Section 80 Deductions : 80C, 80CCC, 80D, 80GG, 80TTA, 80G

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Section 80 Deductions

The income tax department encourages the taxpayers to file their ITR then they provide various section 80 deductions from the taxable income under chapter VI A deductions. Let’s understand these deductions in detail.

Read This:- Income Tax Slab for FY 2020-21 and AY 2021-22

Section 80C

SectionDeduction onAllowed Limit (maximum) FY 2020-21
80CInvestment 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

Subsection 80C – 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2)

SectionDeduction onAllowed Limit (maximum) FY 2020-21
80CCCFor 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 accountMaximum up to 10% of salary
80CCD(1B)An additional contribution to NPSRs. 50,000

Section 80TTA(1) and 80TTB

SectionDeduction onAllowed Limit (maximum) FY 2020-21
80TTA(1)Interest Income from Savings accountMaximum up to 10,000
80TTBExemption of interest from banks, post offices, etc. Applicable only to senior citizensMaximum up to 50,000

Section 80GG

SectionDeduction on Allowed Limit (maximum) FY 2020-21
80GGFor rent paid when HRA is not received from the employerLeast of :
– Rent paid minus 10% of total income
– Rs. 5000/- per month
– 25% of total income

Section 80E and 80EE

SectionDeduction on Allowed Limit (maximum) FY 2020-21
80EInterest on education loanInterest paid for a period of 8 years
80EEInterest on home loan for first-time homeownersRs 2,00,000 on Interset Paid

Section 80D , 80DD and 80DDB

SectionDeduction on Allowed Limit (maximum) FY 2020-21
80DMedical 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
80DDMedical treatment for handicapped dependent or payment to specified scheme for maintenance of a handicapped dependent
– Disability is 40% or more but less than 80%
– Disability is 80% or more
– Rs. 75,000
– Rs. 1,25,000
80DDBMedical 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

Section 80U

SectionDeduction on Allowed Limit (maximum) FY 2020-21
80USelf-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

Section GGB and GGC

SectionDeduction on Allowed Limit (maximum) FY 2020-21
80GGBContribution by companies to political partiesAmount contributed (not allowed if paid in cash)
80GGCContribution by individuals to political partiesAmount contributed (not allowed if paid in cash)

Section RRB

SectionDeduction on Allowed Limit (maximum) FY 2020-21
80RRBDeductions on Income by way of Royalty of a PatentLower of Rs 3,00,000 or income received

Read This:- How to Calculate HRA (House Rent Allowance) as per Income Tax

Disclaimer:- Income Tax Section 80 Deductions are subject to amendments from time to time.

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