Deductions under Chapter VI-A

Deductions for For certain payments

For an individual perspective. All those deductions which are available only to the companies have been excluded.

80C ■ Life insurance premium for policy : - in case of an individual, on the life of assessee, assessee's spouse and any child of assessee - in case of HUF, on the life of any member of the HUF

■ The sum paid under a contract for a deferred annuity : - in case of an individual, on the life of the individual, individual's spouse and any child of the individual (however, the contract should not contain an option to receive a cash payment in lieu of annuity) - in case of HUF, on a life of any member of the HUF ■ Sum deducted from salary payable to Government servant for securing deferred annuity or making provision for his wife/children [qualifying amount limited to 20% of salary] ■ Contributions by an individual made under Employees' Provident Fund Scheme ■ Contribution to Public Provident Fund Account in the name of: - in case of an individual, such individual or his spouse or any child of such individual - in case of HUF, any member of HUF ■ Contribution by an employee to a recognised provident fund ■ Contribution by an employee to an approved superannuation fund ■ Subscription to any notified security or notified deposit scheme of the Central Government. For this purpose, Sukanya Samriddhi Account Scheme has been notified vide Notification No. 9/2015, dated 21.01.2015. Any sum deposited during the year in Sukanya Samriddhi Account by an individual would be eligible for deduction. ■ The amount can be deposited by an individual or in the name of girl child of an individual or in the name of the girl child for whom such an individual is the legal guardian. ■ Subscription to notified savings certificates [National Savings Certificates (VIII Issue)] ■ Contribution for participation in unit-linked Insurance Plan of UTI : - in case of an individual, in the name of the individual, his spouse or any child of such individual - in case of a HUF, in the name of any member thereof ■ Contribution to a notified unit-linked insurance plan of LIC Mutual Fund [Dhanaraksha 1989] - in the case of an individual, in the name of the individual, his spouse or any child of such individual - in the case of a HUF, in the name of any member thereof ■ Subscription to notified deposit scheme or notified pension fund set up by National Housing Bank [Home Loan Account Scheme/National Housing Banks (Tax Saving) Term Deposit Scheme, 2008] ■ Tuition fees (excluding development fees, donations, etc.) paid by an individual to any university, college, school or other educational institution situated in India, for full-time education of any 2 of his/her children ■ Certain payments for purchase/construction of residential house property ■ Subscription to notified schemes of (a) public sector companies engaged in providing long-term finance for purchase/construction of houses in India for residential purposes/(b) authority constituted under any law for satisfying the need for housing accommodation or for planning, development or improvement of cities, towns and villages, or for both ■ Sum paid towards notified annuity plan of LIC (New Jeevan Dhara/New Jeevan Dhara-I/New Jeevan Akshay/New Jeevan Akshay-I/New Jeevan Akshay-II/Jeewan Akshay-III plan of LIC) or other insurers ■ Subscription to any units of any notified [u/s 10(23D)] Mutual Fund or the UTI (Equity Linked Saving Scheme, 2005) ■ Contribution by an individual to any pension fund set up by any mutual fund which is referred to in section 10(23D) or by the UTI (UTI Retirement Benefit Pension Fund) ■ Subscription to equity shares or debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions ■ Subscription to any units of any approved mutual fund referred to in section 10(23D), provided the amount of subscription to such units is subscribed only in 'eligible issue of capital' referred to above. ■ Term deposits for a fixed period of not less than 5 years with a scheduled bank, and which is in accordance with a scheme11 framed and notified. ■ Subscription to notified bonds issued by the NABARD. ■ Deposit in an account under the Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions) ■ 5-year term deposit in an account under the Post Office Time Deposit Rules, 1981 (subject to certain conditions) ■ Contribution to the specified account of the pension scheme referred to in 80CCD, in case of a central government employee. 80CCC Contributions to certain pension funds of LIC or any other insurer (up to Rs. 1,50,000) 80CCD Contribution to pension scheme notified by Central Government up to 10% of salary (subject to certain conditions and limits) The contribution made by the employer shall also be allowed as a deduction under 80CCD(2) while computing the total income of the employee. However, the amount of deduction could not exceed 14% of salary where the contribution is made by the central government and 10% of salary, where the contribution is made by any other employee. 