For financial year 2018-19 (Including Budget amendments )
Updated on
There are various deductions a taxpayer can claim from his total income which would bring down his taxable income and thereby reduce his tax outgo. Discussed in this article are some of the important deductions under Section 80C a taxpayer is eligible to claim.
Under section 80C, a deduction of Rs 1,50,000 can be claimed from your total income. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income through section 80C. This deduction is allowed to an Individual or a HUF. A maximum of Rs 1, 50,000 can be claimed for the FY 2018-19, 2017-18 and FY 2016-17 each.
If you have paid excess taxes, but have invested in LIC, PPF, Mediclaim, incurred towards tuition fees etc.and have missed claiming a deduction of the same under 80C, you can file your Income Tax Return, claim these deductions and get a refund of excess taxes paid
Not Enough 80C Deduction in Your Form-16?
If you need help claiming Section 80 deductions like 80C, investments, mediclaim, or calculating HRA to save on taxes, cleartax’s CAs can help you claim a refund (if applicable) and e-file in 48 hours.
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Sometimes, you may have deductions or investments eligible for 80C, but you may not have submitted proof to your employer, so excess TDS may be deducted. You can still claim these deductions while e-filing as long as you have the proof with you.
Deduction for Premium Paid for Annuity Plan of LIC or Other Insurer
Section 80CCC provides a deduction to an individual for any amount paid or deposited in any annuity plan of LIC or any other insurer. The plan must be for receiving a pension from a fund referred to in Section 10(23AAB).Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt.
3. Section 80CCD – Pension Contribution
Deduction for Contribution to Pension Account
a. Employee’s contribution – Section 80CCD (1) is allowed to an individual who makes deposits to his/her pension account. Maximum deduction allowed is 10% of salary (in case the taxpayer is an employee) or 20% of gross total income (in case the taxpayer being self-employed) or Rs 1, 50,000, whichever is less.
FY 2016-17 and earlier years – In the case of a self-employed individual, maximum deduction allowed is 10% of gross total income.
b.Deduction for self-contribution to NPS – section 80CCD (1B) A new section 80CCD (1B) has been introduced for an additional deduction of up to Rs 50,000 for the amount deposited by a taxpayer to their NPS account. Contributions to Atal Pension Yojana are also eligible.
c. Employer’s contribution to NPS – Section 80CCD (2) Additional deduction is allowed for employer’s contribution to employee’s pension account of up to 10% of the salary of the employee. There is no monetary ceiling on this deduction.
Know more about Section 80CCD
4. Section 80 TTA – Interest on Savings Account
Deduction from Gross Total Income for Interest on Savings Bank Account
A deduction of maximum Rs 10,000 can be claimed against interest income from a savings bank account. Interest from savings bank account should be first included in other income and deduction can be claimed of the total interest earned or Rs 10,000, whichever is less. This deduction is allowed to an individual or an HUF. It can be claimed for interest on deposits in savings account with a bank, co-operative society, or post office. Section 80TTA deduction is not available on interest income from fixed deposits, recurring deposits, or interest income from corporate bonds.
5. Section 80GG – House Rent Paid
Deduction for House Rent Paid Where HRA is not Received
a. Section 80GG deduction is available for rent paid when HRA is not received. The taxpayer, spouse or minor child should not own residential accommodation at the place of employment
b. The taxpayer should not have self-occupied residential property in any other place
c. The taxpayer must be living on rent and paying rent
d. The deduction is available to all individuals
Deduction available is the least of the following:
a. Rent paid minus 10% of adjusted total income
b. Rs 5,000/- per month
c. 25% of adjusted total income*
*Adjusted Gross Total Income is arrived at after adjusting the Gross Total Income for certain deductions, exempt incomes, long-term capital gains and income relating to non-residents and foreign companies. An online e-filing software like that of ClearTax can be extremely easy as the limits are auto-calculated and you do not have to worry about making complex calculations.
From FY 2016-17 available deduction has been raised to Rs 5,000 a month from Rs 2,000 per month.
6. Section 80E – Interest on Education Loan
Deduction for Interest on Education Loan for Higher Studies
A deduction is allowed to an individual for interest on loan taken for pursuing higher education. This loan may have been taken for the taxpayer, spouse or children or for a student for whom the taxpayer is a legal guardian. 80E deduction is available for a maximum of 8 years (beginning the year in which the interest starts getting repaid) or till the entire interest is repaid, whichever is earlier. There is no restriction on the amount that can be claimed.
