Income Tax Deductions
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
|
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Upto Rs.50,000/- |
Upto Rs.50,000/- |
Upto Rs.50,000/- |
Section 80G |
|
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 |
|
Lower of:
|
Lower of:
|
Lower of:
|
Lower of:
|
Lower of:
|
80CCG |
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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 |
|
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 |
|
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 |
|
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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