Currently we are not accepting new ITR filings until further notice
Currently we are not accepting new ITR filings until further notice
income tax deductions for individuals
section | deductions for FY 2020-21 (AY 2021-22) - chapter VI A | applicable assessee | limit for FY 2020-21 (AY 2021-22) |
---|---|---|---|
section 80C | investing into very common and popular investment options like LIC, PPF, sukanya samriddhi account, mutual funds, FD etc | individual or HUF | upto ₹ 1,50,000 |
section 80CCC | investment in pension funds | individuals | |
section 80CCD (1) | atal pension yojana and national pension scheme contribution | individuals | |
section 80CCD(2) | national pension scheme contribution by employer | individuals | amount 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 80D | medical insurance premium and medical expenditure | individual or HUF | upto ₹ 1,00,000 self & spouse 25000 (other than senior citizen) 50000 if senior citizen |
section 80E | interest paid on loan taken for higher education | individual | 100% of the interest paid upto 8 assessment years |
section 80EE | interest paid on housing loan | individual | upto ₹ 50,000 subject to some conditions |
section 80EEA | interest paid on housing loan | individual | upto ₹ 1,50,000/- subject to some conditions |
section 80EEB | interest paid on electric vehicle loan | individual | upto ₹ 1,50,000/- subject to some conditions |
section 80G | donation to charitable institutions | all assessee (individual, HUF, company etc) | 100% or 50% of the donated amount or qualifying limit, allowed donation in cash upto ₹ 2000/- |
section 80GG | income tax deduction for house rent paid | individual | ₹ 60,000/- 25% of total income rent paid - 10% of total income (whichever is lower) |
section 80TTA | interest earned on savings accounts | individual or HUF (except senior citizen) | upto ₹ 10,000/- |
section 80TTB | interest income earned on deposits (savings/FDs) | individual (60 yrs or above) | upto ₹ 50,000/- |
less often applicable deductions
section | deductions for FY 2020-21 (AY 2021-22) - chapter VI A | applicable assessee | limit for FY 2020-21 (AY 2021-22) |
---|---|---|---|
section 80DD | medical treatment of a dependent with disability | individual or HUF | normal disability: ₹ 75000 severe disability: ₹ 125000 |
section 80DDB | specified diseases | individual or HUF | senior citizens: upto ₹ 1,00,000 others: upto ₹ 40,000 |
section 80GGA | donation to scientific research & rural development | all assessees except those who have an income (or loss) from a business and/or a profession | 100% of the amount donated. allowed donation in cash upto ₹ 10,000 |
section 80GGC | individuals on contribution to political parties | individual or HUF, AOP, BOI firm | 100% of the amount contributed, No deduction available for contribution made in cash |
section 80RRB | royalty on patents | Individuals (Indian citizen or foreign citizen being resident in India) | ₹ 3,00,000 or specified income - whichever is lower |
section 80QQB | royalty income of authors | Individuals (Indian citizen or foreign citizen being resident in India) | ₹ 3,00,000 or specified income - whichever is lower |
section 80U | disabled individuals | Individuals | normal disability: ₹ 75,000 severe disability: ₹ 1,25,000 |
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