Various tax deductions in the Indian Income Tax Act 1961

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Everything You Need to Know About The Indian Income Tax Act 1961

 Income Tax Act 1961The following Table all about deduction from income under all section One can easily find the provision of any above deduction like for whom the particular deduction is allowed and for what quantum of deduction is allowed.

SectionsParticularsAssessee to whom allowedQuantum of deduction
80CDeduction in respect of life insurance premium, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, a term deposit for a fixed period of not less than 5 years with a scheduled bank, etc.Individual or HUFMax. Rs. 1,00,000
80CCCDeduction in respect of contribution to certain pension schemeOnly individualsMax. Rs. 1,00,000
80CCDDeduction in respect of contribution to new pension schemeindividual who has been employed by the central government on or after 1st January 2004Employer’s and employee’s contribution subject to maximum of 10% of salary
80CCELimit of deduction u/ss. 80C, 80CCC and 80CCDIndividual or HUFMax. Rs. 1,00,000
Section 80DDeduction in respect of Health Insurance PremiumIndividual or HUF whether resident or non-residentFor individuals:
Amount of premium or Rs.15,000 whichever is less
For senior citizens:
Amount of premium or Rs.20,000 whichever is less
Section 80DDDeduction for medical treatment of handicapped dependentIndividual or HUF resident in IndiaThe deduction is available for Rs 50000, or actual expenditure incurred, whichever is lesser. For severe handicap conditions Rs. 1,00,000 is the deduction limit
Section 80 DDBDeduction in respect of some specified disease and ailmentsIndividual or HUF resident in IndiaFor individual Rs.40,000

For senior citizen Rs.60,000

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