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Income Tax


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
>Rs.2,000 p.m
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.

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