80CCF Amount up to Rs. 20,000, paid or deposited, during the previous years relevant to the assessment year 2011-12 or 2012-13, as the subscription to notified long-term infrastructure bonds 80D Amount paid (in any mode other than cash) by an individual or HUF to LIC or another insurer to effect or keep in force an insurance on the health of a specified person. An individual can also make payment to the Central Government health scheme and/or on account of preventive health check-up (subject to limit) specified person means: - In case of Individual - self, spouse, dependent children or parents - In case of HUF - Any member thereof ■ Deduction for preventive health check-up shall not exceed in aggregate Rs. 5,000. ■ Payment on account of preventive health check-up may be made in cash. 80DD Deduction of Rs. 75,000 (Rs. 1,25,000 in case of severe disability) to a resident individual/HUF were (a) any expenditure has been incurred for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] (w.e.f. the assessment year 2005-06 including autism, cerebral palsy and multiple disabilities as referred to in National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999), or (b) any amount is paid or deposited under an approved scheme framed in this behalf by the LIC or any other insurer or the Administrator or the specified company for the maintenance of a dependent, being a person with a disability (subject to certain conditions) 80DDB Expenses actually paid for medical treatment of specified diseases and ailments subject to certain conditions 80E Amount paid out of income chargeable to tax by way of payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education (subject to certain conditions) (maximum period: 8 years) 80EE Interest payable on loan taken by an individual from any financial institution for the purpose of acquisition of a residential house property subject to a certain condition. (Maximum deduction 50,000) 80EEA Interest payable on loan taken by an individual, who is not eligible to claim deduction under 80EE, from any financial institution for the purpose of acquisition of a residential house property subject to a certain condition. (Maximum deduction 1,50,000) 80EEB Interest payable on loan taken by an individual from any financial institution for the purpose of purchase of an electric vehicle subject to a certain condition. (Maximum deduction 1,50,000) 80G Donations to certain approved funds, trusts, charitable institutions/donations for renovation or repairs of notified temples, etc. [amount of deduction is 50 per cent of net qualifying amount]. 100 per cent of qualifying donations to National Defence Fund, Prime Minister's National Relief Fund, Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND) Prime Minister's Armenia Earthquake Relief Fund, Africa (Public Contributions - India) Fund, National Children's Fund (from 1-4-2014), Government or approved association for promoting family planning, universities and approved educational institutions of national eminence, National Foundation for Communal Harmony, Chief Minister's Earthquake Relief Fund (Maharashtra), Zila Saksharta Samitis, National or State Blood Transfusion Council, Fund set up by State Government to provide medical relief to the poor, Army Central Welfare Fund, Indian Naval Benevolent Fund and Air Force Central Welfare Fund, Andhra Pradesh Chief Minister's Cyclone Relief Fund, National Illness Assistance Fund, Chief Minister's Relief Fund or the Lt. Governor's Relief Fund in respect of any State or Union Territory, National Sports Fund, National Cultural Fund, Fund for Technology Development and Application, Indian Olympic Association, etc.20, fund set up by State Government of Gujarat exclusively for providing relief to victims of earthquake in Gujarat, National Trust for Welfare of Persons with Autism, Cerebral palsy, Mental retardation and Multiple Disabilities, and sums paid between 26-1-2001 and 30-9-2001 to any eligible trust, institution or fund for providing relief to Gujarat earthquake victims21, the Swachh Bharat Kosh and the Clean Ganga Fund (from assessment year 2015-16) and National Fund for Control of Drug Abuse (from assessment year 2016-17) [subject to certain conditions and limits] 80GG Rent paid in excess of 10% of total income for furnished/unfurnished residential accommodation (subject to a maximum of Rs. 5,000 p.m. or 25% of total income, whichever is less) (subject to certain conditions) FOR Individuals not receiving any house rent allowance 80GGA Certain donations for scientific, social or statistical research or rural development programme or for carrying out any eligible project or scheme or National Urban Poverty Eradication Fund (subject to certain conditions) FOR All assessees not having any income chargeable under the head 'Profits and gains of business or profession' 80GGC Sum contributed to any political party/electoral trust FOR All assessees, other than local authority and an artificial juridical person wholly or partly funded by Government

Deductions for For certain incomes

80QQB Royalty income of author of a certain specified category of books (up to Rs. 3,00,000) (subject to certain conditions) for authors 80RRB Royalty on patents up to Rs. 3,00,000 in the case of a resident individual who is a patentee and is in receipt of income by way of royalty in respect of a patent registered on or after 1-4-2003 (subject to certain conditions). 80TTA Interest on deposits in savings bank accounts (up to Rs. 10,000 per year) 80TTB Interest on deposit in saving account or fixed deposit (up to Rs. 50,000 per year) for senior citizen 80U Deduction of Rs. 75,000 to a resident individual who, at any time during the previous year, is certified by the medical authority to be a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] [w.e.f. the assessment year 2005-06 including autism, cerebral palsy, and multiple disabilities as defined under National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999] [in the case of a person with severe disability, the allowable deduction is Rs. 1,25,000] (subject to certain conditions).