Sec-80 Deductions Summary for Quick Revision:
80C - Contribution to PF, LIC Premium: Permissible deduction is Rs.1,50,000.
80CCC - Contribution to pension fund: Deduction (including 80C, 80CCD and 80CCE) is Rs.1,50,000
80CCD - Contribution to pension scheme: Allowable dedction is limited to 10% of Salary.
80CCG - Investments made in Shares: Allowable dedction is 50% of investment made, subject to a maximum of Rs.25,000.
80DD - Medical treatment for diabled dependent: Falt deduction of Rs.50,000.
80D - Medical Insurance Premium: Deduction of Rs.15,000 for non-senior citizes. For senior citizes, the deduction is Rs.20,000
80DDB - Deduction for medical treatment on specified diseases: Alllowable deduction is,
Expenditure made minus amount reimbursed by the insurance company, subject to a max of Rs.40,000 (60,000 for senior citizens) .
80E - Interest on loan taken for higher education: Every year, the interst paid can be claimed as deduction, subject to a maximum of 7 years.
80EE - Interest on loan taken for acquiring a house property: Permissible deduction is Rs.1,00,000.
80G - Donations to certain funds and Charitable organisations: Deduction varies from 50% to 100% in each case.
80GG - Deduction for Rent paid: Allowable deduction will be;
>25% of total income
>Rent paid (minus) 10% of total income
whichever is less
80GGB - Company's contribution to political parties: Entire contribution is allowed as deduction.
80GGC - Other persons contributions to political parties: Entire contribution is allowed as deduction.