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7. Section 80EE – Interset on Home Loan
Deductions on Home Loan Interest for First Time Home Owners
FY 2017-18 and FY 2016-17This deduction is available in FY 2017-18 if the loan has been taken in FY 2016-17.The deduction under this section 80EE is available only to an individual who is a first time home-owner. The value of the property purchased must be less than Rs 50 lakh and the home loan must be less than Rs 35 lakh. The loan must be taken from a financial institution and must have been sanctioned between 01 April 2016 to 31 March 2017.Through this section, an additional deduction of Rs 50,000 can be claimed on home loan interest. This is in addition to deduction of Rs 2,00,000 allowed under section 24 of the Income Tax Act for a self-occupied house property.
FY 2013-14 and FY 2014-15This section provides a deduction on the home loan interest paid. The deduction under this section is available only to individuals for the first house purchased where the value of the house is Rs 40 lakh or less and the loan taken for the house is Rs 25 lakh or less. The loan must be sanctioned between 01 April 2013 to 31 March 2014. The aggregate deduction allowed under this section cannot exceed Rs 1,00,000 and is allowed for FY 2013-14 and FY 2014-15.
8. Section 80CCG – RGESS
Rajiv Gandhi Equity Saving Scheme (RGESS)
The deduction under this section 80CCG is available to a resident individual. Investors whose gross total income is less than Rs. 12 lakhs. To avail the benefits under this section the following conditions should be met:
a. The assessee should be a new retail investor as per the requirement specified under the notified scheme.
b. The investment should be made in such listed investor as per the requirement specified under the notified scheme.
c. The minimum lock in period in respect of such investment is three years from the date of acquisition in accordance with the notified scheme.
Upon fulfillment of the above conditions, a deduction, which is lower of the following is allowed.
50% of the amount invested in equity shares; or
Rs 25,000 for three consecutive Assessment Years.
Rajiv Gandhi Equity Scheme has been discontinued starting from 1 April 2017. Therefore, no deduction under section 80CCG will be allowed from FY 2017-18.However, if you have invested in the RGESS scheme in FY 2016-17, then you can claim deduction under Section 80CCG until FY 2018-19.
9. Section 80D – Medical Insurance
Deduction for the premium paid for Medical Insurance
Deduction under this section 80D is available to an individual or a HUF. A deduction of Rs. 25,000 can be claimed for insurance of self, spouse and dependent children. An additional deduction for insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age or Rs 50,000 (has been increased in Budget 2018 from Rs 30,000) if parents are more than 60 years old.
In case, a taxpayers age and parents age is 60 years or above, the maximum deduction available under this section is to the extent of Rs. 100,000.
Example: Rohan’s age is 65 and his father’s age is 90. In this case, the maximum deduction Rohan can claim under section 80D is Rs. 100,000.
From FY 2015-16 a cumulative additional deduction of Rs. 5,000 is allowed for the preventive health check up to individuals.
10. Section 80DD – Disabled Dependent
Deduction for Rehabilitation of Handicapped Dependent Relative
Section 80DD deduction is available to a resident individual or a HUF and is available on:
a. Expenditure incurred on medical treatment (including nursing), training and rehabilitation of handicapped dependent relative
b. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.
i. Where disability is 40% or more but less than 80% – fixed deduction of Rs 75,000.
ii. Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1,25,000.
To claim this deduction a certificate of disability is required from prescribed medical authority.From FY 2015-16 – The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00,000 has been raised to Rs 1,25,000.
11. Section 80DDB – Medical Expenditure
Deduction for Medical Expenditure on Self or Dependent Relative
This deduction is available to a resident individual or a HUF. The deduction that can be claimed is Rs 40,000. Such deduction, for an individual, is available in respect of any expenses incurred towards treatment of certain specified medical diseases or ailments for himself or any of his dependents. For a HUF, such deduction is available in respect of medical expenses incurred towards these prescribed ailments, for any of the members of the HUF.
In case the individual on behalf of whom such expenses are incurred is a senior citizen, a deduction upto Rs 1 lakh can be claimed by the individual or HUF taxpayer. Earlier i.e. until FY 2017-18, the deduction that could be claimed for a senior citizen and a super senior citizen was Rs 60,000 and Rs 80,000 respectively. This otherwise means, now it is a common deduction available upto Rs 1 lakh for all senior citizens (including super senior citizens) unlike earlier.
Any reimbursement of medical expenses by an insurer or employer shall be reduced from the quantum of deduction the taxpayer can claim under this section.
Also remember that you need get a prescription for such medical treatment from the concerned specialist in order to be able to claim such deduction. Read our detailed article on Section 80DDB.
12. Section 80U – Physical Disability
Deduction for Person suffering from Physical Disability
A deduction of Rs. 75,000 is available to a resident individual who suffers from a physical disability (including blindness) or mental retardation. In case of severe disability, deduction of Rs. 1,25,000 can be claimed.From FY 2015-16 – Section 80U deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00,000 has been raised to Rs 1,25,000.
