Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Deduction from GTI (Section 80C to 80U) - Part -1
Deduction from GTI (Section 80C to 80U) - Part -1 | Fast Track Quick Revision Income Tax - Taxation PDF Download
| Normal Income | Special Income | Casual Income |
Also deduction cannot Exceed GTI |
| Available | Not - Available | Not- Available |
| Section | Assessee | Nature of payment | Amount of dedn |
Other Points |
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| 80C Specified Saving & Expenditure |
Ind / HUF Resident / Non resident Indian / Foreign Citizen |
1. | LIP for self, spouse & child. (max 10% of assured amount). Maturity amount exempt if (a) premium for all years do not exceed 10% of assured amount. (b) on death. Otherwise taxable u/h other sources. |
Combined Maximum deduction u/s 80C + 80CCC + 80CCD (only EE’s contribution) RS. 1,50,000 |
1. Payment out of loan or exempted income deduction allowed. |
||
| 2. | ULIP | 8. | All PF (SPF, RPF, PPF, ASAF) except URPF |
2. Deduction is allowed in the FY of payment |
|||
| 3. | FD for 5 years |
9. | Tuition fees in India (max 2 child) (formal school/university/college) |
||||
| 4. | ELSS | 10 | Investment in Sukanya Samriddhi Scheme |
||||
| 5. | NSC | Repayment of housing loan |
|||||
| 6. | Infrastructure shares / bonds |
11. | |||||
| 7. | Pension funds of MF |
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| Section | Asseese | Nature of payment | Amount of Deduction | Other Points |
| 80CCC Pension fund |
Ind R/NR IC/FC |
Contribution to Pension Fund of insurance companies. (Annuity scheme or any other Pension Plan) | Combined Maximum deduction u/s 80C + 80CCC + 80CCD (only EE’s contribution) Rs. 1,50,000 |
Payment should be made out of taxable income |
| Section | Asseese | Nature of payment | Amount of Deduction | Other Points |
| 80CCD Pension fund - NPS |
Ind R/NR IC/FC |
Contribution to Pension Fund set up by CG. (New Pension Scheme) |
ER : max 10% SAS for ER (no limit of Rs. 1,50,000) + EE : max 10% of SAS for EE (limited to Rs.1,50,000) |
Payment should be made out of taxable income. |
| An additional deduction of upto Rs. 50,000 over and above Rs. 1,500,00 is allowed to an individual | Lumpsum with drawal by EE : 40% exempt by others : Fully taxable | on death : 100% exempt |
| Section | Assesee | Nature of payment | Amount of Deduction | Other Points | |
| 80D Health Insurance Premium |
Ind / HUF R/ NR IC/FC |
Contribution to health insurance premium & for preventive health check up. |
Self, Spouse & Dependent children |
Parents (dependent / Not dependent) |
Payment should be made out of taxable income. Payment of premium in cash deduction not allowed. |
| Max 25,000. (Resident Senior Citizen max30,000) |
Max 25,000. (Resident Senior Citizen max30,000) |
||||
| Contribution in CGHS scheme dedn allowed. Overall deduction cannot exceed Rs.25,000 / Rs. 30,000 / Rs. 50,000 /55,000 or Rs. 60,000 as the case may be. | Resident very senior citizen (80 years): Dedn of Rs. 30,000 is allowed in case of medical expenditure even if no insurancepremium is paid |
||||
| Preventive health check up max Rs. 5,000 even if payment is made in cash. |
Preventive health check up max Rs. 5,000 even even if payment is made in cash. |
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| Section | Assesee | Nature of payment | Amount of Deduction | Other Points | |
| 80DD Disabled dependent |
Only resident Ind / HUF IC/FC |
Maintenance + normal medical treatment of dependent person with disability. |
Spouse & children | Brothers, Sisters & Parents |
Certificate of disability by Govt. Doctor is furnished. Double benefit of 80DD & 80U not available. |
| wholly or mainly dependent on such individual for his support and maintenance and is not dependent on any other person for his support and maintenance |
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| Normal disability (atleast 40%) |
Fixed Rs. 75,000 |
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| Severe disability (atleast 80%) |
Fixed Rs. 1,25,000 |
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| Disability : Blindness, low vision, leprosy cured, hearing impairment, locomotor disability, mental retardation, mental illness |
| Section | Assesee | Nature of payment | Amount of Deduction | Other Points | |
| 80DDB Medical treatment of specified disease |
Only resident Ind / HUF IC/FC |
Medical treatment of specified disease. |
Self, Spouse & children | Brothers, Sisters & Parents |
Specified disease. Cancer, AIDS, Neurological disease etc |
| wholly or mainly dependent on such individual for his support and maintenance and is not dependent on any other person for his support and maintenance | |||||
| Actual expenditure or Rs. 40,000 (in case of RSC (60 years) : Rs. 60,000; RVSC (80 years): Rs. 80,000) whichever is lower less medical insurance is the amount of deduction | |||||
| Section | Assesee | Title | Amount of Deduction | Other Points | |
| 80U Disabled |
Only resident Ind (IC/ FC) |
Assessee himself is disabled. |
Normal disability (atleast 40%) |
Fixed Rs. 75,000 | Double benefit of 80DD & 80U not available |
|
Severe disability (Atleast 80 %) |
Fixed Rs.1,25,000 |
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| Section | Assesee | Title | Amount of Deduction | Other Points | |
| 80E Interest on higher ed. |
Ind (R/ NR / IC/ FC)) |
Interest on loan taken for higher education after + 2. |
Any amount of interest is allowed as deduction for max 8 years. Repayment of loan is not allowed as deduction. |
Loan is taken by ind for himself, spouse or for child. Higher education can be in India or outside India |
|
| Section | Assesee | Title | Amount of Deduction | Other Points | ||
| 80G Dona tion |
All assessee |
Donations | Part A (Govt. fund) |
Part B (Private fund) |
Cash donation | |
| any amount donated is eligible for deduction. |
only 10% of AGTI is eligible for deduction. (AGTI = GTI–LTCG–STCG STT paid – all deductions except 80G |
Upto 10,000 Excess of 10,000 |
Allowed Not allowed |
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FAQs on Deduction from GTI (Section 80C to 80U) - Part -1 - Fast Track Quick Revision Income Tax - Taxation
| 1. What is the maximum deduction allowed under Section 80C of the Income Tax Act? |  |
Ans. The maximum deduction allowed under Section 80C of the Income Tax Act is Rs 1.5 lakh.
| 2. Can I claim deductions under both Section 80C and Section 80D? | |
Ans. Yes, you can claim deductions under both Section 80C and Section 80D. Section 80C provides deductions for investments in specified instruments such as life insurance premiums, ELSS, PPF, etc., while Section 80D provides deductions for medical insurance premiums.
| 3. Can I claim deductions under Section 80U if I have a physical disability? | |
Ans. Yes, you can claim deductions under Section 80U if you have a physical disability. Section 80U provides deductions for individuals with disabilities, including physical disabilities, mental illnesses, and certain other conditions.
| 4. Can I claim deductions under Section 80G for donations to charitable organizations? | |
Ans. Yes, you can claim deductions under Section 80G for donations to charitable organizations. Section 80G provides deductions for donations made to specified institutions and funds, subject to certain conditions and limits.
| 5. Are there any additional deductions available under Section 80E for education loans? | |
Ans. Yes, there are additional deductions available under Section 80E for education loans. Section 80E allows deductions for the interest paid on loans taken for higher education, including full-time courses pursued in India or abroad. There is no maximum limit for this deduction.
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