Deductions of Chapter VI A (Part B) - OVERVIEW - Available to Individuals / HUF in respect of certain payments - Income Tax - Ready Reckoner - Income Tax

Section Nature of Deduction Who can claim 80C Life insurance premium, provident fund contribution: Maximum deduction allowed is Rs. 1,50,000 Individuals and HUFs 80CCA Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan : Maximum deduction allowed is ₹ 20,000 and ₹ 1,50,000 taken 80C, 80CCA and 80CCB and 80CCC together [No deduction shall be allowed to any amount deposited on after 1st April 1992] Individual and HUF 80CCB Deduction in respect of investment made under Equity Linked Savings Scheme : Maximum deduction allowed is ₹ 10,000 and ₹ 1,50,000 taken 80C, 80CCA and 80CCB and 80CCC together [No deduction shall be allowed to any amount deposited on after 1st April 1992] Individual and HUF 80CCC Pension Fund: Maximum deduction allowed is Rs. 1,50,000 Individuals 80CCD Contribution by an individual towards NPS / Contribution by employees / Contribution by employer [Upto Specified limit] Additional deduction of ₹50,000 allowed u/s 80CCD(1B) Individuals /Employee 80CCE Limit on deductions under sections 80C , 80CCC and 80CCD (limit of ₹1,50,000) Individuals / HUF 80CCF Deduction in respect of subscription to long-term infrastructure bonds: Maximum deduction allowed is ₹ 20,000 Individuals and HUF 80CCG Investment made under Rajiv Gandhi Equity Saving Scheme (Maximum deduction: 25,000) [Dedcution under this section not allowed after 1st April,2018] Resident Individual 80D Medical Insurance Premium [Upto Specified limit] Individuals and HUFs 80DD Maintenance including medical treatment of a handicapped dependent who is a person with disability [Upto Specified limit] Resident Individuals or resident HUFs 80DDB Medical treatment expenses [Upto Specified limit] Resident Individuals or resident HUFs 80E Payment of interest on Loan taken for higher studies Individuals 80EE Interest on loan taken for residential property Individuals 80EEA Deduction in respect of interest on loan taken for certain house property: Maximum deduction allowed is Rs. 1,50,000 [During the period beginning on the 1st day of April, 2019 and ending on the 31st day of March] individuals 80EEB Deduction in respect of purchase of electric vehicle: Maximum deduction allowed is Rs. 1,50,000 [During the period beginning on the 1st day of April, 2019 and ending on the 31st day of March, 2023.] Individuals 80G Donation to certain funds, charitable institutions [subject to maximum of 50% of qualifying donation (100% in some cases)] All assessees 80GG Rent paid for furnished/ unfurnished accommodation [Upto Specified limit] Individuals 80GGA Certain donations for scientific research or rural development All assessees not having any income chargeable u/h PGBP 80GGB Contribution to political parties Specified assessees 80QQB Royalty income of authors Resident Individuals 80RRB Royalty on Patents Resident Individuals 80TTA Interest on deposits in Saving account Individual / HUF 80TTB Deduction in respect of interest on deposits in case of senior citizens Senior citizen 80U Income of a person with disability deduction allowed is Rs. 75000 person with severe disability deduction allowed is Rs. 1,25,000 Resident Individuals