LIST OF ALL DEDUCTIONS THAT CAN BE CLAIMED TO REDUCE THE TAXABLE INCOME TO RS 500,000

LIST OF ALL DEDUCTIONS

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  1. LIST OF ALL DEDUCTIONS THAT CAN BE CLAIMED TO REDUCE THE TAXABLE INCOME TO RS 500,000
  2. 80C – Maximum Rs 1.5 lakh (aggregate of 80C, 80CCC and 80CCD (1)) PPF, EPF, Bank FD’s, NSC, Insurance Premium, Tuition Fees, etc.
  3. 80CCD(1B) – Maximum Rs 50,000 for investment in NPS Pension fund
  4. 80CCD(2) Maximum 10% of basic salary and dearness allowance NPS contribution by employer
  5. 80D For individual taxpayers- Premium up to Rs 25,000, for senior citizens Rs 50,000 Medical insurance premium and preventive health check up
  6. 80DD Deduction Rs 75,000 if disability between 40% and 80%. Deduction Rs 1.25 lakh if disability is more than 80% for Expenditure on differently-abled dependent
  7. 80DDB If  dependant below 60 years – Deduction is of Rs 40,000. For senior citizens, maximum deduction is Rs 1 lakh for Expenditure on specified diseases on dependant
  8. 80E No limit defined, maximum up to 8 years from the year of repayment Interest on repayment of education loan
  9. 80EE Maximum Rs 50,000 subject to certain conditions Interest on loan payable for acquiring a residential house property for first time home buyers
  10. 80G  Differs with the amount of donation As mentioned under the Income Tax Act
  11. 80GG Rs 5000 per month or 25% of total income whichever is less Rent paid if HRA is not received
  12. 80TTA  Up to Rs 10,000 per year for individuals below 60 years Interest on savings account with bank and post office
  13. 80TTB Up to Rs 50,000 per year for senior citizens Interest on all type of deposits held with bank, post office

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