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Income-Tax-Deductions

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.

DeductionParticularsAY 2015-16AY 2016-17AY2017-18AY2018-19AY2019-20
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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