Chapter VIA List of All Deductions at a Glance
As per the Finance Budget 2016, some of Income Tax Section limit has increased & Modified. Now we are looking below the list of which section limit is increased Under Chapter V A
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Sections
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Particulars
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Allowed to
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Quantum of deduction
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80C
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Deduction in respect of Life Insurance Premium, Contribution to Provident Fund, etc.
Deduction in respect of contribution to certain pension funds
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Individual and HUF
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Max. Rs.1,50,000
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80CCC
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Deduction in respect of contribution to certain pension funds
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Only individuals
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Max. Rs.1,50,000
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80CCD
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Deduction in respect of contribution to notified pension scheme of Central Government
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Salaried employee or self-employed individual
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Employer and employee contribution not exceeding 10% of salary in each case. Maximum deduction to an employee or self-employed person for his contribution limited to Rs.1,00,000
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80CCD
(1B)
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New N.P.S. in respect pension scheme
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Only Individuals
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Max Tax Relief Rs.50,000/- out of U/s 80C Rs.1.5 Lakh
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80CCE
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Limit on deductions under sections 80C, 80CCC and 80CCD (1), Note the Section 80CCD(2) is a Employer’s contribution to the employees Pension Fund Max 10% or Basic and U/s 80CCD(1B) is out of limit of U/s 80CCE i.e. 1.5 Lakh + 80CCD(2) + 80CCD(1B)
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N.A.
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Rs.1,50,000 + 80CCD(2) + 80CCD(1B)
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80D
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Deduction in respect of medical insurance premium
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Individual or HUF whether resident or non – resident
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In case of individual – Maximum Rs.25,000
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80DD
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Deduction in respect of maintenance including medical treatment of dependent who is a person with disability
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For senior citizen
Individual or HUF resident in India
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Addl. Rs.5,000
Rs.50,000 or Rs.1,00,000 in case of a person with severe disability
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80DDB
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Deduction in respect of medical treatment, etc.
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Individual or HUF resident in India
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Max.Rs.40,000
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80E
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Deduction for interest paid on loan
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For senior citizen
Individual whether resident or not
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Addl. Rs.20,000
Actual amount paid
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80EE
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Deduction in respect of interest on loan sanctioned during the financial year 2016 – 17 for acquiring residential house property
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Individual only
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Maximum Rs. 1,50,000
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80G
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Deduction in respect of donations to certain funds, charitable institutions, etc.
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All assesses
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(a) 100% or 50% of eligible donations, without applying qualifying limit in certain cases
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80
GG
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Deductions in respect of rent paid,who are not getting the H.R.A. from the employer.
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Individual only
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(b) 100% or 50% of eligible donations, after applying – Qualifying limit of 10% of adjusted GTI, Maximum Rs.5,000 p.m.
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80
TTA
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Deduction in respect of interest on deposits in saving accounts
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Individual or HUF
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Maximum Rs.10,000
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80U
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Deduction in the case of a person with disability
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Resident individuals
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Rs.75,000 in case of a person with disability and Rs.1,25,000 in case of a person with severe disability
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87A
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Tax Rebate, who’s taxable Income less than 5 Lakh
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Resident Individuals
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Max Rs. 5,000/- from the F.Y.2016-17
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