13. Section 80G – Donations
Deduction for donations towards Social Causes
The various donations specified in u/s 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in section 80G.From FY 2017-18 any donations made in cash exceeding Rs 2,000 will not be allowed as deduction. The donations above Rs 2000 should be made in any mode other than cash to qualify as deduction u/s 80G.
a. Donations with 100% deduction without any qualifying limit
National Defence Fund set up by the Central Government
Prime Minister’s National Relief Fund
National Foundation for Communal Harmony
An approved university/educational institution of National eminence
Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district
Fund set up by a State Government for the medical relief to the poor
National Illness Assistance Fund
National Blood Transfusion Council or to any State Blood Transfusion Council
National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
National Sports Fund
National Cultural Fund
Fund for Technology Development and Application
National Children’s Fund
Chief Minister’s Relief Fund or Lieutenant Governor’s Relief Fund with respect to any State or Union Territory
The Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister’s Cyclone Relief Fund, 1996
The Maharashtra Chief Minister’s Relief Fund during October 1, 1993 and October 6,1993
Any fund set up by the State Government of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat
Any trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of earthquake in Gujarat (contribution made during January 26, 2001 and September 30, 2001) or
Prime Minister’s Armenia Earthquake Relief Fund
Africa (Public Contributions — India) Fund
Swachh Bharat Kosh (applicable from financial year 2014-15)
Clean Ganga Fund (applicable from financial year 2014-15)
National Fund for Control of Drug Abuse (applicable from financial year 2015-16)
b. Donations with 50% deduction without any qualifying limit
Jawaharlal Nehru Memorial Fund
Prime Minister’s Drought Relief Fund
Indira Gandhi Memorial Trust
The Rajiv Gandhi Foundation
c. Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income
Government or any approved local authority, institution or association to be utilized for the purpose of promoting family planning
Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India
d. Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income
Any other fund or any institution which satisfies conditions mentioned in Section 80G(5)
Government or any local authority to be utilized for any charitable purpose other than the purpose of promoting family planning
Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns, villages or both
Any corporation referred in Section 10(26BB) for promoting the interest of minority community
For repairs or renovation of any notified temple, mosque, gurudwara, church or other places.
14. Section 80GGB – Company Contribution
Deduction on contributions given by companies to Political Parties
Section 80GGB Deduction is allowed to an Indian company for the amount contributed by it to any political party or an electoral trust. Deduction is allowed for contribution done by any way other than cash.
15. Section 80GGC – Contribution to Political Parties
Deduction on contributions given by any person to Political Parties
Deduction under this section 80GGC is allowed to a taxpayer except for a company, local authority and an artificial juridical person wholly or partly funded by the government, for any amount contributed to any political party or an electoral trust. The deduction is allowed for contribution done by any way other than cash.
16. Section 80RRB – Royalty of a Patent
Deduction with respect to any Income by way of Royalty of a Patent
80RRB Deduction for any income by way of royalty for a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available up to Rs. 3 lakhs or the income received, whichever is less. The taxpayer must be an individual resident of India who is a patentee. The taxpayer must furnish a certificate in the prescribed form duly signed by the prescribed authority.
17. Section 80 TTB – Interest Income
Deduction of Interest on Deposits for Senior Citizens
A new section 80TTB has been inserted vide Budget 2018 wherein, a deduction in respect of interest income from deposits held by senior citizens will be allowed as a deduction from the total income The limit for this deduction is Rs. 50,000. Further, no deduction under section 80TTA shall be allowed. In addition to section 80 TTB, section 194A of the Act will also be amended so as to increase the threshold limit for deduction of tax at source on interest income payable to senior citizens from the existing limit Rs 10,000 to Rs. 50,000.
18. Deductions-Summary
Section 80 Deduction Table
Section
Deduction on
Allowed Limit (maximum) FY 2018-19
80C
Investment in PPF
– Employee’s share of PF contribution
– NSCs
– Life Insurance Premium payment
– Children’s Tuition Fee
– Principal Repayment of home loan
– Investment in Sukanya Samridhi Account
– ULIPS
– ELSS
– Sum paid to purchase deferred annuity
– Five year deposit scheme
– Senior Citizens savings scheme
– Subscription to notified securities/notified deposits scheme
– Contribution to notified Pension Fund set up by Mutual Fund or UTI.
