Deduction under Section 80C to 80U

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Published on 12 Aug 2019 / In Salary Class

Deduction under Section 80C to 80U

Types of Income Tax Deduction are:-

80C Deductions
The various options of investments and payments that qualify for deduction under this section are:
• Life Insurance Premium (LIP)
Deduction is allowed in respect of life insurance premium that you pay on your Life insurance policy but policy must be in the name of:
1. In case of an individual: Individual, spouse or any child of such
individual.
2.In case of HUF: Any member of HUF
• Public Provident Fund (PPF)
Deduction is allowed in respect of Contribution made by you towards your PPF. The limit for minimum deposit in PPF A/C is Rs. 500 and limit for maximum deposit is Rs 1,50,000 during a year.
1. In case of an individual: Individual, spouse or any child of such
individual.
2. In case of HUF: Any member of HUF.

• Children's Tuition Fees
You can claim deduction for the payment of tuition fees of your children to any university, college, school or other educational institution situated within India for the purpose of education.
• Principal Repayment of Housing Loan
You can claim the deduction of principal repayment of your housing loan taken for purchase or construction of residential house property. This deduction is available for both individuals and HUF.
• Sukanya Samriddhi
Account of your girl child or any girl child for whom you’re her legal guardian. The minimum limit of deposit under this account is Rs 1000 annually and maximum Rs 1,50,000. Interest earned and money withdrawals from this account are tax free.

• Mutual Funds (Equity Linked Saving Scheme)
You can claim deduction in respect of subscription to units of UTI or mutual funds specified u/s 10(23D) of Income Tax India, 1961.
• Provident Fund
If you're an employee, then you can claim deduction in respect of contribution towards your Statutory Provident Fund or Recognized Provident Fund Account.
• 80CCC: Pension Plan
Deposit/Payment made by you towards LIC or any other insurer in the approved annuity plan for receiving pension from the fund referred to in section 10(23AAB) can be claimed as deduction under this section being lower of the following:
• 100% of the amount paid
• Rs 1,50,000

• 80CCD
Deduction in respect of contribution to pension scheme of Central Government
• 80CCD(1B)
You can claim an additional deduction of up to Rs. 50,000 under this section for investment in NPS Scheme. This is in addition to 80CCD (1).
• 80CCD (2)
Sec 80CCD(2) deduction for AY 2019-20 can be availed by you if you're an employee and your employer makes contribution under NPS Scheme for employees.
• 80 CCG:
Rajiv Gandhi Equity Scheme for Investments in Equities
1. 50% of the amount invested in equity shares or units
2. Rs 25,000
• Section 80D: (Medical Health Insurance)
This deduction is allowed in respect of Health Insurance premium paid by you or contribution made towards CGHS or payment made for preventive health checkup of yourself, your spouse, dependent children or dependent parents.
he above-mentioned limits include a limit of Rs. 5,000 for any expenditure made for the purpose of Preventive Health Checkup.
• Section 80E
Interest on Education Loan Only individuals are eligible for this tax deduction. It is available on the interest component of an educational loan.
• Section 80EE
This deduction is a boon for the first time home buyers. The amount of deduction is maximum Rs 50,000 per financial year and shall be allowed until the loan is repaid.

• Section 80DD
It is for specified disability of dependent.
1. Rs. 75,000 fixed, in case the dependent has 40% or more
disability but less than 80%.
2. Rs. 1,25,000 fixed, in case the dependent has 80% or more
disability.

• Section 80DDB :
Special section for AIDS or Cancer . Deduction under this section
can be availed for yourself or dependent up to the amount actually
paid or Rs. 40,000 (1,00,000 in case of Senior as well as super
senior citizen) whichever is less. 80U.
• 80GGA:
Deduction in respect of certain donations for Scientific Research or Rural Development. However, cash donations of more than Rs. 10,000 are not allowed under this section.


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