80C - Basic Deductions

Section 80C (along with 80CCC and 80CCD) of the Income Tax Act allows deductions upto Rs. 1.50 lakh for various investments/payments including Life insurance premiums, home loan installments, saving schemes such as PPF, VPF, NSC, ELSS etc. Show Details

  • Life Insurance Premiums
  • Contribution to Provident Fund (PF)
  • PPF/VPF Investments (Use this PPF Calculator to calculate maturity amount)
  • Equity Linked Savings Scheme (ELSS) (Use this tool for SIP Calculations)
  • Unit Linked Insurance Plan (ULIP)
  • Principal Repayments on Home Loan
  • 5 Year Post Office Time Deposit (POTD) Scheme
  • Sukanya Samriddhi Account
  • Contribution to notified deposit scheme/Pension fund
  • Investment in Senior Citizens Savings Scheme
  • Tuition fees paid for children
  • Payment of annuity plan premiums (LIC or other) 80CCC
  • Contribution to Pension Account(NPS) 80CCD

Note : The maximum deduction under 80C, 80CCC & 80CCD (combined) is Rs. 1.5 Lakh

FY 2015-16 NPS Contribution upto Rs. 50000 (in addition to 1.5 Lakh) is deductible under 80CCD(1B)

80D - Medical Insurance

You can claim for deductions up to

  • Rs. 25000 - for medical insurance of self, spouse and dependent children and (Rs. 30000 in case of senior citizen)
  • Rs. 25000 for insurance of parents (Rs. 30000 if parents are senior citizen)

Note : The maximum deduction under 80D is Rs. 50000-60000 depending on above conditions.

80E - Interest on Education Loan

Deduction is available to individual, against any interest paid for higher education loan. The loan should have been issued for pursuing the higher studies of self, spouse or children.

Note : The amount of interest paid is eligible for deductions, without any upper limit .

80G - Donations

Donations made to certain funds or charitable organization, it could be fully deductible (100%) or 50%, with or without any upper limit (10% of gross total income). e.g donations made under Prime Minister’s National Relief Fund is 100% tax deductible without any qualifying limit.

80GG - House Rent

You may claim a deduction on house rent paid if it's more than 10% of your income, with an upper limit of 25% or Rs. 2000 per month, whichever is less. Read Conditions

  • You do not receive any benefit of House Rent Allowance from your employer
  • You (or your spouse) do not own any residential property in that place

80TTA - Bank Interests

Deduction can be claimed for interest earned from the savings account in a bank, And it's capped to Rs. 10000.

Note : It's not applicable on FD interests.

Other Deductions