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Introduction

80C - an employee is entitled to deductions for the amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,00,000/-:

  • Life Insurance Premium
  • Contribution to Unit Linked Insurance Plans
  • Contributions to recognized Provident Fund / VPF / PPF
  • Contributions to approved Superannuation Fund
  • Cumulative Time Deposit A/c with P.O.
  • Annuity with Insurance Company
  • Subscription to Mutual Fund under "Equity-Linked Savings Scheme ( ELSS )"
  • Subscription to deposit schemes of National Housing Bank
  • Subscription to NSC & Interest accrued on NSC subscription
  • Subscription to deposit schemes of a public sector company engaged in providing long-term finance for construction / purchase of houses in India for residential purposes.
  • Repayment of Housing Loan principal
  • Infrastructure Bonds
  • Tuition Fees
  • Stamp Duty & registration charges for home
  • NABARD rural bonds
  • Term Deposits – Scheduled Bank (5 years and more)
  • Investments of up to Rs.100,000 under erstwhile section 80 CCC

80D – Medical Insurance
Deduction up to Rs. 15,000 for general category and Rs. 20,000 in case of Senior Citizen

80DD – Medical Treatment for Handicapped Dependent
Deduction on medical treatment and maintenance of handicapped dependant up to Rs. 50,000 for disability below 80% and Rs. 1,00,000 for disability above 80%

80DDB – Medical Treatment for Specified Illness/Diseases
Deduction on medical treatment of specified illness/diseases is up to Rs. 40,000 for general category and Rs. 60,000 in case of senior citizen

80E – Interest on Education Loan
Repayment of interest paid in the current year on loan taken for higher education is eligible for deduction, if the loan availed was for pursuing employee’s own or relative's higher education. There is no limit on the deduction.

80U – Permanent Physical Disability
Assessee certified by the medical authority to be a person with permanent physical disability is allowed a deduction of a sum of Rs. 50,000, and in case the assessee is certified as one with (severe) permanent physical disability, deduction is Rs. 1,00,000

80G – Donations
For deduction in respect of donations to certain funds, charitable institutions etc, the employee can claim the deduction while filing individual returns

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