| Section | Nature of Deduction | Remarks |
| 80CCC | Payment of premia for annuity The premium must plan of LIC or any other insurer, be deposited to keep Deduction is available upto a in force a contract for maximum of Rs. 10,000 | The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund. |
| 80D |
Payment of medical insurance premia. Deduction is available upto Rs. 10,000 |
The premium is to be paid by cheque and the insurance scheme should be framed by the General Insurance Corporation of India & approved by the Central Govt. or any other insurer and approved by the regulatory authority & Development authority.The premium should be paid in respect of health insurance of the assessee or his family members |
| 80DD |
Deduction of Rs. 40,000 in respect of a) expenditure incurred on medical treatment, (including nursing), training and rehabilitation of a handicapped dependent relative.
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The handicapped dependent should be a dependent relative suffering a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist.
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| b) Payment or deposit to specified scheme for maintenance of dependent handicapped relative | Note : The new section 80DD replace the earlier sections of 80DD and 80DDA which are now clubbed together under the new section. | |
| 80DDB | Deduction of Rs. 40,000 in respect of medical expenditure incurred | Expenditure must be actually incurred by resident assessee on himself or dependant relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule HDD. A certificate in form 101 is to be furnished by the assessee from any registered doctor |
| 80E |
Deduction in respect of repayment of loan taken upto Rs. 40,000 per year. |
This provision has been introducedto provide relief to students taking loans for higher studies. The repayment of the principal amount of loan and interest thereon will be allowed as deduction upto Rs. 3.2 lakhs over a period of 8 years. |
| 80G | Donations to certain funds,charitable institutions etc. |
The various donations specified in Sec.80G are eligible for deduction upto either 100% or 50% with or without restriction as provided in Sec 80G |
| 80GG |
Deduction available is the least of
(i) Rent paid less 10% of total income |
1) Assessee or his total spouse or minor child should not own residential accommodation at the place of employment. |
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2) He should not be in receipt of house rent allowance. |
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3) He should not have a self occupied residential premises in any other place |
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| 80L |
Interest/Dividend/Income from : b) NSC, VI, VII & VIII issues
c) Notified debentures of public
d) Notified National Deposit
e) Any other deposit Scheme framed
f) Deposit under Post Office
g) deposits with banking companies, h) deposits with banks established under any law made by Parliament. i) Deposits with financial corporations approved by Central Government j) Deposits with any authority constituted in India under any law for planning,development or improvement of cities, towns and villages etc. k) Deposits with co-op. Societies. 1) Deposits, with any public companies providing long term finance for construction or purchase of houses. m) Income from U.T.I. n) Income from Units of Mutual Fund specified under clause (23D) of Sec. 10. |
Rs. 9000 plus an addition deduction of Rs. 3000 allowed in respect of interest on any Central/State Govt. Securities |
| 80U | Deduction of Rs. 40,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation | Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D. |
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