Section 80 Deduction

For Income Tax

1. Section 80C

Income from Investment

If you have invested in LIC, PPF, Mediclaim Insurance etc. you can claim the deduction of up to 1.5 lakh. In other words, Section 80C of Income Tax Act of India allows you a deduction up to 1.5 lakh from your total taxable income as an income from investment. So, you can claim a deduction while filing your income tax return.

2. Section 80CCC

Insurance Premium paid for Annuity Plan of LIC or Other Insurer

Under Section 80CCC, there is a deduction provided to the individuals for amount paid or deposited as Annuity Plan. The premium must have to be paid to receive pension from a fund as per Section 10 (23AAB). Pension or Amount received from the annuity plan is taxable in the year of receipt including interest or bonus, if any.

3. Section 80CCD

Contribution to Pension Account - Section 80CCD (1)

You can claim a deduction if you deposit money in your pension account. You can get maximum deduction of 10 % of Salary (if the taxpayer is an employee) or 20 % of gross total income (if the taxpayer is self-employed) or Rs. 1.5 Lakh - whichever is less.

Self-Contribution to NPS (National Pension Scheme) Account - Section 80CCD (1B)

Under section 80CCD (1B), additional deduction is provided up to Rs. 50,000 for the amount deposited by the taxpayer to NPS Account. Individuals contributing under Atal Pension Yojana are also eligible for the deduction.

Contribution by Employer to NPS - 80CCD (2)

Section 80CCD (2) allows employees to claim an additional deduction up to 10 % of their salary which includes the basic pay and dearness allowance or equal to the contribution done by the employer to the NPS.

4. Section 80 TTA

Interest of Saving Account

An individual or an HUF can claim a deduction up to 10,000 as interest income from saving account with a bank, post office or co-operative society. This deduction is not available for interest income from corporate bonds, fixed deposit or recurring deposit.

5. Section 80GG

House Rent

Deduction under Section 80GG is available for rent paid when HRA is not received. The taxpayers or their family members should not own residential accommodation at the place of employment.
The taxpayer should not be having self-occupied residential property in any other place
The taxpayer must be paying rent or living on rent
This deduction under Section 80GG is available for all the individuals

Deduction available is one of the least:

Rs. 5,000 per month
25 % of total income excluding long term capital gain and short term capital gain as per section 111A and income as per section 115A and 115D and deduction under 80C and 80U (income before making deduction under section 80GG)
Actual rent minus 10% of total adjusted income

6. Section 80E

Interest of Education loan

A deduction is provided under this section to the taxpayer for the interest on education loan taken for higher education. This loan can be for the taxpayer, spouse, children or a student for whom taxpayer is legal guardian. This deduction is available for maximum 8 years beginning from the year in which paying interest is started or till the total interest is repaid, whichever is earlier. There is no restriction on the amount to be claimed.

7. Section 80EE

Interest of Home Loan

Allowances on Home Loan Interest for First Time Home Owners

This allowance can be accessible in FY 2017-18 if the advance has been taken in FY 2016-17. The derivation under area 80EE is accessible just to mortgage holders (people) having just one house property on the date of approval of the credit. The estimation of the property must be not as much as Rs 50 lakh and the home credit must be not as much as Rs 35 lakh. The advance taken from a monetary foundation probably been endorsed between 1 April 2016 and 31 March 2017. There is an extra derivation of Rs 50,000 accessible on your home credit enthusiasm on head of derivation of Rs 2 lakh (on intrigue segment of home advance EMI) permitted under segment 24.

FY 2013-14 and FY 2014-15 During these money related years, the derivation accessible under this segment was first-time house worth Rs 40 lakh or less. You can benefit this solitary when your credit sum during this period is Rs 25 lakh or less. The credit must be endorsed between 1 April 2013 and 31 March 2014. The total derivation permitted under this part can't surpass Rs 1 lakh and is considered FY 2013-14 and FY 2014-15.

8. Section 80CCG – RGESS

Rajiv Gandhi Equity Saving Scheme (RGESS)

The allowance under this segment 80CCG is accessible to an occupant person, whose gross complete salary is under Rs.12 lakh. To profit the advantages under this segment the accompanying conditions ought to be met:

a. The assessee ought to be another retail financial specialist according to the prerequisite determined under the advised plan.

b. The speculation ought to be made in such recorded financial specialist according to the prerequisite determined under the informed plan.

c. The base lock in period in regard of such speculation is three years from the date of obtaining as per the told plot.

