Deductions from Gross Total Income for computing Taxable Income

 

Table of Contents:

·         1.   [Section 80CCC]- Deduction in respect of Contribution to certain Pension Fund

o    Quantum of Deduction U/s 80CCC :

·         2.   [Section 80CCD]- Deduction in respect of contribution to Pension Scheme of Central Government by Central Government or any other employer

o    (1) [Section 80CCD(1)]- Deduction of an employee’s / assessee‘s  Contribution:

o     (2) Deduction of Rs. 50,000 [Section 80CCD(1B)]:

o    (3) [Section 80CCD(2)]- Deduction of Employer’s Contribution  :

o    (4) [Section 80CCD(3)]- Taxability of amount received from Pension Scheme:

·         3.   [Section 80D]- Deduction in respect of Medical Insurance Premia

o    (A)   [Section 80D(2)]- In case of an Individual, it is allowed for such sum as referred to below by the aggregate of the following—

o    (B)   [Section 80D(3)]- In the case of a HUF, it is allowed for such sum as referred to below by the aggregate of the following—

·         4.   [Section 80DD]- Deduction in respect of Maintenance including Medical Treatment of a Dependent who is a Person with Disability

o    Quantum of Deduction U/s 80DD:

·         5.   [Section 80DDB]- Deduction in respect of Medical Treatment, etc.

o    Quantum of Deduction U/s 80DDB :

·         6.   [Section 80E]- Deduction for Interest paid on Loan Taken for pursuing Higher Education

o    Quantum of Deduction U/s 80E:

o    Period of Deduction U/s 80E:

·         7.   [Section 80EE]- Deduction in respect of Interest on Loan taken for Residential House Property

o    Quantum of Deduction U/s 80E :

·         8.   [Section 80EEA]- Deduction in respect of Interest on Loan taken for Certain House Property

o    Quantum of Deduction U/s 80EEA :

·         9.   [Section 80EEB]- Deduction in respect of Purchase of Eclectic Vehicle

o    Quantum of Deduction U/s 80EEB:

·         10. [Section 80GGC]- Deduction in respect of Contribution given by any Person to Political Parties

·         11. [ Section 80QQB]- Deduction in respect of Royalty Income, etc., of Author of Certain Books other than Text Books.

o    Quantum of Deduction U/s 80QQB :

o    Certificate  to be Furnished U/s 80QQB:

·         12. [Section TTA]- Deduction in respect of Interest on Deposits in Savings Accounts to the maximum extent of Rs. 10,000

·         13. [Section 80TTB]- Deduction in respect of Interest on Deposits in case of Senior Citizens

o    (1)   [Section 80TTB(1)]- Senior Citizen to be allowed a Deduction of Rs.50,000 on account  of Interest on Deposits  :

o    (2) [Section 80TTB(2)]- No Deduction to be allowed if Deposit held in the name of Partner / Member by the Firm / AOP:

·         14. [Section 80U]- Deduction in case of a Person with Disability

o    Quantum of Deduction U/s 80U :

 

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