[30 Min Live Discussion with Expert] on ‘Income Tax Deduction Under Section 80’; 3:30 to 4:00PM, February 24th, 2023

General Discussions
21

Yes understood…
Apart from 80C can we get any other deductions…

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22

Numerous deductions are available under this section, some of which are as follows:

  1. Life insurance policy
  2. National Pension Scheme
  3. ELSS funds
  4. Tax saving fixed deposits
  5. Public Provident Fund
  6. Senior Citizen Savings Scheme
  7. Sukanya Samriddhi Yojana

etc.

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23

Yes Arun, we can get some other deduction under:

  1. 80D: Medical insurance
  2. 80G: Donation
  3. 80E: Inyerest on loan
    etc
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24

What is section 80CCC and 80CCD?

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25

Both of the these are pension funds. The main differnce among both are that section 80CCD is applicable in case of the new pension scheme or what we call as the National pensions scheme.

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26

What is section 80D and what deductions are allowed under section 80D?

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27

Further, in 80CCD we have an addfitional deduction of INR 50,000 over and above the limit of 1.5 lakhs

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28

80D relates to deduciton of medical insurance premium. An individual can claim a deduction of Rs. 25,000 on insurance for self, spouse, or dependent children under Section 80D. An additional deduction of Rs. 25,000 is available for the insurance of parents if they are less than 60 years of age and Rs. 50,000 if they are over the age of 60 years.

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29

What are the exclusions under section 80D?

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30

Medical insurance paid for the persons other than self, spouse, children and parents are not allowed as deduction.

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31

What is section 80E and the deductions under that?

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32

Any Resident who takes an education loan for himself, his spouse, children, or a student of whom the individual is a legal guardian. Deduction can be claimed only on the interest component of a particular educational loan.

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33

What is section 80GG deductions under that?

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34

Section 80GG is a special provision under Chapter VI-A of the Income Tax Act, 1961, which provides tax reprieve to those who do not avail of house rent allowance.To become eligible for tax deduction under this section, an individual must be residing in a rented property. Furthermore, his/her employer should not provide a home rent allowance (HRA) as part of the monthly compensation.

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35

What is section 80TTA deductions under that?

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36

Section 80TTA deals with deduction on the interest earned on your savings account with a bank, cooperative society, or post office, up to Rs.10,000.

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37

What are the deductions under section 80RRB deductions under that?

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38

This section allows an individual to deduct up to Rs 3 lakhs of his/her income from royalties on patents.

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39

What is section 80U and the deductions under that?

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40

Section 80U deals with tax deductions meant for residents of India who are categorized as disabled according to government rules. The deductions under Section 80U are available for Rs.1.25 lakhs in case of severe disability and Rs.75,000 for people with other disabilities.

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