TTA | Total Tax & Accounting Company | Deduction Table

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Deduction Section

SECTION	DEDUCTION ON	FY 2015-16
80C	Investment in PPF Employee's share of PF contribution NSCs Life Insurance Premium payment Children's Tuition Fee Principal Repayment of home loan Investment in Sukanya Samridhi Account ULIPS ELSS Sum paid to purchase deferred annuity Five year deposit scheme Senior Citizens savings scheme Subscription to notified securities/notified deposits scheme Contribution to notified Pension Fund set up by Mutual Fund or UTI. Subscription to Home Loan Account Scheme of the National Housing Bank Subscription to deposit scheme of a public sector or company engaged in providing housing finance Contribution to notified annuity Plan of LIC Subscription to equity shares/ debentures of an approved eligible issue Subscription to notified bonds of NABARD	Rs. 1,50,000
80CCD(2)	Employer's contribution to NPS account	Maximum up to 10% of salary
80CCD(1B)	Additional contribution to NPS	Rs. 50,000
80TTA(1)	Interest Income from Savings account	Maximum up to 10,000
80GG	For rent paid when HRA is not received from employer	Least of rent paid minus 10% of total income, Rs. 2000/- per month , 25% of total income
80E	Interest on education loan	Interest paid for a period of 8 years
80CCG	Rajiv Gandhi Equity Scheme for investments in Equities	Lower of - 50% of amount invested in equity shares or Rs 25,000
80D	Medical Insurance - Self, spouse, children Medical Insurance - Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old	Rs. 25,000 Rs. 30,000
80DD	Medical treatment for handicapped dependant or payment to specified scheme for maintenance of handicapped dependant Disability is 40% or more but less than 80% Disability is 80% or more	Rs. 75,000 Rs. 1,25,000
80DDB	Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD	Lower of Rs 40,000 or amount actually paid Lower of Rs 60,000 or amount actually paid Lower of Rs 80,000 or amount actually paid
80U	Self suffering from disability: Individual suffering from a physical disability (including blindness) or mental retardation. Individual suffering from severe disability	Rs. 75,000 Rs. 1,25,000
80GGB	Contribution by companies to political parties	Amount contributed (not allowed in cash)
80GGC	Contribution by individuals to political parties	Amount contributed (not allowed in cash)

Section Deductions