Deductions…. Last Updated FY 22-23
| Sr. No. | Section | Details | Limit | Comment |
| 1 | 80C | Payment towards Life Insurance Premium | Rs.150000 | Conservative Investment. |
| 2 | Provident Fund | Applicable if you are salaried. | ||
| 3 | Repayment of Housing Loan (Principal Component) | Applicable if you have a housing loan. | ||
| 4 | National Savings Certificate (Accrued Interest) | Conservative Investment. | ||
| 5 | National Savings Certificate (New Deposits) | Conservative Investment. | ||
| 6 | Unit Linked Insurance Premium (ULIP) | Perhaps better option v/s Traditional Policies. | ||
| 7 | Cumulated Time Deposits | Conservative Investment. | ||
| 8 | Investments made in Debentures/Shares of Companies as approved by CBDT | Moderate Growth Investment. | ||
| 9 | Educational Expenses (including payment of Educational fees for self, spouse and children) | Applicable as described. | ||
| 10 | Sukanya Samriddhi Yojana | Conservative Investment. | ||
| 11 | Equity Linked Savings Scheme or Mutual Funds approved by CBDT. | High Growth Investment. | ||
| 12 | 80CCC | Deduction in respect of contribution to certain pension funds i.e contribution towards pension funds offered by Public or private sector Insurers. | Conservative Investment. | |
| 13 | 80CCD (1) | Deduction in respect of contribution to certain pension funds u/s i.e Contributions made to Pension plans offered by the Central Government are eligible for tax deductions which are manly National Pension Scheme and Atal Pension Yojana | 10% of the salary (Basic+D.A) or 20% of the Gross Total Income (in case of Self Employed Professional). However this limit shall not exceed beyond Rs.150000 along with Section 80C and 80CCC. | Conservative Investment. |
| 14 | 80CCD(1B) | Additional Deduction for National Pension System Contribution. | Rs.50000/- (This is over and above the limit of Rs.150000/-) | Moderate Growth Investment. |
| 15 | 80CCD(2) | Deduction in respect of employer contribution to pension scheme of Central Government u/s 80CCD(2) | 10% of basic Salary plus Dear Allowance | Applicable to Central Govt. Employees only. |
| 16 | 80D | Deduction in respect of Medical Insurance Premium | 1.Rs.25000 (for self, Spouse and Children)
2.Rs.25000 (for parents less than 60 years of age); Rs.50000 (for parents more than 60 years of age) |
This is the most important thing to do. |
| 17 | 80DD | Deduction in respect of maintenance including medical treatment of handicapped dependent | 1. Rs.75000 for person with disability and Rs.125000 for person with Severe disability. | Applicable as described. |
| 18 | 80DDB | Deduction toward Medical treatment etc. | 1.Rs.40000 or amount actually paid whichever is less for taxpayers less than 60 years of age.
2.Rs.10000 or amount actually paid for Senior Citizens |
Applicable as described. |
| 19 | 80E | Deduction in respect of interest on loan taken for higher education. | Deduction can be availed for a maximum period of 8 years. There is no maximum limit. | Applicable if you have taken Education Loan |
| 20 | 80EE | Deduction in respect of interest on loan taken for residential house property | Rs.50000 per annum until the loan is repaid. This deduction is over and above the deduction of Rs.2 Lakhs u/s 24. | Applicable as described. |
| 21 | 80EEA | Deduction in respect of interest on loan taken for residential house property under affordable housing scheme purchased in the Financial Year 2019-20. | Rs.150000 per annum until the loan is repaid. This deduction is over and above the deduction of Rs.2 Lakhs u/s 24. | Applicable as described. |
| 22 | 80G | Deduction in respect of donation to certain funds, charitable institutions etc. | – | For the donations that you make. |
| 23 | 80GG | Deduction in respect of rents paid | Deduction shall be least of:-
1.Actual Rent paid minus 10% of Adjusted Total Income 2.Rs.5000 per month 3.25% of Adjusted Total Income |
Applicable as described. |
| 24 | 80GGA | Deduction in respect of certain donations for Scientific research or rural development. | Contributions made towards the organisation or Institution or Colleges engaged in Scientific research and Rural Development. No Maximum limit applicable. | Applicable as described. |
| 25 | 80GGC | Deduction in respect of contributions given by any person to political parties. | No limit applicable | Applicable as described. |
| 26 | 80HH | Profits and Gains from newly established industrial undertaking or hotel business in backward areas | 20% of the Profits or gains from the Business. | Applicable as described. |
| 27 | 80HHA | Profits and Gains from newly established small scale industrial undertaking areas | 20% of the Profits or gains from the Business | Applicable as described. |
| 28 | 80HHBA | Profits and Gains from Housing Project | 50% of the Profits or gains from the Business | Applicable as described. |
| 29 | 80JJAA | Employment of New Workmen | Assesse engaged in Tax Audit shall be eligible for additional 30% deduction of hire of new employees with certain prescribed conditions. | Applicable as described. |
| 30 | 80O | Royalties from Foreign Enterprises etc. | No Maximum Limit | Applicable as described. |
| 31 | 80P | Income of Cooperative Societies | 100% deduction if engaged into certain specified activities. | Applicable as described. |
| 32 | 80QQB | Royalty Income etc. of Authors of certain books other than text books | Rs.300000 or original amount of royalty amount received whichever is less. | Applicable as described. |
| 33 | 80TTA | Deduction in respect of interest on deposits in savings account | Rs.10000 | Applicable as described. |
| 34 | 80TTB | Deduction in respect of interest on all types of deposits in case of senior citizens | Rs.50000 | Applicable as described. |
| 35 | 80U | Deduction in case of permanent physical disability | Rs.75000 for person with 80% disability and Rs.125000 with more than 80% disability. | Applicable as described. |