[go: up one dir, main page]
Scribd
Upload
50 views4 pages

Deduction From Gross Total Income

The document lists various sections under the Indian Income Tax Act that allow deductions from gross total income. It provides details on the types of investments, contributions, donations, medical expenditures, interest payments, and other amounts that can be deducted under each section, as well as any limits on the maximum amounts allowed to be deducted. Key sections include 80C for various retirement investments up to Rs. 1.5 lakh, 80D for medical insurance up to Rs. 25-50k, 80E for interest on education loans, and 80GG for rent paid.

Uploaded by

devak shelar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
50 views4 pages

Deduction From Gross Total Income

The document lists various sections under the Indian Income Tax Act that allow deductions from gross total income. It provides details on the types of investments, contributions, donations, medical expenditures, interest payments, and other amounts that can be deducted under each section, as well as any limits on the maximum amounts allowed to be deducted. Key sections include 80C for various retirement investments up to Rs. 1.5 lakh, 80D for medical insurance up to Rs. 25-50k, 80E for interest on education loans, and 80GG for rent paid.

Uploaded by

devak shelar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 4

Deduction from Gross Total Income

Sections Deduction on Allowed Limit


(maximum)
80C Investment in PPF Rs 1,50,000
– Employee’s share of PF contribution
– NSCs
– Life Insurance Premium payment
– Children’s Tuition Fee
– Principal Repayment of home loan
– Investment in Sukanya Samridhi Account
– ULIPS
– ELSS
– Sum paid to purchase deferred annuity
– Five year deposit scheme
– Senior Citizens savings scheme
– Subscription to notified securities/notified deposits scheme
– Contribution to notified Pension Fund set up by Mutual Fund or
UTI.
– Subscription to Home Loan Account scheme of the National
Housing Bank
– Subscription to deposit scheme of a public sector or company
engaged in providing housing finance
– Contribution to notified annuity Plan of LIC
– Subscription to equity shares/ debentures of an approved eligible
issue
– Subscription to notified bonds of NABARD
80CCC For amount deposited in annuity plan of LIC or any other -
insurer for a pension from a fund referred to in Section
10(23AAB)
80CCD(1) Employee’s contribution to NPS account (maximum up to -
Rs 1,50,000)
80CCD(2) Employer’s contribution to NPS account Maximum up to
10% of salary
80 CCD(1B) Additional contribution to NPS Rs 50,000
80D Medical Insurance – Self, spouse, children  Rs. 25,000
Medical Insurance – Parents more than 60 years old or Rs. 50,000
(from FY 2015-16) uninsured parents more than 80 years
old
80DD Medical treatment for handicapped dependent or Rs. 75,000
payment to specified scheme for maintenance of Rs. 1,25,000
handicapped dependent
– Disability is 40% or more but less than 80%
– Disability is 80% or more
80E Interest on education loan Interest paid
for a period of
8 years
80DDB Medical Expenditure on Self or Dependent Relative Lower of Rs 40,000 or
for diseases specified in Rule 11DD the amount actually
– For less than 60 years old paid
– For more than 60 years old Lower of Rs 1,00,000
or the amount
actually paid

80CCG Rajiv Gandhi Equity Scheme for investments in Lower of


Equities – 50% of amount
invested in equity
shares; or
– Rs 25,000

80GG For rent paid when HRA is not received from Least of :
employer – Rent paid minus 10%
of total income
– Rs. 5000/- per
month
– 25% of total income

80GGA donations made for scientific research or rural Donations made


development. under Section 80GGA
are eligible for 100% .
80GGB Contribution by companies to political parties Amount contributed
(not allowed if paid in
cash)
80GGC Contribution by individuals to political parties Amount
contributed (not
allowed if paid in
cash)

80-JJA Collecting and processing or treating of bio-degradable 100% profits for


waste first 5 years
80QQB Resident individual being author includes royalty Lower of 100%
or 3,00,000
80RRB Deductions on Income by way of Royalty of a Patent Lower of Rs
3,00,000 or
income received

80TTA Interest Income from Savings account Maximum up to


10,000

80TTB Exemption of interest from banks, post office, etc. Maximum up to


Applicable only to senior citizens 50,000

80 U Self-suffering from disability : Rs. 75,000


– An individual suffering from a physical disability Rs. 1,25,000
(including blindness) or mental retardation.
– An individual suffering from severe disability

80EE Interest on home loan for first time home owners Rs 50,000

You might also like