Deductions at a Glance in Income Tax

 

The following deductions are allowed from salary:
Professional Tax -Actual amount paid by the employee.

Section 80 Deduction Table

Section

Deduction on

Allowed Limit (maximum) FY 2018-19

80C

Investment in PPF
– 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

Rs. 1,50,000

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

80CCD(1B)

Additional contribution to NPS

Rs. 50,000

80TTA(1)

Interest Income from Savings account

Maximum up to 10,000

80TTB

Exemption of interest from banks, post office, etc. Applicable only to senior citizens

Maximum up to 50,000

80GG

For rent paid when HRA is not received from employer

Least of :
– Rent paid minus 10% of total income
– Rs. 5000/- per month
– 25% of total income

80E

Interest on education loan

Interest paid for a period of 8 years

80EE

Interest on home loan for first time home owners

Rs 50,000

80CCG

Rajiv Gandhi Equity Scheme for investments in Equities

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

80D

Medical Insurance – Self, spouse, children
Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old

– Rs. 25,000
– Rs. 50,000

80DD

Medical treatment for handicapped dependent or payment to specified scheme for maintenance of handicapped dependent
– Disability is 40% or more but less than 80%
– Disability is 80% or more

– Rs. 75,000
– Rs. 1,25,000

80DDB

Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD
– For less than 60 years old
– For more than 60 years old

– Lower of Rs 40,000 or the amount actually paid
– Lower of Rs 1,00,000 or the amount actually paid

80U

Self-suffering from disability :
– An individual suffering from a physical disability (including blindness) or mental retardation.
– An individual suffering from severe disability

– Rs. 75,000
– Rs. 1,25,000

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)

80RRB

Deductions on Income by way of Royalty of a Patent

Lower of Rs 3,00,000 or income received

 

0
MORE TOPICS ....
> Income Tax Rates / Tax Slabs (AY-2014-2015)
> Finance Act. 2014 - Highlights ( Tax Rates for AY 2015-2056)
> e-Payment of Tax & e-Filing
> Exemptions at a Glance
> Deductions at a Glance
> Taxable & Non-Taxable Perquisites
> Leave Encashment & Arrear of Salary
> Exemptions under Capital Gains
> Gift-Taxable under Income Tax
> Gift Tax-An insight to Tax Planning your Gifts
> Guide to various Tax Saving Schemes
> Family Tax Planning - Best way to Lower your Tax
> Choose the Right Tax Return Form
  Chat Showing Computation of 'SALARY' Income
> Advance Income Tax with due Dates for Filing Return
> TDS Table & their Limits
> Permanent Account Number (PAN)
> Easy way to calculate your Income Tax
> Hints for Filing Income Tax Returns
> Annual Tax Statement (ATS) for TDS
> Filing of Income Tax Return & Few Points
> Income Tax Survey - Rights/Duties during Survey
> How your Return File is Assessed / Scrutinised
> Rights of an Assessee during Income Tax Raid
> Reverse Mortgage Loan for Senior Citizen
> Education Loan - Tax Relief u/s 80E
> Save Tax on Your Home Loan

 

   
   
   
   
Tally.ERP9 Book Online Order Tally.ERP9 Book Content
 
 
Tax Management
Computation of Gross Total Income
FAQ on Taxation System
CORPORATE TAX (Taxation in Companies)
Amendment of Sections at a Glance for Assessment Year 2019-2020 under Income Tax Act.
GST (Goods & Service Tax ) Taxation System In India
HUF (Hindu Undivided Family) Taxation System, Tax Planning & Tax Saving
Tax Guide for NRI - Tax Planning, Tax Saving, Investment Guidance for Non-Resident Indians !
Tax Management - Managerial & Financial Decisions
Business Tax Procedure & Management
 
LIBRARY @ Tax Management
TAX & INVESTMENT GUIDE FOR "NRI"- Non-Resident Indians !
GUIDE & FAQ @ TAX
GRAPHICAL PRESENTATION @ TAX
TIPS & TRICKS @ TAX
MANAGERIAL & FINANCIAL DECISIONS @ TAX
5 GOLDEN RULES OF TAX PLANNING
FAMILY TAX PLANNING
DEDUCTIONS FROM YOUR INCOME
EXEMPTED INCOMES
HUF - FORMATION, MANAGEMENT & TAX PLANNING
COMPUTATION OF GROSS TOAL INCOME
INCOME TAX @ GLANCE
MULTIPLE KNOWLEDGEBASE ON TAX
51 TIPS ON TAX PLANNING
APPEALS UNDER INCOME TAX
ASSESSMENTS
PENALTIES UNDER IT DEPATMENTS
TAX SAVING SCHEMES
TAX READY RECKONER
TAX RATES
PROSECUTIONS UNDER INCOME TAX DEPARTMENT
TAXATION SYSTEM IN INDIA
CHARITABLE & RELIGIOUS TRUST - TAXATION
PRESCRIBED FORMS WITH with Section / Rules
Tax Tutorials
E-Payment Of Direct Taxes
Filing Of Return Of Income
Interest for Delay in Filing the Return of Income [Section 234 A]
Interest for default in Payment of Advance Tax [Section 234B]
Provisions Of 'Income-Tax Law' Useful For Non-Residents
MAT (Minimum Alternate Tax)
AMT ( Alternative Minimum Tax)
Tax On Long-Term Capital Gains (LTCG)
Tax On Short-Term Capital Gains (STCG)
Exemption[ Section-54] For Capital Gains Arising On Transfer Of Residential House Property
Tax Treatment Of Gifts Received By An Individual Or HUF
Set Off And Carry Forward Of Loss Under The Income-Tax Act
Interest For Delay In Payment of TDS/TCS And For Non-Payment Of Tax Demanded
Tax Deduction/Collection Account Number (TAN)
How to apply for PAN ?
Refund Of Excess Tax Paid By The Taxpayer (Sections - 237 to 245 )
Presumptive Taxation Scheme of Section 44AD
Presumptive Taxation Scheme of Section 44ADA
Presumptive Taxation Scheme of Section 44AE
Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]
Deduction in respect of Medical Insurance Premium [Section 80D]
Tax Deducted at Source (TDS) from Interest, other than Interest on Securities (Section-194A)
Tax Deducted at Source (TDS) from Interest on Securities (Section 193)
Late Filing Fees And Penalty For Failure To Furnish/Delay In Furnishing The TDS/TCS Statements

Most Popular Links :

Clubing of Income Deduction U/s 80C
Allowances Us-17(3) Exemption-Salary
Tax Amendment-2015 Taxable Income
Clubing of Income Tax Deductions
HUF Deduction HUF Investment
Gift by HUF HUF Tax Planning Tips
Tax Saving Schemes Tax Planning Tips
Refund of Tax Fringe Benefit Tax-FBT
Return Filing Assessment / Scrutiny
Notice from I.T. Dept. Incomes Types @ TDS
Exemptions-Tax Returns “Summon” U/s 131
'Black Money' @ I.Tax Big Gifts To Be Taxed
'Appeals' under I.Tax Assessment @ I.Tax
Exempted Incomes Capital Gain
Business & Professions House Property
Salaries @ I.Tax Partnership Firm
'Penalty' under I.Tax Act. Tax Ready Reckoner
Charitable Trust Useful Links @ I.Tax
 

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications

Tally.ERP9 Book Online Order Tally.ERP9 Book Content