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

All the deductions under Income Tax Act are listed in the following table:

Sections Particulars Assessee to whom allowed Quantum of deduction
80C Deduction 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 HUF Max. Rs. 1,00,000
80CCC Deduction in respect of contribution to certain pension scheme Only individuals Max. Rs. 1,00,000
80CCD Deduction in respect of contribution to new pension scheme individual who has been employed by the central government on or after 1st January 2004 Employer’s and employee’s contribution subject to maximum of 10% of salary
80CCE Limit of deduction u/ss. 80C, 80CCC and 80CCD Individual or HUF Max. Rs. 1,00,000
Section 80D Deduction in respect of Health Insurance Premium Individual or HUF whether resident or non-resident For 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 80DD Deduction for medical treatment of handicapped dependent Individual or HUF resident in India The 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 DDB Deduction in respect of some specified disease and ailments Individual or HUF resident in India For individual Rs.40,000

 

For senior citizen Rs.60,000

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