SI.
No. |
I.T.
Sec. |
Allowance/Perks Allowed |
Amount of Deduction |
Categories of
Assessees |
1.
a.
b.
c. |
80 C
80 CCC
80 CCD |
Life Insurance Premia,
Provident Fund **NSc
ELSS,Post-Otf ice 5 year
Time Deposit, Tuition Fees
(max.2 Children),Sr. Citizen
Saving Scheme 2004.
Repayment of principal of
Housing Loan,Bank Fixed
Deposit of 5 Yrs period,
Notified NABARD Bonds
Premium paid towards
approved Pension Fund
(like LIC’s Jeevan
Suraksha) max. 1 Lakh
Contribution to Central
Govt. pension/NPS
Schemes. Upto 10% of
Salary with matching
contribution from Govt. |
Maximum
overall deductions
allowed under
section
80C,
8OCCC 8OCCD
is
Rs. 1 lakh.
|
Individuals/HUF
Individuals/HUF
Central Govt.
Employees / Non
Govt. Employees |
| d. |
80 CCF |
Deduction of an additional amount allowed over & above the limit of Rs.1 Lakh shown above for investment in long term infrastructure bonds.
|
|
2. |
80 D |
(a) Medical Insurance
Premium paid by cheque
for policies taken from
GIC/ other IRDA approved Insurers
(b) For Senior Citizens |
1 Rs.15,000 for SeIf/
Spouse/Children. AddI.
15,000 for Parents. It
Parents are Sr. Citizens
As. 20,000.
2. For Senior Citizen
As. 20,000 |
Individuals/HUF. |
* For PPF (A/c opened in the name of self and minor children if any)
max. limit is Rs. 70,000. |
The following are additional Deductions apart from 80C, 8OCCC & 8OCCD:
|
3. |
80 DD |
(a)Any expenditure for Medical, Nursing & Rehabilitation incurred on dependent relative suffering from permanent Physical Disability* AND
(b) Deposits under LIC,
UTrs Scheme & other
IRDA approved Insurers for
the benefit of Physically
Handicapped dependent
(e.g. LICs Jeevan Aadhar)
|
Rs. 50,000/-
with an additional
Rs. 50000/-, if the disability is severe exceeding
80% i.e. Rs. 1 Lakh |
Individuals?
HUF
*Individuals suffering from
permanent disability including blindness, mental r e I a r d at i o n autism, cerebral palsy or multiple disabilities.
|
4. |
80DDB |
(a) Actual expenditure incurred on Medical treatment of Self or dependent relative or a member of HUE suffering from terminal disease like, Cancer, AIDS, Renal failure, etc.
(b) For Senior Citizens |
Upto
Rs. 40,000
Upto Rs.60,000
|
Individuals/
HUF |
5. |
80E |
Interest on Loan taken from Financial/Charitable Instn.for Self/ Spouse/ Children for Higher Education above X Std. (for a max. period of 8 years) |
Any amount
|
Resident Individuals
|
6a. |
80G |
Donations made to National Defence Fund, P.M.’s Relief Fund, Political parties/Electrol Trusts, Approved Funds of reputed Educational Institutions National Trust for welfare of persons with Autism, Cerebral Palsy etc. |
100% of
Donation |
All Assesses |
6b. |
80G |
Donations made to Jawaharlal Memorial Fund, PM’s Drought Relief Fund, National Children Fund, Any Charitable Institution! Trust, Religious Institutions, A corporation established by the Government for promoting interest of the members of a Minority Community
|
50% of
Donation.
In some cases
donation is
restricted to
10% of gross
total income.
100% in some
cases like
National
Defence Fund |
All Assesses |
7. |
80GG |
Deduction in respect of rents paid, provided no house is owned by self, spouse, minor child or HUF in the place of work and is residing in any of the specified cities and subject to tiling of declaration in Form No. 1OBA |
25% of
income or
rent paid in
excess of 10%
of income or
ceiling of
Rs. 24,000 p.a.
whichever
is less |
Individuals (no exemption is allowed to those who are in receipt of HRA & claiming deduction u/slO(13A)] |
8. |
80U |
Persons suffering from
Permanent Physical
Disability as specified
in Rule l1D |
Rs. 50,000
(Rs. 1,00,000 in
case of Severe
Disability) |
|
9. |
24 |
Int. on Housing Loan:
Taken upto 31-3-99 max. of Taken after 01-4-99 max. of |
As. 30,000
As. 1.5 akh |
Assesses having
Self Occupied
House Property. |
No limit in respect of let-out property |
