |
7
|
80DDB
|
For medical treatment of self or relatives suffering from specified disease
|
Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000
| |
8
|
80E
|
For interest payment on loan taken for higher studies for self or education of spouse or children
|
Actual
amount paid as interest and start from the financial year in which he
/she starts paying interest and runs till the interest is paid in
full.
| |
9
|
80G
|
Donations to charitable institution
|
100% or 50% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. )
| |
10
|
80GG
|
For rent paid.
|
This
is only for people not getting any House Rent Allowance. Maximum is
Rs 2000 per month. Rule 11B is method of computation.
| |
11
|
80GGA
|
For donation to entities in scientific research or rural development f
|
Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.
| |
12
|
80GGC
|
For contribution to political parties
|
100 % of donations
| |
13
|
80QQB
|
Allowed only to resident authors for royalty income for books other than text book
|
Royalty income or Rs 3,00,000 whichever is less.
| |
14
|
80RRB
|
For income receipt as royalty on patents of resident individuals
|
Actual royalty or Rs 3,00,000 whichever is less.
| |
15
|
80U
|
Deduction in respect of permanent physical disability including blindness to taxpayer
|
RS 50,000 which goes to Rs 1,00,000 in case taxpayer is suffering from severe disability.
| |
its easy and simply understanding thanxxxxxxx
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