Section |
Nature of deduction |
Who can claim |
---|---|---|
80CCC | Contributions to certain pension funds of LIC or any other insurer (up to Rs. 1,50,000) (subject to certain conditions) | Individual |
80C | Deductions for Life Insurance Premium, Provident Fund etc. The deduction is allowed only when the amount has actually been paid by the assessee. Following amounts paid or deposited are allowed as deduction u/s 80C:
|
Individual/HUF |
80CCD |
Contribution to Pension Scheme of Central Government Deduction is allowed for contribution made by individual (whether salaried or self-employed) towards notified pension scheme, but maximum up to a limit of 10% of Salary or Gross Total Income as the case may be. Employee is also allowed deduction of the amount which is contributed by the employer but up to a maximum limit of 10% of employee salary . (Salary includes Basic Pay and Dearness Allowance, if it forms part of retirement benefit). Amount received from such pension fund is taxable at the time of receipt. Contribution made by employer shall also be allowed as deduction under section 80CCD(2) while computing total income of the employee. However, amount of deduction could not exceed 10% of salary of the employee |
Individual |
80CCF |
Amount up to Rs. 20,000, paid or deposited, during the previous years relevant to assessment year 2011-12 or 2012-13, as subscription to notified long-term infrastructure bonds |
Individual/HUF |
80CCG |
50 per cent of amount invested by specified resident individuals in notified equity savings scheme (subject to certain conditions and limits) (maximum deduction : Rs. 25,000) |
Specified resident individuals (new retail investors) |
80D |
Amount paid (in any mode other than cash) by an individual or HUF to LIC or other insurer to effect or keep in force an insurance on the health of specified person. An individual can also make payment to the Central Government health scheme and/or on account of preventive health check-up (subject to limit) specified person means: - In case of Individual - self, spouse, dependent children or parents - In case of HUF - Any member thereof Deduction for preventive health check-up shall not exceed in aggregate Rs. 5,000. Payment on account of preventive health check-up may be made in cash |
Individual/HUF |
80DD |
Deduction of Rs. 75,000 (Rs. 1,25,000 in case of severe disability) to a resident individual/HUF where (a) any expenditure has been incurred for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] (w.e.f. assessment year 2005-06 including autism, cerebral palsy and multiple disability as referred to in National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999), or (b) any amount is paid or deposited under an approved scheme framed in this behalf by the LIC or any other insurer or the Administrator or the specified company for the maintenance of a dependent, being a person with disability (subject to certain conditions) |
Resident Individual/HUF |
80DDB |
Expenses actually paid for medical treatment of specified diseases and ailments. Deduction is allowed to a resident individual/HUF for payment towards Medical treatment of specified disease of self or dependent relative or member of HUF. Deduction is allowed for the amount actually spent or Rs. 40000 (Rs. 60000 in case of senior citizen), whichever is less. Deduction shall be reduced by the amount received from the insurer or employer. Further, a certificate from doctor of government hospital has to be furnished for claiming the deduction. |
Resident Individual/HUF |
80E |
Amount paid out of income chargeable to tax by way of payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education (subject to certain conditions) (maximum period 8 yr) |
Individual |
80EE |
Interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property (Maximum deduction : Rs. 3,00,000) |
Individual |
80G |
Deduction is allowed to all assessee for payments made to specified funds/ institutions Donation shall be sum of money; Donation in kind is not deductible. Further proof of payment shall be furnished with the return Part A: Donations made to following are eligible for 100% deduction without any qualifying limit:
Part B: Donations made to following are eligible for 50% deduction without any qualifying limit
Part C: Donations made to following are eligible for 100% deduction subject to qualifying limit:
Part D: Donations made to following are eligible for 50% deduction subject to qualifying limit:
Donations under Part C and Part D above shall not exceed the qualifying limit. Qualifying limit means 10% of adjusted Gross Total Income. Adjusted Gross Total Income means: Gross Total Income Less: Long Term Capital Gains Less: Short Term Capital Gains u/s 111A Less: Deductions u/s 80C to 80U (Except 80G) |
All assessees |
80GG |
Rent paid in excess of 10% of total income for furnished/unfurnished resi-dential accommodation (subject to maximum of Rs. 2,000 p.m. or 25% of total income, whichever is less) (subject to certain conditions) |
Individuals not receiving any house rent allowance |
80GGA |
Certain donations for scientific, social or statistical research or rural development programme or for carrying out an eligible project or scheme or National Urban Poverty Eradication Fund (subject to certain conditions) |
All assessees not having any income chargeable under the head 'Profits and gains of business or profession' |
80GGB |
Sum contributed to any political party/electoral trust. Any sum contributed by Indian Company to political party or electoral trust is allowed as deduction. |
