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Section 80 deductions

Ganesh Jagadeesh & Co

SECTION: 80CCC
CRITERIA FOR DEDUCTIONS: Contribution to pension funds set up by LIC
CONDITIONS: Amount of pension received from the fund will be taxable in the year of receipt. Tax rebate u/s 88 will not be available for the amount allowed as deduction.
ELIGIBLE ASSESSEE: Individual (resident or non-resident or Indian or foreign citizen)
AMOUNT OF DEDUCTION: Lower of the two: actual amount deposited or Rs 10,000

SECTION: 80D
CRITERIA FOR DEDUCTIONS: Medical insurance premia on health of self, spouse, dependant, parents or children, any member of HUF
CONDITIONS: Premia should be paid by cheque, mediclaim policy should be in accordance with scheme framed by GIC.
ELIGIBLE ASSESSEE: Individual and HUF (both resident and non-resident)
AMOUNT OF DEDUCTION: Actual premia paid but restricted to Rs 10,000 (less than 65 years), Rs 15,000 (65 years or more)

SECTION: 80DD
CRITERIA FOR DEDUCTIONS: Expenditure incurred or deposit made for maintenance or medical treatment of handicapped dependant
CONDITIONS: Expenditure or deposit is made out of taxable income, deposit should be under scheme framed by LIC/UTI. The physical disability should be certified by a government recognised hospital.
ELIGIBLE ASSESSEE: Resident individual or HUF
AMOUNT OF DEDUCTION: Rs 40,000, irrespective of actual expenditure or deposit

SECTION: 80DDB
CRITERIA FOR DEDUCTIONS: Medical treatment of a specified disease (cancer, AIDS, neurological diseases, chronic renal failure)
CONDITIONS: Expenditure incurred on medical treatment of self, dependent relative or member of HUF. Certificate in form number 10-I to be submitted along with the return of income. Deduction is available irrespective of actual expenditure.
ELIGIBLE ASSESSEE: Resident individual or HUF
AMOUNT OF DEDUCTION: Rs 40,000 (if the person treated upon is less than 65 years) or Rs 60,000 (if the person treated upon is 65 years or more).

SECTION: 80E
CRITERIA FOR DEDUCTIONS: Repayment of loan taken for higher studies & interest thereon
CONDITIONS: This deduction is available in the year in which repayment starts and only for seven immediately succeeding assessment years. The repayment is made out of income chargeable to tax, loan should be taken from financial institution or approved charitable institution.
ELIGIBLE ASSESSEE: Individual
AMOUNT OF DEDUCTION: The lower of the principal or Interest repaid during the year or Rs 25,000

SECTION: 80GG
CRITERIA FOR DEDUCTIONS: Rent paid for accommodation which should be occupied for his own residence
CONDITIONS: Assessee should not be receiving any House Rent Allowance from his employer. The assessee or his spouse or HUF of which he is a member should not own a house at the place where he ordinarily resides, works or conducts business. Moreover, the assessee should not own a house anywhere else claiming it as self-occupied-property.
ELIGIBLE ASSESSEE: Self employed individual or salaried employee

AMOUNT OF DEDUCTION: Least of the following:

• rent paid in excess of 10% of total income
• 25% of total income
• Rs 2,000 per month

SECTION: 80L
CRITERIA FOR DEDUCTIONS: Interest income on certain deposits
CONDITIONS: Interest on bank deposits, post office time deposits and recurring deposit accounts; financial institutions providing long-term housing finance; NSC VI, VII, VIII issues; debentures and bonds of approved public section companies.
ELIGIBLE ASSESSEE: Individual or HUF
AMOUNT OF DEDUCTION: Actual amount received but restricted to the following: general deduction (Rs 12,000) and interest on security issued by the government (Rs 3,000)

SECTION: 80R
CRITERIA FOR DEDUCTIONS: Remuneration received from foreign sources (from university or educational institution)
CONDITIONS: Remuneration should be received outside India, services should be rendered outside India by a professor, teacher or research worker. A certificate in Form 10H should be attached along with the return of income.
ELIGIBLE ASSESSEE: Indian citizen (resident or non-resident)
AMOUNT OF DEDUCTION: 75% of remuneration brought into India in convertible foreign exchange within six months from the end of previous year

SECTION: 80RR
CRITERIA FOR DEDUCTIONS: Professional income from foreign sources
CONDITIONS: Income may be received in or outside India, income should be received from foreign government or NRI, assessee should be an author, playwright, artist, musician, actor or sportsmen. A certificate in Form 10H should be attached along with the return of income.
ELIGIBLE ASSESSEE: Resident individual (Indian or foreign citizen)
AMOUNT OF DEDUCTION: 75% of amount brought into India in convertible foreign exchange within six months from the end of previous year

SECTION: 80RRA
CRITERIA FOR DEDUCTIONS: Remuneration received for services rendered outside India
CONDITIONS: Remuneration may be received in or outside India, employer may be a foreign employer or an Indian concern, fee received by consultant or technician also eligible for this deduction.
ELIGIBLE ASSESSEE: Indian citizen
AMOUNT OF DEDUCTION: 75% of remuneration brought into India in convertible foreign exchange within six months from the end of previous year

SECTION: 80U
CRITERIA FOR DEDUCTIONS: Totally blind, physically handicapped, mentally retarded (assessee)
CONDITIONS: Submission of government hospital certificate in the assessment year in which is claimed for the first time, the assessee need not be unemployed.
ELIGIBLE ASSESSEE: Resident individual
AMOUNT OF DEDUCTION: Rs 40,000

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