80C to 80U Deduction List | Under Income Tax for FY 2022-23

Income Tax Deduction refers to claims made to reduce the taxable income of the assessee, Section 80C to 80U Deduction List, Under Income Tax for FY 2022-23 helps you to know the eligible deduction amount that arises from various investments and expenses incurred by a taxpayer. Thus, an income tax deduction reduces the overall tax liability of the assessee. These tax benefits can help you to reduce your income tax payable liabilities.

Section	Particulars of Deduction	Max. Amount
80C	Expenses and investments as mentioned below.	INR. 1,50,000
80CCC	Payment made towards an annuity pension plan	INR. 1,00,000
80CCD	Amount paid towards a pension scheme under Central Government.	INR. 1,50,000
80CCF	Investments in Infrastructure bonds	INR. 20,000
80D	Health insurance policies premiums paid	INR. 1,00,000
80DD	Expenses incurred for taking care of a disabled dependent person in family members.	INR. 1,25,000
80DDB	Expenses are made for specific diseases.	INR. 1,00,000
80E	Payment made towards education loan	No limit
80EE	Interest payments on home loan	INR. 50,000
80EEA	Home loans are taken between April 1, 2019, and March 31, 2020	INR. 50,000
80EEB	Against the purchase of electric vehicles between April 1, 2019, and March 31, 2032, by a loan	INR. 1,50,000
80G	Donations made to charitable funds and institutions	50-100% of the amount donated
80GG	Against house rent allowance.	INR. 5000 per month
80GGB	For contribution or donation made towards a political party by an Indian company	No maximum limit
80GGC	Against contribution or donation made towards a political party by an individual	10% of gross total income
80IA	Tax deductions are available for organizations that are engaged in the development /maintenance/operation of industrial parks, infrastructure facilities, power plant reconstruction, telecommunication services, and distribution of natural gas.	The total profit generated for 10 consecutive years
80J	Tax deduction facilities for new industrial establishments, hotels, and cruises in certain cases	INR. 1,50,000
80LA	Against transactions of an assessee made through offshore banking or International Financial Service Centers (IFSC)	INR. 1,50,000
80P	Tax deductions on certain income involved in specific activities of a cooperative society	INR. 1,00,000
80QQB	Tax deduction benefits from the royalty earned from the sale of books	INR.3,00,000
80RRB	Tax deduction on royalty payments	INR.3,00,000
80TTA	Against Interest earned from savings accounts	INR. 10,000
80TTB	On interest income from deposits for senior citizens	INR.50,000
80U	Deductions available for taxpayers with disabilities	INR. 1,25,000

Section 80C

Individuals or HUF can claim deductions under Section 80C up to Rs. 1,50,000 on some payments and investments. The following are investments and expenses on that investment and expenses an Individual or HUF assessee can claim deduction under section 80C

PPF (Public Provident Fund)
ELSS (Equity Linked Savings Scheme)
NSC (National Savings Certificate)
ULIP (Unit Linked Investment Plan)
SCSS (Senior Citizen Savings Scheme)
Payment towards life insurance policies
Tuition fees paid for up to two children
Tax-saving fixed deposits
Also Read: How To File Income Tax Return Online

Section 80CCC

The sub-section 80CCC under Section 80 of the Income Tax Act defines tax deductions on pension plans offered by various public and private insurers. Individual taxpayers can claim deductions of up to Rs. 1.5 lakh in a financial year for the premium amount they deposit for any annuity pension plan.

Section 80CCD

Section 80CCD(1) allows employees to claim deductions for the amount they have paid for any pension scheme under the Central Government. Individual assessees can claim deductions of 10% of their salary or 20% of gross total income, whichever is lower subject to the maximum limit of Rs. 1.5 lakh.

Employers can also avail of tax benefits for contribution to pension scheme u/s 80CCD(2). An additional deduction of Rs. 50,000 over the Rs. 1.5 lakh limit is allowed u/s 80CCD (1b). It allows a tax deduction for contributions towards NPS (National Pension Scheme) and APY (Atal Pension Yojana).

