Download Excel based tax preparation software. Chapter VI of the Income-tax Act contains various sub-sections of section 80 which allow an assessor to claim deduction from the total income due to various tax-savings investments, approved expenditures, grants, etc. Payable.
Chapter VI A of the Income-tax Act contains the following sections:
80C: Deduction in case of subscription of life insurance premium, deferred annuity, contribution to provident fund (PF), fixed equity share or debenture etc. The deduction limit including Section 80CCC and Section 80CCD (1) is Rs 1.5 lakh.
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80CCC: Deduction in contribution to fixed pension fund. 1.5 lakh exemption limit including Section 80C and Section 80CCD (1).
80CCD (1): Deduction in contribution to Central Government Pension Scheme – In case of an employee, 10 percent of salary (Basic + DA) and in any other case, 20 percent of his total income will be tax free in a financial year. The overall limit including 80C and 80CCC is Rs 1.5 lakh
80CCD (1B): Deduction up to Rs. 50,000 for contribution to Pension Scheme.
80CCD (2): Deduction of contribution by the employer to the pension scheme of the Central Government. Tax benefits are given on 14 per cent contribution by the employer, Employer’s Contribution to the Employees’ Pension Fund (CPF)
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80D: Deduction in case of health insurance premium. Premiums paid up to Rs 25,000 are eligible to be deducted for persons other than senior citizens. For senior citizens, the limit is Rs 50,000 and the overall limit is Rs 1 lakh as per 80D.
80DD: A person with a disability who is a dependent is cut in terms of maintenance including his treatment Maximum Rs.75,000/-.
80DDB: Deduction from a neurologist, an oncologist, a urologist, a hematologist, an immunologist or other such specialist for the treatment of a specific disease up to Rs 40,000.
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80E: Deduction in interest on loans taken for higher education without any upper limit.
80EE: Exemption in case of interest up to Rs. 50,000 on Home loan
80EEA: Deduction of interest up to Rs 1.5 lakh on loans taken for fixed home property (for affordable housing).
80EEB: Discount on interest up to Rs 1.5 lakh on loans taken to buy electric cars.
80G: Donations to specific funds, charities, etc. Depending on the nature of the donor, the limit varies from 100 percent of the total donation, 50 percent of the total grant or 50 percent of the grant, with a cap of 10 percent. Total income.
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80TTA: Deduction in interest on Savings Bank Accounts up to Rs.10,000 in case of Assessors other than Resident Senior Citizens.
80TTB: Discount on interest on deposits up to Rs. 50,000 for senior citizens residing.
80U: Discount in case of disabled person. Depending on the type and extent of disability, a maximum exemption of Rs 1.25 lakh is allowed under this section.