Income Tax Deductions Section 80C to 80 U

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Income Tax Deductions Section 80C to 80 U

Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is  ₹ 2 lakh. However, this deduction is not available for person opting for New Tax Regime.

Interest on loan u/s 24(b) allowable is tabulated below

Nature of Property When loan was taken Purpose of loan Allowable (Maximum limit)
Self-Occupied On or after 1/04/1999

Construction or purchase of house property

 ₹ 2,00,000
On or after 1/04/1999 For Repairs of house property ₹ 30,000
Before 1/04/1999 Construction or purchase of house property ₹ 30,000
Before 1/04/1999 For Repairs of house property ₹ 30,000
Let Out Any time Construction or purchase of house property Actual value without any limit

 

Tax deductions specified under Chapter VIA of the Income Tax Act  

These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s 80CCD (2) which will be applicable for New Tax Regime as well

80C, 80CCC, 80CCD (1)

 Deduction towards payments made to

80C
  • Life Insurance Premium
  • Provident Fund
  • Subscription to certain equity shares
  • Tuition Fees
  • National Savings Certificate,
  • Housing Loan Principal
  • Other various items
80CCC

Annuity plan of LIC or other insurer towards Pension Scheme
80CCD(1)
Pension Scheme of Central Government
group Combined deduction limit of ₹ 1,50,000

 

80CCD(1B)
Deduction towards payments made to Pension Scheme of Central Government, excluding deduction claimed under 80CCD (1)
group
Deduction limit of ₹ 50,000

 

80CCD(2)

Deduction towards contribution made by an employer to the Pension Scheme of Central Government

If Employer is a PSU, State Government  or Others
group
Deduction limit of 10% of salary
If Employer is Central Government
group
Deduction limit of 14% of salary

 

80D

Deduction towards payments made to Health Insurance Premium & Preventive Health check up

For Self / Spouse or Dependent Children
group
₹ 25,000 (₹ 50,000 if any person is a Senior Citizen)
₹ 5,000 for preventive health check up, included in above limit
For Parents
group
₹ 25,000 (₹50,000 if any person is a Senior Citizen)
₹ 5,000 for preventive health check up, included in above limit

 

Deduction towards Medical Expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage

For Self/    Spouse or Dependent Children
group Deduction limit of ₹ 50,000
For Parents
group Deduction limit of ₹ 50,000

 

8DD
 

 

Deduction towards payments made towards Maintenance or Medical treatment of a Disabled Dependent or Paid / Deposited any amount under relevant approved scheme
group

Flat deduction of
₹ 75,000
available for a person with Disability, irrespective of expense incurred
The deduction is
₹ 1,25,000
if the person has Severe Disability (80% or more).=

 

80DDB
 

Deduction towards payments made towards Medical treatment of Self or Dependant for specified diseases
group
Deduction limit of
₹ 40,000
(₹ 1,00,000 if Senior Citizen)

80E
Deduction towards interest payments made on loan for higher education of Self or relative
group Total amount paid towards interest on loan taken

 

80EE
Deduction towards interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 to 31st March 2017
group Deduction limit of
₹ 50,000
on the interest paid on loan taken

 

80EEA
Deduction available only to individuals  towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 & deduction should not have been claimed u/s 80EE
group Deduction limit of
₹ 1,50,000
on the interest paid on loan taken

 

80EEB
Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023
group Deduction limit of
₹ 1,50,000
on the interest paid on loan taken

 

80G

Deduction towards Donations made to prescribed Funds, Charitable Institutions, etc.

Donation are eligible for deduction under the below categories

Without any limit
group
100% deduction
50% deduction
Subject to qualifying limit
group
100% deduction
50% deduction

 

 

Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding  ₹ 2000/-

 

80GG

Deduction towards rent paid for house & applicable to only those who are self-employed or for whom HRA is not part of Salary

Least of the following shall be allowed as deduction

Rent paid reduced by 10% of Total Income before this deduction ₹ 5,000 per month 25% of Total Income (excluding long term capital gains, short term capital gains under section 111A or income under section 115A or 115D)
Note: Form 10BA to be filled for claiming this deduction.

 

80GGA

Deduction towards Donations made for Scientific Research or Rural Development

Donation are eligible for deduction under the below categories

Research Association or University, College or other Institution for

  • Scientific Research
  • Social Science or Statistical Research
Association or Institution for

  • Rural Development
  • Conservation of Natural Resources or for Afforestation
PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project
Funds notified by Central Government for

  • Afforestation
  • Rural Development
National Urban Poverty Eradication Fund as setup and notified by Central Government

 

info

Note: No deduction shall be allowed under this Section in respect of donation made in cash exceeding ₹  2000/- or if Gross Total Income includes income from Profit / Gains of Business / Profession

80GGC
 

Deduction towards Donations made to Political Party or Electoral Trust
group
Deduction towards Donations made to Political Party or Electoral Trust

 

80TTA
 

Deduction on interest received on saving bank accounts by Non-Senior Citizens
group
Deduction limit of
₹ 10,000/-

80TTB
 

Deduction on interest received on deposits by Resident Senior Citizens
group
Deduction limit of
₹ 50,000/-

 

80U
 

Deductions for a resident individual taxpayer with Disability
group

Flat ₹ 75,000 deduction for a person with Disability, irrespective of expense incurred

Flat ₹ 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred

Download full Deduction chart –Income Tax Deductions Section 80C to 80 U

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