Income Tax Deduction: 80C, 80D, 80E, 80G, 80TTA, 80TTB: The income tax deductions are allowed based on specified incomes, expenditures, investments, or donations. The amount of taxable income is calculated by deducting various deductions available under Chapter VI-A of the Income Tax Act.
We are providing you here the income tax deductions chart for ay 2022-23. The income tax deduction is available for making various payments like investments, medical expenses, donations, interest and more. You can check here all deductions available which will reduce your taxes. Please find below a chart of income tax deductions for the years 2022-23.
Income Tax Deduction (A.Y.2022-23)
Income Tax Deduction Chart (A.Y. 2022-23): You can check the income tax deduction chart for A.Y.2022-23. Please don’t forget to read the important notes related to income tax deductions.
|Section||Eligible Assessee||Eligible Payments||Permissible Deductions|
|80C||Individual or HUF||Investment or Contribution to LIP/PPF/SPF/RPF/NSC/Tution Fees, UTI/MF/AnnuityPlan/NABARD/Loan Repayment for House Construction or Purchase/||Rs. 1,50,000/-*|
|80CCC||Individual||Pension Funds/Annuity Plan of LIC||Rs. 1,50,000/-*|
|80CCD(1)||Individuals||Contribution by an employee or any other individual toward National Pension Scheme (NPS)||Up to 10% of the salary of the employee or up to 20% of gross total income in the case of any other individual|
|80CCD(1B)||Individuals||Contribution by an individual toward NPS||Max 50,000/-|
|80CCD(2)||Employees||Contribution by the employer toward NPS||Up to 10% of salary of the employee|
|80D||Individual or HUF||Medical Insurance Premium||Rs. 25,000 (Rs.50,000/- for Senior Citizens) Max Rs.1,00,000 (Including Parents)
|80DD||Indvidual or HUF||Maintenance including medical treatment of a dependent disabled||Servere Disability Rs. 1,25,000
Other cases - Rs.75,000
|80DDB||Individual or HUF||Deduction for medical treatment of specified diseases or ailments||Rs.40000 in case of senior citizens
Rs.1,00,000 in case of very senior citizens
|80E||Individual||Interest on loan taked for higher education||Deduction available for initiial 8 assessment year or until the interest is paid in full, whichiver is earlier.|
|80EE||Individual||Additional deduction for interest on loan borrowed for acquisition of self-occupied house property||Rs.50,000/-|
|80EEA||Individual||Interest on loan taken for acquisition of residential house property||Rs.1,50,000/-|
|80EEB||Individual||Interest on loan taken for purchase of electric vehicle||Rs.1,50,000/-|
|80G||All Assesee||Donation to certain funds, charitable institution etc.||1) 100% deduction without any qualifying limit
2) 50% deduction without any qualifying limit
3) 100% deduction with qualifying limit
4) 50% deduction with qualifying limit
|80GG||Individuals||Rent Paid||Least is available for deduction -
1) 25% of total income
2) Rent paid - 10% of total income
3) Rs.5000 per month
3) Rs. 5000 p.m.
|80GGA||All assessees not having any income chargeable under the head "Profits and gains of business or profession"||Certain donations for scientific research or rural development|
|80GGB||Any Company||Contribution to political parties||Actual Contribution (if made by other than cash)|
|80GGC||Any person other than local authroity and AJP funded by Govt||Contribution to politicial parties||Actual Contribution (if made by other than cash)|
|80TTA||Individual or HUF||Interest on deposites(not being time deposit) in a saving account with banks, cooperative society and post office.||Interest Received or 10,000 whichever is lower|
|80TTB||Individuals or HUF||Interest on Deposits||Upto Rs.50,000 shall be allowed to resident individuals who are senior citizens|
|80U||Individuals||Person with Disability||Rs.75,000/- in case of a person with disability and Rs. 1,25,000/- in case of a person with severe disability.|
Notes for Income Tax Deductions Chart for A.Y.2022-23
Please read the following notes carefully to understand the income tax deductions chart.
- The aggregate amount of deduction under section 80C, 80CCC and 80CCD (1) cannot exceed Rs. 1,50,000. There is an additional deduction of Rs.50000 u/s 80CCD (1B) is allowed.
- No deduction under section 80CCG is allowed from AY 2018-19. However, if an assessee has claimed a deduction for AY 2017-18 and earlier assessment year then he is allowed for deduction till 2019-20.
- Individuals/HUFs opting for an alternate tax regime under section 115BAC shall not be allowed any deduction under Chapter VI-A, except (a) Deduction in respect of employer’s contribution to National Pension Scheme u/s 80CCD92), and (b) Deduction in respect of employment of new employees u/s 80JJAA.
- The aggregate amount of deductions allowable under sections 80C to 80U cannot exceed the gross total income as reduced by short-term capital gains from equity shares, etc. (u/s 111A), or any long-term capital gains (u/s 112 or 112A).
- These deductions are not allowable against any income by way of winning from lotteries, crossword puzzles, card games or other games.
2 thoughts on “Income Tax Deductions: 80C, 80D, 80E, 80G, 80TTA, 80TTB”
Being a senior citizen, I have received interest of Rs 60000 from HDFC bank and Rs 90000 from bank SBI, Now how much interest I have to pay in income tax
Being a senior citizen, I have received interest of Rs 60000 from bank HDFC and Rs 90000 from bank SBI, Now how much interest I have to pay?