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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. ………………………………………………

Glossary

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Section 80C

Investments

Section 80CCC

Insurance Premium

Section 80CCD

Pension Contribution

Section 80TTA

Interest on Savings Account

Section 80GG

House Rent Paid

Section 80E

Interest on Education Loan

Section 80EE

Interest on Home Loan

Section 80CCG

RGESS

Section 80D

Medical Insurance

Section 80DD

Disabled Dependent

Section 80DDB

Medical Expenditure

Section 80U

Physical Disability

Section 80G

Donations

Section 80GGB

Company Contribution

Section 80GGC

Contribution to Political Parties

Section 80RRB

Royalty of a Patent

Section 80TTB

Interest Income

frequently Asked Questions

1. Section 80C

Deductions on Investments

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 Click here to see all the investment options to save

Not Enough 80C Deduction in Your Form-16?

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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.

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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.

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