Summary Charts Deduction Chapter Via

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Income Tax Deductions in India

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Sections Income Tax Deduction for FY 2019-20 (AY 2020-21) Who can Invest? Limit for FY 2019-20 (AY 2020-21)

Deduction not to be allowed unless return furnished


Section 80AC on or before the due date of income as specified
U/S 139(1)
Investing into very common and popular investment
Section 80C options like LIC, PPF, Sukanya Samriddhi Account, Individual or HUF
Upto Rs 1,50,000
Mutual Funds, FD etc
Section 80CCC Investment in Pension Funds Individuals
Maximum 10 % of Salary for Employee and 20
Atal Pension Yojana and National Pension Scheme
Section 80CCD (1) Individuals % of GTI for self employed. Within the limit of
Contribution
1,50,000.
Atal Pension Yojana and National Pension Scheme
Section 80CCD(1B) Individuals Upto Rs 50,000
Contribution
Amount Contributed
National Pension SchemeContribution by Employer
or
Note:
14% of Basic Salary + DA (in case the employer
Entire Employee contribution would be included in
Section 80CCD(2) Individuals is CG)
the salary of the employees.
10% of Basic Salary+ DA(in case of any other
Payment NPS trust to employee taxable on
employer)
accountof closure.
- Whichever is lower
Medical Insurance Premium and Medical
Section 80D Individual or HUF Read From Book
Expenditure
Normal Disability: Rs 75000/-
Section 80DD Medical Treatment of a Dependent with Disability Individual or HUF
Severe Disability: Rs 125000/-
Specified Diseases (Expenses Incurred on Himself or Senior Citizens: Upto Rs 1,00,000
Section 80DDB Individual or HUF
a dependent) Others: Upto Rs 40,000
100% of the interest paid upto 8 assessment
Section 80E Interest paid on Loan taken for Higher Education Individual
years
Interest paid on Housing Loan
Conditions:-
Section 80EE 1. Value of house < 50 Lakhs Individual Upto Rs 50,000 subject to some conditions
2. Loan Sanctioned < 35 Lakhs
3. Loan sanction during the PY 2016-17

Interest paid on Housing Loan


Condition:
Section 80EEA 1. Loan sanctioned between 01.04.2019-31.03.2020. Individual Upto Rs 1,50,000/- subject to some conditions
2. SDV < 45 Lakhs
3. Not have any Residential House Property.

Interest paid on Electric Vehicle Loan


Section 80EEB Individual Upto Rs 1,50,000 subject to some conditions
Loan Sanctioned Between 01.04.2019-31.03.2023

All Assessee 100% or 50% of the Donated amount or


Section 80G Donation to Charitable Institutions (Individual, HUF, Qualifying limit,
Company etc) Allowed donation in cash upto Rs.2000/-
Rs.60,000/-
Income Tax Deduction for House Rent Paid 25% of Total Income
Section 80GG Individual
(Who is not in receipt of HRA) Rent paid - 10% of Total Income
- whichever is lower
All assessees except 100% of the amount donated.
Donation to Scientific Research & Rural
Section 80GGA
Sections Income Tax Deduction for FY 2019-20 (AY 2020-21) Who can Invest? Limit for FY 2019-20 (AY 2020-21)
Donation to Scientific Research & Rural
Section 80GGA those who have an
Development Allowed donation in cash upto Rs.10,000/-
income (or loss)
100% of the amount contributed
Section 80GGB Contribution to Political Parties Companies No deduction available for contribution made
in cash
Sections Income Tax Deduction for FY 2019-20 (AY 2020-21) Who can Invest? Limit for FY 2019-20 (AY 2020-21)

Individual/HUF/AOP 100% of the amount contributed.


