Download the Automated Arrears Relief Calculator U/s 89(1) with Form 10E, From the Financial Year 2000-01 to Financial Year 2015-16 [Up Dated Version]
Section
|
Details of
deductions
|
Quantum
|
Remarks
|
80C (Individual
& HUF)
|
A. ULIP of Spouse and
Children and any member in case of HUF
B. Deferred annuity, SPF, RPF, PPF, Superannuation Fund, NSC(8TH),5
years PO Time deposit, Senior citizen
Saving Scheme, Term deposit of 5 years, Deposit for 10 or 15 years in Post
office saving bank.
C. Bonds of NABARD, Deposit
scheme of NHB, Notified deposit scheme,.
D. MF referred u/s 10(23D),
Pension fund of MF[10(23D)], Eligible issue of securities.
E. Cost of purchase or
construction of residential house including repayment of loan and expenses on
transfer of property, tution fees to any educational institutions for full
time eduction of 2 childrens.
|
Maximum Rs 1 ,50,000 is allowed Investment
|
No Dedcution
Allowed:
Terminates
the insurance policy within 2 years, Terminate ULIP within 5 years, transfer
house within 5 years
Limit of
eligible premium in case of insurance policy on life of disable person has
been increased to 15 % instead of 10 % from FY 13-14.
Max. 10% of
the minimum amt assured under Life policies
|
80CCC
(Individual)
|
Deduction in case of contribution to pension fund. However, it should
be noted that surrender value or employer contribution is considered income.
|
Maximum is Rs 1,50,000
|
Aggregate of
80C 80CCC 80CCD is Rs 1,00,000
|
80CCD
(individual)
|
Deduction in respect to contribution to new pension scheme. Employees
of central and others are eligible.
|
Maximum is sum of employer’s and employee’s contribution to the scheme
limited upto 10 % of salary.
|
Aggregate of
80C 80CCC 80CCD is Rs 1,50,000
|
80CCE
|
It should be noted that employer contribution is allowable as extra
u/s 80CCD(2) of the Income Tax Act from Asst Yr 2012-13 and only employee's
contribution is within limit of Rs 1 Lakh as stated in 80CCE
|
It should be noted that as per section 80CCE , the maximum amount of
deduction which can be claimed in aggregate of 80C ,80CCC 80CCD(1) is Rs 1,50,0000
|
|
80CCG
|
Individual having gross total income upto Rs 12 Lakh can claim this
deduction for inveting in IPOs of share or mututal fund units.
|
50 % 0f the invested amount . Limit is Rs 25,000 max.
|
The
deduction is allowed for three years only.
|
80D
(Individual &HUF)
|
Medical insurance on self, spouse , children or parents. The deuction
is also allowable for CGHS contribution to Cenral and State scheme. It is
also for conducting health check up to Rs 6000.
|
Age Below 60 years: Rs 25,000
Age above 60 years: Rs 30,000.
|
Cash payment
not allowed. But for Preventive Checkup it is allowed.
|
80DD (Individual &HUF)
|
For maintenance including treatment or insurancing the lives of
physical disable dependent relatives
|
Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
|
dependent
relatives includes spouse, child, parents, brother sister
|
80DDB (Individual &HUF)
|
For medical treatment of self or relatives suffering from specified
disease
|
Acutal amount paid to the extent of Rs 80,000.
|
Deduction reduced by
the amount received under insurance from an insurer or reimbursed by an
employer.
|
80E
(Individual)
|
For interest payment on loan taken for higher studies(after 12) for self or education of spouse or children
|
Actual amount paid as interest and start from the financial year in
which he /she starts paying interest and upto maximum of 8 years.
|
loan from any financial institution banking or approved
charitable institution
|
80EE
|
interest on home loan sanctioned during Fy 2013-14. However, value of
the property should be below Rs 50 Lakh and max loan sanctioned should be Rs
25 lakh. Further assessee should not have any other residential house.
|
RS 1 lakh
|
|
80G
(All Assessee)
|
Donations to charitable institution
(Max. 10,000 if paid in cash from A/Y 13-14)
|
100% of amount of donation made to 19 entities (National defense fund
, Prime minister relief fund etc. ). 50%
(Gandhi/ Drouhgt/ charitable purpose/infrastructural development
fund). For Asst Yr 2014-15, Natital Children Fund will also get 100%
deduction.
|
Where the aggregate
of sums exceed 10% of
adjusted gross total income, then such excess amount is ignored for computing
such aggregate.
|
80GG
|
For rent paid
|
This is only for people not getting any House Rent Allowance. Maximum
is Rs 2000 per month. Rule 11B is method of computation.
|
|
80U
|
Deduction in respect of permanent physical disability including
blindness to taxpayer
|
RS 75,000 Up to 80% and Rs
1,25,000 in case taxpayer is suffering from severe disability more than 80%
|
|
87A
|
Rebate to individual having low taxable income
|
Amount of tax or Rs 2,000 which ever is less
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Only
resident individual gets this rebate.
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80 TTA
|
Relief From Savings Bank Interest
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Amount Rs. 10,000/- Max Limit who’s Taxable Income less than 5 Lakh
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Only
resident individual gets this rebate
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