– Subscription to Home Loan Account scheme of the National Housing Bank
– Subscription to deposit scheme of a public sector or company engaged in providing housing finance
– Contribution to notified annuity Plan of LIC
– Subscription to equity shares/ debentures of an approved eligible issue
– Subscription to notified bonds of NABARD
Rs. 1,50,000
80CCC
For amount deposited in annuity plan of LIC or any other insurer for a pension from a fund referred to in Section 10(23AAB)
-
80CCD(1)
Employee’s contribution to NPS account (maximum up to Rs 1,50,000)
-
80CCD(2)
Employer’s contribution to NPS account
Maximum up to 10% of salary
80CCD(1B)
Additional contribution to NPS
Rs. 50,000
80TTA(1)
Interest Income from Savings account
Maximum up to 10,000
80TTB
Exemption of interest from banks, post office, etc. Applicable only to senior citizens
Maximum up to 50,000
80GG
For rent paid when HRA is not received from employer
Least of :
– Rent paid minus 10% of total income
– Rs. 5000/- per month
– 25% of total income
80E
Interest on education loan
Interest paid for a period of 8 years
80EE
Interest on home loan for first time home owners
Rs 50,000
80CCG
Rajiv Gandhi Equity Scheme for investments in Equities
Lower of
– 50% of amount invested in equity shares; or
– Rs 25,000
80D
Medical Insurance – Self, spouse, children
Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old
– Rs. 25,000
– Rs. 50,000
80DD
Medical treatment for handicapped dependent or payment to specified scheme for maintenance of handicapped dependent
– Disability is 40% or more but less than 80%
– Disability is 80% or more
– Rs. 75,000
– Rs. 1,25,000
80DDB
Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD
– For less than 60 years old
– For more than 60 years old
– Lower of Rs 40,000 or the amount actually paid
– Lower of Rs 1,00,000 or the amount actually paid
80U
Self-suffering from disability :
– An individual suffering from a physical disability (including blindness) or mental retardation.
– An individual suffering from severe disability
– Rs. 75,000
– Rs. 1,25,000
80GGB
Contribution by companies to political parties
Amount contributed (not allowed if paid in cash)
80GGC
Contribution by individuals to political parties
Amount contributed (not allowed if paid in cash)
80RRB
Deductions on Income by way of Royalty of a Patent
Lower of Rs 3,00,000 or income received
Frequently Asked Questions
1. Can I claim the 80C deductions at the time of filing return in case I have not submitted proof to my employer?
Proofs for making investments are submitted to the employer before the end of a Financial Year (FY) so that the employer considers these investments while determining your taxable income and the tax deduction that needs to be made.
However, even if you miss submitting these proofs to your employer, the claim for such investments made can be done at the time of filing your return of income as long as these investments have been made before the end of the relevant FY.
2. I have made an 80C investment on 30 April 2018. For which year can I claim this investment as a deduction?
You can claim deduction for investments made in the return of income for the year in which you have made the investment. Therefore, if you have made the investment on 30 April 2018, you will be eligible to claim such investment as a deduction during FY 2018-19.
3. I have availed a loan from my employer for pursuing higher education. Can I claim the interest paid on such loan as a deduction under Section 80E?
A deduction of interest paid on education loan under Section 80E can be made only if the loan has been availed from a financial institution for pursuing higher education. Therefore, availing a loan from your employer will not entitle you to claim the interest under Section 80E.
4. Is there any restriction or maximum limit upto which I can claim a deduction under Section 80E?
Law has not prescribed any upper limit for making a claim of deduction under Section 80E. Hence, the actual interest paid during a year can be claimed as a deduction.
5. Can a company or a firm take the benefit of Section 80C?
The provisions of Section 80C apply only to individuals or a Hindu Undivided Family (HUF). Hence, a company or a firm cannot take the benefit of Section 80C.
6. I have been paying life insurance premium to a private insurance company. Can I claim 80C deduction for the premium paid?
Deduction under Section 80C is available in respect of life insurance premium paid to any insurer approved by the Insurance Regulatory and Development Authority of India, whether public or private. Hence, the insurance premium you are paying will also help you claim an 80C deduction.
7. In which year can I claim deduction of the stamp duty paid for purchase of a house property
You can go ahead claiming the stamp duty for purchase of a house in the year in which the payment is made towards stamp duty under Section 80C.
8. Can a company claim a deduction for donations made under Section 80G
Any taxpayer making donations towards specified institutions, funds etc will be eligible to claim a deduction under Section 80G.
9. I am paying medical insurance premium for a medical policy taken in my name, my wife and children. I am also paying premium on a medical policy taken in the name of my parents who are above 60 years. Can I claim a deduction for both premiums paid?
The premium you have paid on the policy taken for yourself, spouse and children is eligible for a deduction under Section 80D upto a maximum of Rs 25,000. In addition to this, you will also be eligible to claim deduction of premium paid on the policy taken for your senior citizen parents upto a maximum of Rs 50,000 (this limit was Rs 30,000 until FY 2017-18. Hence, you can claim both premiums paid as a deduction under Section 80D.
10. Is my FD interest exempt under Section 80TTB?
If you are a senior citizen above 60 years of age, then your interest income from a Fixed Deposit is exempt under Section 80TTB.
Apart from the deductions available under Section 80C, there are various other Section 80 deductions that can also be claimed to save on income tax. These deductions include health insurance premiums, tax benefits on home loans
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