Endless supply of the above conditions, a derivation, which is lower of coming up next is permitted.

half of the sum put resources into value shares; or

Rs 25,000 for three sequential Assessment Years.

Rajiv Gandhi Equity Scheme has been stopped beginning from 1 April 2017. Along these lines, no derivation under segment 80CCG will be permitted from FY 2017-18. Notwithstanding, in the event that you have put resources into the RGESS conspire in FY 2016-17, at that point you can guarantee derivation under Section 80CCG until FY 2018-19.

9. Section 80D – Medical Insurance

Allowance for the top notch paid for Medical Insurance

You (as an individual or HUF) can guarantee a derivation of Rs.25,000 under area 80D on protection for self, mate and ward youngsters. An extra derivation for protection of guardians is accessible up to Rs 25,000, in the event that they are under 60 years old. On the off chance that the guardians are matured over 60, the allowance sum is Rs 50,000, which has been expanded in Budget 2018 from Rs 30,000.

On the off chance that, both citizen and parent(s) are 60 years or over, the greatest allowance accessible under this segment is up to Rs.1 lakh.

Model: Rohan's age is 65 and his dad's age is 90. For this situation, the most extreme allowance Rohan can guarantee under area 80D is Rs. 100,000. From FY 2015-16 an aggregate extra derivation of Rs. 5,000 is considered preventive well-being check.

10. Section 80DD – Disabled Dependent

Allowance for Rehabilitation of Handicapped Dependent Relative

Segment 80DD derivation is accessible to an occupant individual or a HUF and is accessible on:

a. Use brought about on clinical treatment (counting nursing), preparing and recovery of disabled ward relative

b. Installment or store to determined plan for upkeep of debilitated ward relative.

I. Where incapacity is 40% or more yet under 80% – fixed allowance of Rs 75,000.

ii. Where there is serious incapacity (inability is 80% or more) – fixed allowance of Rs 1,25,000.

To guarantee this allowance a testament of inability is required from endorsed clinical position. From FY 2015-16 – The allowance furthest reaches of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00,000 has been raised to Rs 1,25,000.

11. Section 80DDB – Medical Expenditure

Allowance for Medical Expenditure on Self or Dependent Relative

a. For people and HUFs beneath age 60

An allowance up to Rs.40,000 is accessible to an inhabitant individual or a HUF. It is accessible regarding any cost acquired towards therapy of indicated clinical sicknesses or afflictions for himself or any of his wards. For a HUF, such an allowance is accessible concerning clinical costs acquired towards these recommended sicknesses for any of the HUF individuals.

b. For senior residents and too senior residents

On the off chance that the person in the interest of whom such costs are caused is a senior resident, the individual or HUF citizen can guarantee a derivation up to Rs 1 lakh. Until FY 2017-18, the allowance that could be guaranteed for a senior resident and a too senior resident was Rs 60,000 and Rs 80,000 separately. This has now become a typical derivation accessible upto Rs 1 lakh for every senior resident (counting overly senior residents) in contrast to prior.

c. For repayment claims

Any repayment of clinical costs by a guarantor or business will be decreased from the quantum of derivation the citizen can guarantee under this segment.

Likewise recollect that you have to get a remedy for such clinical treatment from the concerned authority so as to guarantee such derivation.

12. Section 80U – Physical Disability

Allowance for Person experiencing Physical Disability

An allowance of Rs.75,000 is accessible to an occupant person who experiences a physical inability (counting visual impairment) or mental impediment. If there should arise an occurrence of serious inability, one can guarantee a derivation of Rs 1,25,000.

From FY 2015-16 – Section 80U derivation breaking point of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00,000 has been raised to Rs 1,25,000.

