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Important : Please note that the contents of this page shall be applicable only if you do not opt for Section 115BAC relating to New Tax Provisions and Tax Rates introduced by Finance Act 2020.
Exemption : | Up to 1,50,000 (Subject to overall limit of ₹ 1,50,000 under Section 80C, 80CCC and 80CCD) |
Available to : | Individual and HUF |
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Exemption : | Up to 1,50,000 (Subject to overall limit of ₹ 1,50,000 under Section 80C, 80CCC and 80CCD(1)) |
Available to : | Individual |
Details : | Contribution to certain specified Pension Funds of LIC/other insurer (Subject to certain conditions). |
Exemption : | 10% of salary in case of employees 10% of gross total income in case of others (Subject to overall limit of ₹ 1,50,000 under Section 80C, 80CCC and 80CCD(1)) |
Available to : | Individual |
Exemption : | Up to ₹ 50,000. This deduction shall be in addition to deduction of ₹ 1,50,000 under Section 80C, 80CCC and 80CCD(1) |
Available to : | Individual |
Exemption : | (a) fourteen per cent., where such contribution is made by the Central Government (New)
(b) ten per cent., where such contribution is made by any other employer |
Available to : | Individual |
Exemption : | Deduction of 50% of total investment subject to maximum of ₹ 25,000 is allowed for 3 consecutive assessment years, beginning with the assessment year relevant to the previous year in which the listed shares or list units of equity oriented funds are first acquired |
Available to : | Specified Resident Individual - A resident individual whose gross total income for the relevant assessment year is not more than ₹ 12 lacs. |
Amendment : | No deduction under section 80CCG shall be allowed from assessment year 2018-19. However, an assessee who has claimed deduction under this section for assessment year 2017-18 and earlier assessment years shall be allowed deduction under this section till the assessment year 2019-20 if he is otherwise eligible to claim the deduction as per the provisions of this section.
This amendment will take effect from the 1st April, 2018 and shall accordingly apply in relation to assessment year 2018-19 and subsequent years. |
Details : | Amount invested by specified resident individuals in listed shares or listed units in accordance with notified scheme for a lock-in period of 3 years (Subject to certain conditions). |
Exemption : | In case of Individual, amount paid: a) For self, spouse and dependent children: Up to ₹ 25,000 [₹ 50,000 if specified person is a senior citizen or very senior citizen for AY 2019-20 ( ₹ 30,000 for AY 2018-19)] b) For parents: additional deduction of Rs. 25,000 shall be allowed [Rs. 50,000 if parent is a Senior citizen / Very Senior Citizen ( ₹ 30,000 for AY 2018-19) ] In case of HUF, up to ₹ 25,000 (₹ 50,000/- ( ₹ 30,000/- for AY 2018-19 ) if specified person is a senior citizen or very senior citizen). The aggregate amount of deduction cannot exceed ₹ 1,00,000/- for AY 2019-20 ( ₹ 60,000 for AY 2018-19 ) in case of an individual |
Available to : | Individual / HUF |
Details : | Amount paid (in any mode other than cash) by an individual or HUF to LIC or other insurer to effect or keep in force an insurance on the health of specified person*. An individual can also make payment to the Central Government health scheme and/or on account of preventive health check-up. * specified person means: - In case of Individual - self, spouse, dependent children or parents - In case of HUF - Any member thereof Note: 1. Deduction for preventive health check-up shall not exceed in aggregate ₹ 5,000. 2. Payment on account of preventive health check-up may be made in cash. 3. Within overall limit, deduction shall also be allowed up to ₹ 30,000 towards medical expenditure incurred on the health of specified person provided such person is a very senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person. 4. 'Senior citizen' means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year. 5. 'Very senior citizen' means an individual resident in India who is of the age of eighty years or more at any time during the relevant previous year. |
Exemption : | ₹ 75,000 (₹ 1,25,000 in case of severe disability) Note: 'dependant' means - (i) in the case of an individual, the spouse, children, parents, brothers and sisters of the individual or any of them; (ii) in the case of a HUF, any member thereof, dependant wholly or mainly on such individual or Hindu undivided family for his support and maintenance, and who has not claimed any deduction under section 80U in computing his total income for the assessment year relating to the previous year. |
Available to : | Resident Individual and HUF |
Details : | a) Any expenditure incurred for the medical treatment (including nursing), training and rehabilitation of a dependent, being a person with disability b) Any amount paid or deposited under an approved scheme framed in this behalf by the LIC or any other insurer or the Administrator or the specified company for the maintenance of a dependent, being a person with disability (Subject to certain conditions). |
