income tax deductions for individuals

sectiondeductions for FY 2020-21 (AY 2021-22) - chapter VI Aapplicable assesseelimit for FY 2020-21 (AY 2021-22)
section 80Cinvesting into very common and popular investment options like LIC, PPF, sukanya samriddhi account, mutual funds, FD etcindividual or HUFupto ₹ 1,50,000
section 80CCCinvestment in pension fundsindividuals
section 80CCD (1)atal pension yojana and national pension scheme contributionindividuals
section 80CCD(2)national pension scheme contribution by employerindividualsamount contributed or 14% of basic salary + dearness allowance (in case the employer is CG) 10% of basic salary + dearness allowance (in case of any other employer) (whichever is lower)
section 80Dmedical insurance premium and medical expenditureindividual or HUFupto ₹ 1,00,000 self & spouse 25000 (other than senior citizen) 50000 if senior citizen
section 80Einterest paid on loan taken for higher educationindividual100% of the interest paid upto 8 assessment years
section 80EEinterest paid on housing loanindividualupto ₹ 50,000 subject to some conditions
section 80EEAinterest paid on housing loanindividualupto ₹ 1,50,000/- subject to some conditions
section 80EEBinterest paid on electric vehicle loanindividualupto ₹ 1,50,000/- subject to some conditions
section 80Gdonation to charitable institutionsall assessee (individual, HUF, company etc)100% or 50% of the donated amount or qualifying limit, allowed donation in cash upto ₹ 2000/-
section 80GGincome tax deduction for house rent paidindividual₹ 60,000/-
25% of total income
rent paid - 10% of total income
(whichever is lower)
section 80TTAinterest earned on savings accountsindividual or HUF (except senior citizen)upto ₹ 10,000/-
section 80TTBinterest income earned on deposits (savings/FDs)individual (60 yrs or above)upto ₹ 50,000/-

less often applicable deductions

sectiondeductions for FY 2020-21 (AY 2021-22) - chapter VI Aapplicable assesseelimit for FY 2020-21 (AY 2021-22)
section 80DDmedical treatment of a dependent with disabilityindividual or HUFnormal disability: ₹ 75000
severe disability: ₹ 125000
section 80DDBspecified diseasesindividual or HUFsenior citizens: upto ₹ 1,00,000
others: upto ₹ 40,000
section 80GGAdonation to scientific research & rural developmentall assessees except those who have an income (or loss) from a business and/or a profession100% of the amount donated. allowed donation in cash upto ₹ 10,000
section 80GGCindividuals on contribution to political partiesindividual or HUF, AOP, BOI firm100% of the amount contributed, No deduction available for contribution made in cash
section 80RRBroyalty on patentsIndividuals (Indian citizen or foreign citizen being resident in India)₹ 3,00,000 or specified income
- whichever is lower
section 80QQBroyalty income of authorsIndividuals (Indian citizen or foreign citizen being resident in India)₹ 3,00,000 or specified income
- whichever is lower
section 80Udisabled individualsIndividualsnormal disability: ₹ 75,000
severe disability: ₹ 1,25,000
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