Section 80CCF

Individuals and HUFs can claim this deduction section 80CCF up to Rs. 20,000 for long-term infrastructure bonds, which are notified by the government.

Section 80CCG

Individuals and HUFs can also claim tax deductions for investments in government-notified equity savings schemes. Section 80CCG allows specific individual residents to get deductions amounting to 50% of the investment, to an upper limit of Rs. 25,000.

Section 80D

Section 80D of the Income Tax Act allows individuals to claim deductions on premiums paid for health insurance policies. You can claim a maximum deduction of Rs. 25,000 on the premium paid for yourself and your family members (spouse and 2 children). In the case of insurance premiums for parents, you can claim an additional deduction of Rs. 25,000. If your parents are senior citizens, i.e., 60 years or above, you can claim a tax deduction of Rs. 50,000 for paying their health insurance premium. You can get an additional deduction of Rs. 25,000 if you are also a senior citizen. You can claim a maximum deduction of Rs. 1,00,000 under Section 80D. Remember Section 80D also allows tax deductions up to Rs. 5000 for preventive health check-ups.

Section 80DD

If you spend money to take care of a disabled dependent relative, you can claim tax deductions u/s 80DD. It allows individuals and HUFs to reduce their tax liability at a fixed rate depending on the nature of their disabilities.

You can claim a fixed deduction of Rs. 75,000 in case your relative has a disability over 40% but less than 80%. For those with 80% or more disability, you can claim a fixed deduction of Rs. 1,25,000.

Section 80DDB

Section 80DDB allows the reduction of tax liability for expenses related to the treatment of specific diseases. For individuals and HUFs below 60 years old, you can claim a maximum deduction of Rs. 40,000 for medical expenses. For senior citizens and super senior citizens (80 years or older), this limit increases to Rs. 1 lakh.

Section 80E

You can claim tax deductions on interest paid towards your education loan under this subsection of Section 80 of the Income Tax Act. There is no maximum limit for claiming deductions, but you can claim it for up to 8 years from the beginning of interest repayment or till full repayment of interest (whichever comes first).

This education loan can be taken for yourself, your spouse, your children, or if you are someone’s legal guardian.

Section 80EE

As per Section 80EE, you can claim an additional deduction of Rs. 50,000 over the limits of Section 24 on interest payments of your home loan. This facility is available only for first-time homebuyers who took a home loan in FY2016-17, FY2014-15, or FY2013-14. Their total home loan amount needs to be up to Rs. 35 lakh and property worth not more than Rs. 50 lakh to claim this.

Section 80EEA

Individuals who bought a house with a home loan taken between April 1, 2019, and March 31, 2020, can claim an additional deduction under Section 80EEA. However, they should not own another residential property, and the stamp value of the home should not exceed Rs. 45 lakh.

Section 80EEB

Individuals who purchase electric vehicles between April 1, 2019, and March 31, 2032, with a loan, can get tax deductions. This deduction is available on the interest repaid for such a loan. Section 80EEB allows a maximum deduction of Rs. 1.5 lakh.

Section 80G

Donations to various charitable funds and institutions are eligible for deductions under this subsection of Section 80 of the Income Tax Act. Depending on the institution, you can get 50% or 100% of the amount donated deducted from gross total income.

From 2018, donations eligible for deductions u/s 80G have a limit of Rs. 2000 for cash transactions. When claiming this deduction, you should also provide the details of any institution to which you donated.

Section 80GG

Section 80GG allows you to reduce your tax liability for paying house rent in case you do not get HRA (House Rent Allowance). To claim this, you must not own a house in the name of yourself, your spouse, your children, or a member of HUF in the place of employment. You must also live in rented accommodation and pay regular rent.

You can claim the least of the following amounts as a deduction:

Rs. 5000 per month
Rent paid over 10% of income
25% of your total income

Section 80GGB

As per Section 80GGB, any contribution or donation made towards a political party by an Indian company is eligible for a 100% tax deduction. The party receiving the donation must be registered under Section 29A under the Representation of People Act, 1951. Payments can only be made through cheques, demand drafts, and electronic transfers.

