Easy Chart for deduction U/s 80C to 80U & Rebate u/s 87A as per Budget 2017-18
Section
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Details of deductions
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Quantum
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Remarks
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80C (Individual
& HUF)
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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.
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Maximum Rs 1 ,50,000 is allowed Investment
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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
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80CCC
(Individual)
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Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.
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Maximum is Rs 1,50,000
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Aggregate of 80C 80CCC 80CCD is Rs 1,00,000
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80CCD(1)
(individual)
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Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.
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Maximum is sum of employer’s and employee’s contribution to the scheme limited upto 10 % of salary.
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Aggregate of 80C 80CCC 80CCD is Rs 1,50,000
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80 CCD(2)
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Additional Deduction in respect to the Employee’s Pension Fund by the Employer
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Same as Employee’s Pension Fund Contribution but not above 10% of Basic Pay.
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Individual
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80CCD(1B)
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Additional deduction to the Pension Scheme out of Max limit of U/s 80C 1.5 Lakh
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Max. Rs. 50,000
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Individua
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80D
(Individual &HUF)
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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.
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Age Below 60 years: Rs 25,000
Age above 60 years: Rs 30,000.
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Cash payment not allowed. But for Preventive Checkup it is allowed.
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80DD (Individual &HUF)
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For maintenance including treatment or insurance the lives of physical disable dependent relatives
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Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
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dependent relatives includes spouse, child, parents, brother sister
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80DDB (Individual &HUF)
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For medical treatment of self or relatives suffering from specified disease
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Acutal amount paid to the extent of Rs 80,000.
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Deduction reduced by the amount received under insurance from an insurer or reimbursed by an employer.
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80E
(Individual)
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For interest payment on loan taken for higher studies(after 12) for self or education of spouse or children
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Actual amount paid as interest and start from the financial year in which he /she starts paying interest and up to maximum of 8 years.
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loan from any financial institution banking or approved charitable institution
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80EE
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interest on home loan sanctioned during Fy 2017-18. 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.
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RS 50 thousand
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Only resident individual
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80G
(All Assessee)
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Donations to charitable institution
(Max. 10,000 if paid in cash from A/Y 17-18)
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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 2018-19, Natital Children Fund will also get 100% deduction.
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Where the aggregate
of sums exceed 10% of adjusted gross total income, then such excess amount is ignored for computing such aggregate.
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80GG
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For rent paid
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This is only for people not getting any House Rent Allowance. Maximum is Rs 5000 per month. Rule 11B is method of computation.
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80U
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Deduction in respect of permanent physical disability including blindness to taxpayer
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RS 75,000 Up to 80% and Rs 1,25,000 in case taxpayer is suffering from severe disability more than 80%
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87A
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Rebate to individual having low taxable income less than 3.5 Lakh
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Tax Rebate Rs 2,500 , who’s Taxable Income less than 3.5 Lakh
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Only resident individual gets this rebate.
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80 TTA
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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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Download Automated Master of Form 16 Part A & B for the Financial Year 2017-18 andAssessment Year 2018-19.[ This Excel Utility Can prepare at a time 50 employees Form 16 Part A & B for F.Y.2017-18]