Exemption : | Up to ₹ 40,000 and ₹ 1,00,000 for Senior / Very Senior Citizen ( ₹ 60,000/- for Senior Citizen and ₹ 80,000 for Very Senior Citizen upto 31st March 2017) |
Available to : | Resident Individual and HUF |
Details : | Expenses actually paid for medical treatment of specified diseases and ailments for: a) In case of Individual: Assessee himself or wholly dependent spouse, children, parents, brothers and sisters b) In case of HUF: Any member of the family who is wholly dependent upon the family (Subject to certain conditions). |
Exemption : | The amount of interest paid during initial year and 7 immediately succeeding assessment years (or until the above interest is paid in full). |
Available to : | Individual |
Details : | Amount paid out of income chargeable to tax by way of payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education (Subject to certain conditions). |
Exemption : | Deduction of up to ₹ 50,000 towards interest on loan. |
Available to : | Individual |
Details : | Interest payable on loan taken up to ₹ 35 lakhs by taxpayer from any financial institution, sanctioned during the FY 2016-17, for the purpose of acquisition of a residential house property whose value doesn't exceed ₹ 50 lakhs. Note: 1. On the date of sanction of loan, taxpayer should not own any other residential house property. 2. The deduction is available from Assessment Year 2017-18 and subsequent assessment years. |
Exemption : | Deduction of up to ₹ 1,50,000 towards interest on loan. |
Available to : | Individual |
Details : | (i) the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2019 and ending on the 31st day of March, 2020; (ii) the stamp duty value of residential house property does not exceed forty-five lakh rupees; (iii) the assessee does not own any residential house property on the date of sanction of loan. (iv) The deduction is available from Assessment Year 2020-21 and subsequent assessment years. |
Exemption : | Deduction of up to ₹ 1,50,000 towards interest on loan. |
Available to : | Individual |
Details : | (i) 'Electric Vehicle' means a vehicle which is powered exclusively by an electric motor whose traction energy is supplied exclusively by traction battery installed in the vehicle and has such electric regenerative braking system, which during braking provides for the conversion of vehicle kinetic energy into electrical energy; (ii) The deduction is available from Assessment Year 2020-21 and subsequent assessment years. |
Exemption : | Deduction upto 100% / 50% of the aggregate amount of donation. For details please refer section 80G of Income Tax Act. |
Available to : | All assessees |
Exemption : | Least of the following shall be exempt from tax: a) Rent paid in excess of 10% of total income*; b) 25% of the Total Income; or c) ₹ 5,000 per month. Total Income = Gross total income minus long term capital gains, short-term capital gains under section 111A, deductions under sections 80C to 80U (other than 80GG) and income under section 115A |
Available to : | Individual not receiving HRA |
Details : | Rent paid for furnished/unfurnished residential accommodation (Subject to certain conditions) |
Exemption : | Least of the following shall be exempt from tax: a) In case of Lump sum payment - Amount of royalty income subject to maximum of ₹ 3,00,000 b) In other cases - amount of such income subject to maximum of 15% of value of books sold during the previous year. |
Available to : | Resident Individual Authors |
Details : | Royalty income of authors of certain specified category of books other than text books |
Exemption : | 100% of royalty subject to maximum of ₹ 3,00,000 |
Available to : | Resident Individual - Patentee |
Details : | Royalty in respect of patents registered on or after 01.04.2003 (subject to certain conditions) |
Exemption : | 100% of amount of such income subject to maximum of ₹ 10,000 |
Available to : | Individual and HUF (w.e.f. 01.04.2018 not available to Senior / Very Senior Citizens) |
Details : | Interest on deposits in saving account with a banking company, a post office, co-operative society engaged in banking business, etc. (Subject to certain conditions) |
Exemption : | 100% of amount of such income subject to maximum of ₹ 50,000 |
Available to : | Senior Citizen Resident Individual and HUF |
Details : | Interest on deposits in saving account with a banking company, a post office, co-operative society engaged in banking business, etc. (Subject to certain conditions) |
Exemption : | ₹ 75,000 (₹ 1,25,000 in case of severe disability) |
Available to : | Resident Individual |
Details : | A resident individual who, at any time during the previous year, is certified by the medical authority to be a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] |
Exemption : | ₹ 40,000 in lieu of Transport allowance and Reimbursement of Misc. Medical Expenditure. Increased to ₹ 50,000/- for AY 2020-21. |
Available to : | Salaried Tax Payers w.e.f. 01.04.2018 |
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