Section 80GGC

Under this subsection, an individual taxpayer can claim tax deduction benefits on any contribution or donation made to a political party or electoral trust. The contribution cannot be made in cash. Any local authority or judicial person is not eligible for a tax deduction.

Section 80IA

Section 80IA of the Income Tax Act provides instructions regarding tax benefits available for certain enterprises. Such organizations engage in the development/maintenance of industrial parks and infrastructure facilities. Furthermore, they are involved in telecommunication services and the distribution of natural gas.

Section 80J

This subsection of the Income Tax Act provides tax deduction facilities for new industrial establishments, hotels, and cruises in certain cases.

This section is further divided into two subdivisions – 80JJA and 80JJAA. Section 80JJA states prohibitions for profits generated by industrial establishments concerned with the collection and processing of biodegradable waste. Some businesses can claim tax deductions on wages paid to new workers under Section 80JJAA.

Section 80LA

Section 80LA allows tax deduction benefits for certain transactions of an assessee made through offshore banking or International Financial Service Centers (IFSC). The following incomes are considered for deduction:

Income from a Special Economic Zone (SEZ)
Income from an undertaking located in SEZ
Income from business as listed under Section 6(1) of the Banking Regulation Act, 1949
Income from an undertaking involved in the development, maintenance, and operation of SEZ
Income from a unit in IFSC

Section 80P

Under Section 80P, certain earnings involved in specific activities of a cooperative society are eligible for a tax deduction if mentioned in the gross income of that society. This benefit is available under certain terms and conditions which mandate the co-operative society to be registered under the Co-operative Societies Act, 1912.

Section 80QQB

This section of the Income Tax Act is introduced specifically for Indian authors. They can avail of tax deductions for the royalty earned from the sale of their books. However, only books under literary, scientific, and artistic categories are eligible for tax benefits. The maximum tax deduction amount allowed is up to Rs. 3 lakh.

Section 80RRB

Under Section 80RRB one can claim a tax deduction on the income tax against royalty payments. A royalty payment is received by the original patent holder whenever someone utilizes his/her products. For eligibility, the patent has to be registered under the Patent Act, of 1970.

Section 80TTA

Section 80TTA allows individuals and HUF to claim tax deductions of up to Rs. 10,000 on interest earned from savings accounts. The accounts can be opened at a bank or a post office. Moreover, taxpayers need to be below 60 years of age to claim this.

Section 80TTB

Senior citizens can claim tax deductions of up to Rs. 50,000 on the interest income from deposits in a bank or post office u/s 80TTB. It allows tax benefits for interest income from various accounts such as savings accounts, fixed deposits, etc.

Section 80U

This subsection under Section 80 of the Income Tax Act allows resident taxpayers with disabilities to claim tax deductions. To claim this, such individuals need a ‘Person with Disability’ certification from relevant medical authorities. Some of the conditions that qualify u/s 80U are autism and cerebral palsy.

Persons with normal disabilities can claim a maximum deduction of Rs. 75,000, while those with severe disabilities can get deductions of up to Rs. 1,25,000.

Contact for Income Tax Deduction:

Office Address: 5/234, Paschim Putiary, Kudghat, Tollygunge, Kolkata-700041.

Visiting time: From 10:30 AM to 4:30 PM, Everyday.

Nearest Metro Station: 7 minutes walking distance From Netaji Metro Station (for the Kudghat area) Auto Riska services are available there. 9 minutes walking distance From Mohanayak Uttamkumar Metro Station (for the Tollygunge area) Auto, Riska, Buss, and Taxi services are available there.

Bus, Taxi, Auto Stop: Karunamoyee Stop (Kudghat). Click Here to use our Google map to reach our Office Address.

Contact Person : Jiban Mohanty

Mobile Number Call: 9830017363

e-Mail ID  : cajiban@gmail.com

Due Dates for September 2023