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