Income Tax Deductions

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Income Tax Deductions

Income tax deductions are provided under the Income Tax Act for various types of investments, expenses and medical conditions. While filing income tax returns, it is important for the taxpayer to know about the various income tax deductions available for the particular assessment year to achieve maximum tax savings. In this article, we discuss the income tax deductions provided for various assessment years.

Deduction	Particulars	AY 2015-16	AY 2016-17	AY2017-18	AY2018-19	AY2019-20
Section 80C	Investment in LIC Investment in National Savings Certificate Investment in Provident Fund Tuition Fee ULOP ELSS Mutual Funds Bank Fixed Deposit Housing Loan Repayment Investment in Employee Provident Fund Stamp duty Residential Housing Loan SukanyaSamridhi Scheme	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.
Section 80CCC	Pension Fund	Maximum amount of Rs.1,00,000 or amount eligible, whichever is lower.	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.	Maximum amount of Rs.1,50,000 or amount eligible, whichever is lower.
Section 80D	Mediclaim (Payment by any mode other than cash)	Rs.15,000 for all taxpayers. Rs.20,000 in case of very Senior Citizen.	Rs.25,000 for all taxpayers. Rs.30,000 in case of very Senior Citizen.	Rs.25,000 for all taxpayers. Rs.30,000 in case of very Senior Citizen.	Rs.25,000 for all taxpayers. Rs.30,000 in case of very Senior Citizen.	Rs.25,000 for all taxpayers. Rs.50,000 in case of very Senior Citizen.
Section 80D	Additional deduction for payment of Mediclaim for parents	Rs.25, 000/(For non-senior citizen parents). Rs. 50,000(For senior citizen parents).	Rs.25, 000/(For non-senior citizen parents). Rs. 50,000(For senior citizen parents).	Rs.25, 000/(For non-senior citizen parents). Rs. 50,000(For senior citizen parents).	Rs.25, 000/(For non-senior citizen parents). Rs. 50,000(For senior citizen parents).	Rs.25, 000/(For non-senior citizen parents). Rs. 50,000(For senior citizen parents).
Section 80DD	Maintenance of Dependent with Disability	Rs.50,00 in case of disability. Rs.75,000 in case of severe disability.	Rs.75,00 in case of disability. Rs.1,25,000 in case of severe disability.	Rs.75,00 in case of disability. Rs.1,25,000 in case of severe disability.	Rs.75,00 in case of disability. Rs.1,25,000 in case of severe disability.	Rs.75,00 in case of disability. Rs.1,25,000 in case of severe disability.
Section 80DDD	Medical Treatment of Dependent – Senior Citizen or Very Senior Citizen	Rs.40,000 in case of Senior Citizen. Rs.60,000 in case of Very Senior Citizen.	Rs.40,000 in case of Senior Citizen. Rs.60,000/80,000 in case of Very Senior Citizen.	Rs.40,000 in case of Senior Citizen. Rs.60,000/80,000 in case of Very Senior Citizen.	Rs.40,000 in case of Senior Citizen. Rs.60,000/80,000 in case of Very Senior Citizen.	Rs.40,000 in case of Senior Citizen. Rs.1,00,000 in case of Very Senior Citizen.
Section 80E	Interest on Loan on Higher Education	Amount of interest paid during the previous year upto 8 Assessment Years or until the interest referred is paid full, whichever is earlier.	Amount of interest paid during the previous year upto 8 Assessment Years or until the interest referred is paid full, whichever is earlier.	Amount of interest paid during the previous year upto 8 Assessment Years or until the interest referred is paid full, whichever is earlier.	Amount of interest paid during the previous year upto 8 Assessment Years or until the interest referred is paid full, whichever is earlier.	Amount of interest paid during the previous year upto 8 Assessment Years or until the interest referred is paid full, whichever is earlier.
Section 80EE	Interest on loan for Residential House Property			Upto Rs.50,000/-	Upto Rs.50,000/-	Upto Rs.50,000/-
Section 80G	Donation	50% /100% of Donation or 10% of adjusted GTI, whichever is lower	50% /100% of Donation or 10% of adjusted GTI, whichever is lower	50% /100% of Donation or 10% of adjusted GTI, whichever is lower	50% /100% of Donation or 10% of adjusted GTI, whichever is lower	50% /100% of Donation or 10% of adjusted GTI, whichever is lower
Section 80GG	Rent	Lower of: Rent paid- 10% of Adjusted Total Income 25% of the Adjusted Total Income Rs.5,000/- per month	Lower of: Rent paid- 10% of Adjusted Total Income 25% of the Adjusted Total Income Rs.5,000/- per month	Lower of: Rent paid- 10% of Adjusted Total Income 25% of the Adjusted Total Income Rs.5,000/- per month	Lower of: Rent paid- 10% of Adjusted Total Income 25% of the Adjusted Total Income Rs.5,000/- per month	Lower of: Rent paid- 10% of Adjusted Total Income 25% of the Adjusted Total Income Rs.5,000/- per month
80CCG	Investment in Equity saving scheme	50% of total investment subject to a maximum ceiling limit of Rs. 25,000.	50% of total investment subject to a maximum ceiling limit of Rs. 25,000.	50% of total investment subject to a maximum ceiling limit of Rs. 25,000.	50% of total investment subject to a maximum ceiling limit of Rs. 25,000.	50% of total investment subject to a maximum ceiling limit of Rs. 25,000.
Section 80U	Person with Disability	Rs.75,000/- in case of a person with disability and Rs. 1,25,000/- in case of a person with a severe disability.	Rs 75,000/- in case of a person with disability and Rs. 1,25,000/- in case of a person with a severe disability.	Rs 75,000/- in case of a person with disability and Rs. 1,25,000/- in case of a person with a severe disability.	Rs 75,000/- in case of a person with disability and Rs. 1,25,000/- in case of a person with a severe disability.	Rs 75,000/- in case of a person with disability and Rs. 1,25,000/- in case of a person with a severe disability.
Section 80TTA	Interest on Deposit in Saving Bank Account	Upto Rs. 10,000/- for individuals & HUF	Upto Rs. 10,000/- for individuals & HUF	Upto Rs. 10,000/- for individuals & HUF	Upto Rs. 10,000/- for individuals & HUF	Upto Rs. 10,000/- for individuals & HUF
Section 80TTB	Interest on Deposits	Upto Rs. 50,000 shall be allowed to resident individuals who are senior citizens.	Upto Rs. 50,000 shall be allowed to resident individuals who are senior citizens.	Upto Rs. 50,000 shall be allowed to resident individuals who are senior citizens.	Upto Rs. 50,000 shall be allowed to resident individuals who are senior citizens.	Upto Rs. 50,000 shall be allowed to resident individuals who are senior citizens.

If you wish to know whether a particular deduction is available for you or not, please get in touch with one of our Business Advisors at IndiaFilings! And if you wish to know which Income Tax benefits you are eligible to claim at the time of filing an Income Tax Return, please don’t hesitate to call IndiaFilings!

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