Chapter VIA List of All Deductions at a Glance
As per the Finance Budget 2016, some of Income Tax Section limit has increased & Modified. Now we are looking below the list of which section limit is increased Under Chapter V A
| Sections | Particulars | Allowed to | Quantum of deduction |
80C | Deduction in respect of Life Insurance Premium, Contribution to Provident Fund, etc. Deduction in respect of contribution to certain pension funds | Individual and HUF | Max. Rs.1,50,000 |
80CCC | Deduction in respect of contribution to certain pension funds | Only individuals | Max. Rs.1,50,000 |
80CCD | Deduction in respect of contribution to notified pension scheme of Central Government | Salaried employee or self-employed individual | Employer and employee contribution not exceeding 10% of salary in each case. Maximum deduction to an employee or self-employed person for his contribution limited to Rs.1,00,000 |
80CCD (1B) | New N.P.S. in respect pension scheme | Only Individuals | Max Tax Relief Rs.50,000/- out of U/s 80C Rs.1.5 Lakh |
80CCE | Limit on deductions under sections 80C, 80CCC and 80CCD (1), Note the Section 80CCD(2) is a Employer’s contribution to the employees Pension Fund Max 10% or Basic and U/s 80CCD(1B) is out of limit of U/s 80CCE i.e. 1.5 Lakh + 80CCD(2) + 80CCD(1B) | N.A. | Rs.1,50,000 + 80CCD(2) + 80CCD(1B) |
80D | Deduction in respect of medical insurance premium | Individual or HUF whether resident or non – resident | In case of individual – Maximum Rs.25,000 |
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80DD | Deduction in respect of maintenance including medical treatment of dependent who is a person with disability | For senior citizen Individual or HUF resident in India | Addl. Rs.5,000 Rs.50,000 or Rs.1,00,000 in case of a person with severe disability |
80DDB | Deduction in respect of medical treatment, etc. | Individual or HUF resident in India | Max.Rs.40,000 |
80E | Deduction for interest paid on loan | For senior citizen Individual whether resident or not | Addl. Rs.20,000 Actual amount paid |
80EE | Deduction in respect of interest on loan sanctioned during the financial year 2016 – 17 for acquiring residential house property | Individual only | Maximum Rs. 1,50,000 |
80G | Deduction in respect of donations to certain funds, charitable institutions, etc. | All assesses | (a) 100% or 50% of eligible donations, without applying qualifying limit in certain cases |
80 GG | Deductions in respect of rent paid,who are not getting the H.R.A. from the employer. | Individual only | (b) 100% or 50% of eligible donations, after applying – Qualifying limit of 10% of adjusted GTI, Maximum Rs.5,000 p.m. |
80 TTA | Deduction in respect of interest on deposits in saving accounts | Individual or HUF | Maximum Rs.10,000 |
80U | Deduction in the case of a person with disability | Resident individuals | Rs.75,000 in case of a person with disability and Rs.1,25,000 in case of a person with severe disability |
87A | Tax Rebate, who’s taxable Income less than 5 Lakh | Resident Individuals | Max Rs. 5,000/- from the F.Y.2016-17 |
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