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Deductions Under Section 80C, 80CCC &
80CCD
Section 80C
 The deduction under section 80C is allowed from your
Gross Total Income. These are available to an Individual or
a HUF. The deduction is allowed for various investments,
expenses and payments.
 Total Deduction under section 80C, 80CCC and 80CCD(1)
together cannot exceed Rs 1,50,000 for the financial year
2014-15 (assessment year 2015-16). The limit for financial
year 2015-16 is also Rs 1,50,000.
Deductions Uder Section 80C, 80CCC &
80CCD
Section 80CCC
 Deduction in respect of Premium Paid for Annuity Plan of LIC or
Other Insurer.
 This section provides deduction to an Individual for any amount
paid or deposited in any annuity plan of LIC or any other insurer
for receiving pension from a fund referred to in Section
10(23AAB).
 In case the annuity is surrendered before the date of its maturity,
the surrender value is taxable in the year of receipt.
Deductions Under Section 80C, 80CCC & 80CCD
Section 80CCD
 Deduction in respect of Contribution to Pension Account
 Employee's contribution – Section 80CCD(1)
Allowed to an Individual who makes deposits to his/her NPS account.
Maximum deduction allowed is 10% of salary (in case of taxpayer being an
employee) or 10% of gross total income (in case of tax payer being self
employed) or Rs 1,00,000 whichever is less.
 The limit of Rs 1,00,000 has been increased to Rs 1,50,000 for financial year
2015-16 (assessments year 2016-17).
 Employer's contribution – Section 80CCD(2) Maximum deduction available in
respect of employer's contribution is allowed up to 10% of the salary of the
employee.
Deductions Under Section 80C, 80CCC &
80CCD
 For FY 2014-15 (assessment year 2015-16).Total Deduction
under Section 80C, 80CCC and 80CCD(1) cannot exceed Rs
1,50,000.
 For FY 2015-16 (assessment year 2016-17).A new section
80CCD(1B) has been introduced to provide for additional
deduction for amount contributed to NPS of up to Rs 50,000.
 Therefore for financial year 2015-16, Total Deduction under
Section 80C, 80CCC, 80CCD(1) and 80 CCD(1B) cannot
exceed Rs 2,00,000.
 From assessment year 2012-13, employer's contribution
under section 80CCD(2) towards NPS is outside the monetary
ceiling mentioned above.
Deductions on House Rent
Section 80GG
 This deduction is available for rent paid when HRA is not
received. Assessee or his spouse or minor child should not
own residential accommodation at the place of employment.
 Assessee should not be in receipt of house rent allowance.
 He should not have self occupied residential premises in any
other place.
 Deduction available is the least of
 Rent paid minus 10% of total income
 Rs. 2000/- per month
 25% of total income
Deduction for First Time Home Owners
Section 80EE
 This section provided deduction on the Home Loan Interest
paid and is valid for financial years 2013-14 & 2014-15
(Assessment year 2014-15 and 2015-16) only.
 The deduction under this section is available only to
Individuals for first house purchased where the value of the
house is Rs 40lakhs or less and loan taken for the house is Rs
25lakhs or less.
 The Loan should have been sanctioned between 01.04.2013 to
31.03.2014. The total deduction allowed under this section is
Rs 1,00,000.
Deductions on Savings Bank Account
Section 80 TTA
 Deduction from gross total income with respect to any Income
by way of Interest on Savings account
 Deduction from gross total income of an individual or HUF,
up to a maximum of Rs. 10,000/-, in respect of 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.

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Tax ductions

  • 1. Deductions Under Section 80C, 80CCC & 80CCD Section 80C  The deduction under section 80C is allowed from your Gross Total Income. These are available to an Individual or a HUF. The deduction is allowed for various investments, expenses and payments.  Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for the financial year 2014-15 (assessment year 2015-16). The limit for financial year 2015-16 is also Rs 1,50,000.
  • 2. Deductions Uder Section 80C, 80CCC & 80CCD Section 80CCC  Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer.  This section provides deduction to an Individual for any amount paid or deposited in any annuity plan of LIC or any other insurer for receiving pension from a fund referred to in Section 10(23AAB).  In case the annuity is surrendered before the date of its maturity, the surrender value is taxable in the year of receipt.
  • 3. Deductions Under Section 80C, 80CCC & 80CCD Section 80CCD  Deduction in respect of Contribution to Pension Account  Employee's contribution – Section 80CCD(1) Allowed to an Individual who makes deposits to his/her NPS account. Maximum deduction allowed is 10% of salary (in case of taxpayer being an employee) or 10% of gross total income (in case of tax payer being self employed) or Rs 1,00,000 whichever is less.  The limit of Rs 1,00,000 has been increased to Rs 1,50,000 for financial year 2015-16 (assessments year 2016-17).  Employer's contribution – Section 80CCD(2) Maximum deduction available in respect of employer's contribution is allowed up to 10% of the salary of the employee.
  • 4. Deductions Under Section 80C, 80CCC & 80CCD  For FY 2014-15 (assessment year 2015-16).Total Deduction under Section 80C, 80CCC and 80CCD(1) cannot exceed Rs 1,50,000.  For FY 2015-16 (assessment year 2016-17).A new section 80CCD(1B) has been introduced to provide for additional deduction for amount contributed to NPS of up to Rs 50,000.  Therefore for financial year 2015-16, Total Deduction under Section 80C, 80CCC, 80CCD(1) and 80 CCD(1B) cannot exceed Rs 2,00,000.  From assessment year 2012-13, employer's contribution under section 80CCD(2) towards NPS is outside the monetary ceiling mentioned above.
  • 5. Deductions on House Rent Section 80GG  This deduction is available for rent paid when HRA is not received. Assessee or his spouse or minor child should not own residential accommodation at the place of employment.  Assessee should not be in receipt of house rent allowance.  He should not have self occupied residential premises in any other place.  Deduction available is the least of  Rent paid minus 10% of total income  Rs. 2000/- per month  25% of total income
  • 6. Deduction for First Time Home Owners Section 80EE  This section provided deduction on the Home Loan Interest paid and is valid for financial years 2013-14 & 2014-15 (Assessment year 2014-15 and 2015-16) only.  The deduction under this section is available only to Individuals for first house purchased where the value of the house is Rs 40lakhs or less and loan taken for the house is Rs 25lakhs or less.  The Loan should have been sanctioned between 01.04.2013 to 31.03.2014. The total deduction allowed under this section is Rs 1,00,000.
  • 7. Deductions on Savings Bank Account Section 80 TTA  Deduction from gross total income with respect to any Income by way of Interest on Savings account  Deduction from gross total income of an individual or HUF, up to a maximum of Rs. 10,000/-, in respect of 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.