Deductions From Gross Total Income – Chapter VI-A
List of Income Tax Deductions- Deductions under Sections 80 Financial Year 2022-2023 (Assessment Year 2023-2024)
Section 80C deductions-Investment Related
Note: As per section 80CCE, maximum permissible deduction u/s 80C, 80CCC & 80CCD(1) is ₹1,50,000.
However, the limit ₹1.50 lakh u/s 80CCE does not apply to deduction u/s 80CCD(2) and 80CCD(1B).
Sections | Eligible Person | Eligible Investments | Maximum Eligible Deduction |
80C | Individual/ HUF | Payment made for contribution to PPF, LIC premium, Housing Loan repayment, etc. | Maximum ₹1,50,000/- |
80CCC | Individual | Payment made for pension plans e.g., LIC or any other insurer | Maximum ₹1,50,000/- |
80CCD | Individual | Payment made for pension scheme of Central government e.g., [Tier I A/c] under NPS & Atal Pension Yojana. | Employees/individual Contribution
80CCD(1)-for salaried Individual max 10% of salary 80CCD(1B)-additional deduction upto ₹50,000/-
Employers Contribution 80CCD(2) For CG/SG employee-14% of salary For any other employee– 10% of salary
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Section 80D deductions-Medical related
Sections | Eligible Person | Eligible Payments | Maximum Eligible Deduction |
80D | Individual/ HUF | Payment made for medical Insurance Premium to CGHS, or any other scheme as notified by the government Payment, (including cash payment) for preventive health check-ups of himself, spouse, dependent children and parents. | Maximum ₹25,000/-(₹50,000, in case the individual or his or her spouse is a senior citizen) Maximum ₹5,000/- (subject to the overall individual limits of ₹25,000/ ₹50,000) |
80DD | Resident Individual/ HUF | Payment made for Maintenance including medical treatment of a dependant disabled person | Maximum ₹75,000/-(₹125,000 in case of severe disability i.e. more than 80%) |
80DDB | Resident Individual/ HUF | Payment made for medical treatment of specified diseases or ailments | Maximum 1) Lower of Actual amt. paid or ₹40,000 (₹100,000 in case of senior citizen), Whichever is less. Minus 2) The amt received from the insurance company or reimbursed by the employer. |
Section 80E deductions-Interest on Loan related
Sections | Eligible Person | Eligible Payments | Maximum Eligible Deduction |
80E | Individual | Payment made for Interest on loan taken for higher education of his or her relative | Maximum upto 8 A.Y. from the year of beginning of interest payment, or
till interest is paid in full, whichever is earlier |
80EE | Individual | Payment made for interest on loan borrowed from any FI [bank/ housing finance company (HFC)] for purchase of residential house property | Maximum ₹50,000 of interest on loan. Conditions: · Loan should be sanctioned during P.Y. 2016-17 · Loan sanctioned ≤ R35 lakhs Value of house ≤ R50 lakhs. · The assessee should not own any residential house on the date of sanction of loan |
80EEA | Individual | Payment made for interest on loan borrowed from any FI [bank/ housing finance company (HFC)] for purchase of residential house property. Note: deduction is over and above deduction of ₹2.00 Lakhs u/s 24 | Maximum ₹150,000 of interest on loan. Conditions: · Loan should be sanctioned during P.Y. 2019-22 · Stamp duty value ≤ ₹45 lakhs Value of house. · The assessee should not own any residential house on the date of sanction of loan · Should not have claimed deduction u/s 80E. |
80EEB | Individual | Payment made for interest payable on loan taken from a FI (bank or certain NBFCs) for purchase of electric vehicle | Maximum ₹150,000 of interest on loan. Conditions: · Loan should be sanctioned during P.Y. 2019-23. |
Section 80G deduction- Donations to certain funds, charitable institutions etc.
Sections | Eligible Person | Eligible Payments | Maximum Eligible Deduction |
80G | Any Person | Payment made for donation to charitable institutions, etc., | Prime Minister’s National Relief Fund, National Children’s Fund, Swachh Bharat Kosh, National Defence Fund, PM CARES Fund etc. =100% of amount donated Prime Minister’s Drought Relief Fund, Jawaharlal Nehru Memorial Fund, Indira Gandhi Memorial Trust, Rajiv Gandhi Foundation. =50% of amount donated |
Section 80GG deduction
Sections | Eligible Person | Eligible Payments | Maximum Eligible Deduction |
80GG | Individual (When HRA not received), living in rented property at the place of employment | Rent paid for residential accommodation. | Least of the following is allowable as deduction: 25% of total income. Rent paid – 10% of total income ₹5,000 p.m.
* No deduction if individual or his relative owns house at the place of employment
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Section 80TTA deduction
Sections | Eligible Person | Eligible Incomes | Maximum Eligible Deduction |
80TTA | Individual/ HUF, (other than resident senior citizen) | Interest on deposits (except FD), in savings account with bank, cooperative society or post office | Maximum actual interest upto ₹10,000
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