Article

List of Chapter VI-A Tax Deductions
February 06 , 2013
What is it? Section in I-T Act Eligible items Annual limit for rebate
Rebate given for investing in certain long-term instruments 80 C EPF, PPF, ULIPs, ELSS, NSC, NPS, SCSS, Post office 5 year deposit, 5 year FD, Annuity or pension plan, Principal repayment on home loan, Child tution fee, NABARD rural bonds Rs 1 lakh
Rebate for equity investment 80CCG Eligible shares & IPOs, eligible mutual funds, ETFs & NFOs Rs 25,000
Rebate given for taking medical insurance 80 D All public or private medical insurance premiums Rs 15,000 for self and dependents+Rs 15,000 for parents+ Rs 5,000 if parents are senior citizens
Rebate given for medical expenses on a disabled dependant 80 DD Expenses on medical treatment, rehabilitation/training, insurance premium for disabled dependant Rs 1,00,000 if severely handicapped else Rs 50,000
Rebate given for treatment of specified illnesses on self or dependants 80 DDB Expenses on treatment of malignant cancer, AIDS, kidney failure, hemophilia, thalassaemia, neurological diseases Rs 40,000 for non-seniors and Rs 60,000 for senior citizens
Rebate on interest repayment on education loan 80 E Loan taken by self, or taken by parents for their children No limit
Rebate given for donation to eligible charitable organizations 80 G Organization receipt should mention this exemption 10% of adjusted gross total income
Rebate on rent paid 80 GG For those who do not receive HRA Lowest of 25% of total income, actual rent paid less 10% of total income and Rs 2000 per month
Rebate given for donation to eligible organizations for scientific research and rural development 80 GGA 10% of adjusted gross total income
Rebate given for donation to eligible political parties 80 GGC 10% of adjusted gross total income
Exemption on savings account interest 80 TTA Interest from savings account of individuals Rs 10, 000
Disability 80 U (No bills needed) Rs 1,00,000 if severely handicapped else Rs 50,000

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