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Deductions that lowers an individual's liabilities by lowering his ratable financial gain. Deductions are usually expenses that the remunerator/assessee incurs throughout the year which will be applied against or deducted from his gross financial Income so as to work out what quantity tax is owed.
|
SECTION |
TYPE OF INVESTMENT |
LIMIT |
ELIGIBLE PRETENDER |
|
80 C |
PPF, EPF, Tuition Fee, Interest on FD, LIC Premium, Housing Loan Repayment |
|
Individual & HUF |
|
80 CCC |
Pension Income |
Individuals |
|
|
80 CCD |
Pension Income received from Central Government |
Individuals |
|
|
80 D |
Expenses incurred against Medical Insurance Premium and Health check up |
* For Individual Taxpayer- Premium paid upto Rs. 25000/- in case of Individuals & Rs. 30000/- in case of Senior Citizen * For HUF - Premium paid upto 25000/- in case of Senior Citizen & Rs. 30000/- in case of Super Senior citizen |
Individuals & HUF’s
|
|
80 TTA |
Interest Received on Saving Bank A/c |
Upto Rs. 10,000/- yearly |
Individuals & HUF’s
|
|
80 E |
Paid Interest on Education Loan |
No Limit |
Individuals |
|
80 EE |
Interest paid on Loan taken for acquiring a residential house property |
Maximum Rs. 50,000/- |
Individuals |
|
80 GG |
Rent paid and HRA not received from his Employer |
Rs. 5000/- OR 25% of Total Income ( Whichever is Less) |
Individuals |
|
80 CCG |
Equity Saving Schemes |
50% of Amount Invested OR Rs. 25000/- (Whichever is Less) |
Individuals |
|
80 CCF |
Investment in Long Term Infrastructure Bonds |
Maximum Rs. 20,000/- |
Individuals & HUF’s
|
DEDUCTIONS ONLY FOR SALARIED PERSON
1. Exemption of House Rent Allowance
A salaried individual having a rented accommodation will get HRA (House Rent Allowance). This might be entirely or partly exempted from revenue enhancement. However, if you aren’t living in any rented accommodation and still receive HRA, it'll be assessable.
In following you may claim the least as HRA exemption.
a. Total HRA received from your employer
b. Rent paid less 10% of (Basic salary +Dearness Allowances)
c. 40% of salary (Basic+DA) for non-metropolitan cities and 50% of salary (Basic+DA) for metropolitan cities
2. Standard Deduction
In Union Budget of 2018, announced a standard deduction amounting to Rs. 40,000 for salaried employees. This deduction is in the place of transport allowance (Rs. 19,200) and medical reimbursement (Rs. 15,000).
The limit of Standard Deduction of Rs. 40,000 has been increased to Rs. 50,000 in the Budget 2019.
3. Additional Deduction for Interest paid on Home Loan (u/s 80EE)
Section 80EE allows to the owners of Residential Property to claim an additional deduction of Rs.50, 000 (with deduction u/s Section 24 claim in Source of Income from House Property) for interest paid on the home loan Installment.
But there are conditions for this Deduction that:
The loan amount must not be more than of Rs 35,00,000 and the value of the property must not be more than of Rs 50,00,000. Moreover, the assesse must not have any other property registered under his/her name at the time of loan sanctioned.
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