Section 80GGC Individuals on contribution to Political Parties
No deduction available for contribution made
BOI/FIRM
in cash
Deduction in respect of profits and gains from
100% of the profit for 5 consecutive years
Section 80JJA business of collecting and processing of bio- Specified Business
beginning from the year of commencement
degradable waste
Employer who was 30% of additional employee cost for 3 years
Section 80JJAA Employment of New Employees subject to tax audit including the year in which employment is
u/s 44AB provided
Offshore Banking Unit -
100% of the income (For 5 consecutive years)
Offshore Banking
Certain Income of Offshore Banking Units in SEZ and 50% of the income (For next 5 years)
Section 80LA Units in SEZ or Unit
IFSC IFSC - 100% of the income for 10 consecutive
of IFSC
years out of 15 years
beginning from the year in which permission is
obtained
Deduction in respect of income of co-operative For more Charts mail us on
Section 80P Co-operative society
societies Deepakvarshne@gmail.com

Producer Companies
Section 80PA Certain income of Producer Companies engaged in eligible 100% of the profit
business

Individuals (Indian Rs.3,00,000/-


citizen or foreign Or
Section 80RRB Royalty on Patents
citizen being Specified Income
resident in India) - whichever is lower
Individuals (Indian Rs.3,00,000/-
citizen or foreign Or
Section 80QQB Royalty Income of Authors
citizen being Specified Income
resident in India) - whichever is lower
Individual or HUF
Section 80TTA Interest earned on Savings Accounts (except senior Upto Rs 10,000/-
citizen)
Individual (60 yrs or
Section 80TTB Interest Income earned on deposits(Savings/ FDs) Upto Rs 50,000/-
above)
Normal Disability: Rs. 75,000/-
Section 80U Disabled Individuals Individuals
Severe Disability: Rs. 1,25,000/-
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Section Eligible Business Year of commencement of eligible business Period of Deduction Quantum of Deduction
(i) Developing or
(ii) Operating and maintaining or
1 On or after 1.4.1995 but not later than 1.4.2017
(iii) Developing, operating and maintaining any
Infrastructure Facility Infrastructure Facility of road, or a
bridge or a rail system or a highway
Industrial parks: Notified by the Central Government for the
2 Industrial parks project or a water supply project:
period on or after 1.4.1997 & ending on 31.3.2011.
10 consecutive AY out of 20 years
Generation or Generation and distribution: Set up between beginning from the year in which
1.4.1993 & 31.3.2017. the enterprise develops or begins
Transmission or to operate the eligible business.
80-IA 100% of the profits and gains derived from suc
distribution: Start transmission during the period from
3 Power Undertakings 1.4.1999 & 31.3.2017. Other eligible businesses: 10
Renovation and modernisation of existing network: consecutive AYs out of 15 years
Undertakes substantial renovation and modernisation beginning from the year in which
during the period on or after 1.4.2004 & ending on the enterprise develops or begins
31.3.2017. to operate the eligible business.
Company formed on or before 30th November, 2005 and
Undertaking owned by an Indian Company set up for begins to generate or transmit or distribute power before
4
Reconstruction or revival of a power generating Plant 31st March 2011 and notified before
31.12.2005 by Central Government.
Development of Special Economic Zones(SEZs)
10 consecutive AYs out of 15 years
Develops SEZ, notified on or after 1st April 2005 but before 100% of the profits and gains derived
80-IAB Lease rent from letting out buildings/developed space along beginning from the year in SEZ has
1st April 2017. from such business.
with other amenities in an Industrial Park /SEZ - to be been notified.
treated as business income

A business carried out by an eligible start-up engaged in


Innovation, Development or Improvement of products or
processes or services or a scalable business model with a 3 consecutive AYs out of 7 years
The company or LLP is incorporated during the period 100% of the profits and gains derived
80-IAC high potential of employment generation or wealth creation beginning from the year in which
1.4.2016 - 31.3.2021 from such business.
*Total turnover ≤ 25 crores in the P.Y. company or LLP, incorporated.
*Holds a certificate of eligible business from the notified
IMBC

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