13. Section 80G – Donations

Allowance for gifts towards Social Causes

The different gifts indicated in u/s 80G are qualified for allowance up to either 100% or half with or without limitation. From FY 2017-18 any gifts made in real money surpassing Rs 2,000 won't be permitted as derivation. The gifts above Rs 2000 ought to be made in any mode other than money to fit the bill for 80G allowance.

a. Gifts with 100% derivation with no passing cutoff

Public Defense Fund set up by the Central Government
Executive's National Relief Fund
Public Foundation for Communal Harmony
An affirmed college/instructive establishment of National prominence
Zila Saksharta Samiti comprised in any locale under the chairmanship of the Collector of that area
Store set up by a State Government for the clinical alleviation to poor people
Public Illness Assistance Fund
Public Blood Transfusion Council or to any State Blood Transfusion Council
Public Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
Public Sports Fund
Public Cultural Fund
Reserve for Technology Development and Application
Public Children's Fund
Boss Minister's Relief Fund or Lieutenant Governor's Relief Fund as for any State or Union Territory
The Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister's Cyclone Relief Fund, 1996
The Maharashtra Chief Minister's Relief Fund during October 1, 1993 and October 6,1993
Boss Minister's Earthquake Relief Fund, Maharashtra
Any store set up by the State Government of Gujarat only for giving alleviation to the casualties of tremor in Gujarat
Any trust, establishment or reserve to which Section 80G(5C) applies for giving help to the survivors of tremor in Gujarat (commitment made during January 26, 2001 and September 30, 2001) or
Head administrator's Armenia Earthquake Relief Fund
Africa (Public Contributions — India) Fund
Swachh Bharat Kosh (material from budgetary year 2014-15)
Clean Ganga Fund (material from budgetary year 2014-15)
Public Fund for Control of Drug Abuse (material from budgetary year 2015-16)

b. Gifts with half derivation with no passing breaking point

Jawaharlal Nehru Memorial Fund
Executive's Drought Relief Fund
Indira Gandhi Memorial Trust
The Rajiv Gandhi Foundation

c. Gifts to coming up next are qualified for 100% derivation subject to 10% of balanced gross complete salary

Government or any affirmed neighborhood authority, foundation or relationship to be used to advance family arranging
Gift by a Company to the Indian Olympic Association or to some other informed affiliation or organization built up in India for the advancement of foundation for sports and games in India or the sponsorship of sports and games in India

d. Gifts to coming up next are qualified for half allowance subject to 10% of balanced gross absolute salary

Some other reserve or any foundation which fulfills conditions referenced in Section 80G(5)
Government or any nearby position to be used for any beneficent reason other than the motivation behind advancing family arranging
Any position comprised in India to manage and fulfilling the requirement for lodging convenience or to plan, advancement or improvement of urban areas, towns, towns or both
Any organization alluded in Section 10(26BB) for advancing the enthusiasm of minority network
For fixes or remodel of any advised sanctuary, mosque, gurudwara, church or different spots.

14. Section 80GGB – Company Contribution

Derivation on commitments given by organizations to Political Parties

Area 80GGB derivation is permitted to an Indian organization for the sum contributed by it to any ideological group or an appointive trust. Derivation is took into consideration commitment done by any path other than money.

15. Section 80GGC – Contribution to Political Parties

Derivation on commitments given by any individual to Political Parties

Derivation under area 80GGC is permitted to an individual citizen for any sum added to an ideological group or a constituent trust. It isn't accessible for organizations, neighborhood specialists and a counterfeit juridical individual entirely or halfway supported by the administration. You can benefit this derivation just in the event that you pay by any path other than money.

16. Section 80RRB – Royalty of a Patent

Derivation concerning any Income by method of Royalty of a Patent

80RRB Deduction for any pay by method of eminence for a patent, enlisted on or after 1 April 2003 under the Patents Act 1970, will be accessible for up to Rs.3 lakh or the pay got, whichever is less. The citizen must be an individual patentee and an Indian occupant. The citizen must outfit a declaration in the recommended structure properly marked by the endorsed power.

17. Section 80 TTB – Interest Income

Derivation of Interest on Deposits for Senior Citizens

Another segment 80TTB has been embedded vide Budget 2018 in which derivations concerning interest salary from stores held by senior residents will be permitted. The breaking point for this allowance is Rs.50,000.

No further derivation under area 80TTA will be permitted. Notwithstanding area 80 TTB, segment 194A of the Act will likewise be revised to expand as far as possible for TDS on intrigue pay payable to senior residents. As far as possible was Rs 10,000, which was expanded to Rs 50,000 according to the most recent Budget.

All the Income Tax Deductions under Section 80