Indian company |
80GGC |
Sum contributed to any political party/electoral trust. Any sum contributed by any person (except local authority or artificial juridical person) to political party or electoral trust is allowed as deduction. |
All assessees, other than local authority and artificial juridical person wholly or partly funded by Government |
80-IA |
Profits and gains from industrial undertakings engaged in infrastructure facility, telecommunication services, industrial park, development of Special Economic Zone, power undertakings, etc. (subject to certain conditions and limits) |
All assessees |
80-IAB |
Profits and gains derived by undertaking/enterprise from business of developing a Special Economic Zone notified on or after 1-4-2005 (subject to certain conditions and limits) |
Assessee being Developer of SEZ |
80-IB |
Profits and gains from industrial undertakings, cold storage plant, hotel, scientific research & development, mineral oil concern, housing projects, cold chain facility, multiplex theatres, convention centres, ships, etc. (subject to certain conditions and limits) |
All assessees |
80-IC |
Profits and gains derived by an undertaking or an enterprise in special category States (Himachal Pradesh, Uttaranchal, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura) (subject to certain limits, time limits and conditions), (a) which has begun or begins to manufacture or produce any article or thing, not being any article or thing specified in the Thirteenth Schedule, or which manufactures or produces any article or thing, not being any article or thing specified in the Thirteenth Schedule and undertakes substantial expansion during the specified period. (b) which has begun or begins to manufacture or produce any article or thing specified in the Fourteenth Schedule or commences any operation specified in that Schedule, or which manufactures or produces any article or thing, specified in the Fourteenth Schedule or commences any operation specified in that Schedule and undertakes substantial expansion during the specified period |
All assessees |
80-ID |
Profits and gains from business of hotels and convention centres in specified areas (subject to certain conditions). |
All assessees |
80-IE |
Deduction in respect of certain undertakings in North Eastern States. |
All assessees |
80JJA |
Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste Deduction is allowed to all assessee who are engaged in the business of collecting/ processing or treating etc of bio-degradable waste for generating power or to make pellets for fuel or to use it in organic manure or to use it in bio-gas plant etc. Deduction is allowed equal to 100% profits of such business for the 5 consecutive assessment years beginning with the year in which such business is commenced. |
All assessees |
80JJAA |
Deduction in respect of employment of new workmen Deduction is allowed to Indian Company , equal to 30% wages of the new regular workman for 3 assessment years including the year in which the employment is provided. Companies shall be engaged in the manufacture or production of any article or thing and accounts must be audited by Chartered Accountant and the report shall be furnished with the return of income. Wages qualifying for deduction:
Regular Workmen does not include:
|
Indian company having profits and gains derived from manufacture of goods in a factory |
80LA |
Certain incomes of Scheduled banks/banks incorporated outside India having Offshore Banking Units in a Special Economic Zone/Units of International Financial Services Centre Deduction is allowed to:
Quantum of deduction:
Conditions to be satisfied:
|
Scheduled Banks/banks incorporated outside India/Units of International Financial Services Centre |
80P |
Specified Income from following activities shall be allowed 100% deduction in case of co-operative societies:
Co-operative societies engaged in a business other than those mentioned above shall not be liable to pay tax on. |
Co-operative societies |
80QQB |
Royalty income of author of certain specified category of books (up to Rs. 3,00,000)
|
Resident Individual - Author |
80RRB |
Royalty on patents up to Rs. 3,00,000 in the case of a resident individual who is a patentee and is in receipt of income by way of royalty in respect of a patent registered on or after 1-4-2003
If royalty is received from outside India, then to claim deduction, it must be brought into India within 6 months from the end of the previous year in which such income is earned. |
Resident individuals |
80TTA |
Interest on deposits in savings bank accounts (up to Rs. 10,000 per year) |
Individuals/HUFs |
80U |
Deduction of Rs. 75,000 to a resident individual who, at any time during the previous year, is certified by the medical authority to be a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] [w.e.f. assessment year 2005-06 including autism, cerebral palsy, and multiple disabilities as defined under National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999] [in the case of a person with severe disability, allowable deduction is Rs. 1,25,000] (subject to certain conditions). |
Resident individuals |
87A |
Tax rebate in case of individual resident in India, whose total income does not exceed five hundred thousand rupees; quantum of rebate shall be an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less. |
Individual |
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