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For financial year 2016-17 (with changes listed in Budget 2017 for FY 2017-18)
Section 80C
Under section 80C, a deduction of Rs 1,50,000 can be claimed from your total income. In simple terms, you can reduce up to Rs
1,50,000 from your total taxable income through section 80C. This deduction is allowed to an Individual or an HUF.
A maximum of Rs 1, 50,000 can be claimed for the financial year 2016-17. The limit for the financial year 2017-18 is also Rs 1,
50,000.
If you have paid excess taxes, but have invested in LIC, PPF, Mediclaim etc., you can file your Income Tax Return and get a
refund.
Click here to see all the investment options to save
If you need help claiming Section 80 deductions like 80C, investments, mediclaim, or calculating HRA to save on taxes, cleartax’s
CAs can help you claim a refund (if applicable) and e-file in 48 hours.
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Section 80CCC: Deduction for Premium Paid for Annuity Plan of LIC
or Other Insurer
This section provides a deduction to an Individual for any amount paid or deposited in any annuity plan of LIC or any other insurer.
The plan must be for receiving a pension from a fund referred to in Section 10(23AAB).
If the annuity is surrendered before the date of its maturity, the surrender value is taxable in the year of receipt.
For the financial year 2016-17 – Deduction calculation has been raised to Rs 5,000 a month from Rs 2,000 per month. Therefore a
maximum of Rs 60,000 per annum can be claimed as a deduction.
1. Expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative
2. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.
Where disability is 40% or more but less than 80% – fixed deduction of Rs 75,000.
Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1,25,000.A certificate of disability is required
from prescribed medical authority.
Note: A person with ‘severe disability’ means a person with 80% or more of one or more disabilities as outlined in section 56(4) of
the ‘Persons with disabilities (Equal opportunities, protection of rights and full participation)’ Act.
Certificate can be taken from a Specialist as specified.
Patients getting treated in a private hospital are not required to take the certificate from a government hospital.
Patients receiving treatment in a government hospital have to take certificate from any specialist working full-time in that
hospital. Such specialist must have a post-graduate degree in General or Internal Medicine or any equivalent degree, which
is recognised by the Medical Council of India.
Certificate in Form 10I is no longer required. The certificate must have – name and age of the patient, name of the disease
or ailment, name, address, registration number and the qualification of the specialist issuing the prescription. If the patient is
receiving the treatment in a Government hospital, it should also have name and address of the Government hospital.
For financial year 2015-16 – The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00,000 has been raised to Rs
1,25,000.
Donations to the following are eligible for 100% deduction subject to 10% of adjusted
gross total income
Government or any approved local authority, institution or association to be utilised for the purpose of promoting family
planning
Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in
India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India.
Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross
total income
Any other fund or any institution which satisfies conditions mentioned in Section 80G(5)
Government or any local authority to be utilised for any charitable purpose other than the purpose of promoting family
planning
Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for
the purpose of planning, development or improvement of cities, towns, villages or both
Any corporation referred in Section 10(26BB) for promoting interest of minority community
For repairs or renovation of any notified temple, mosque, gurudwara, church or other place.
80CC For amount deposited in annuity plan of LIC or any other insurer for pension –
from a fund referred to in Section 10(23AAB).
80GG For rent paid when HRA is not received from employer Least of rent paid minus 10% of total income Rs. 5000/-
per month 25% of total income
80EE Interest on home loan for first time home owners Rs 50,000
80CCG Rajiv Gandhi Equity Scheme for investments in Equities Lower of – 50% of amount invested in equity shares or
Rs 25,000
80DD Medical treatment for handicapped dependant or payment to specified scheme o Rs. 75,000
for maintenance of handicapped dependant
Rs. 1,25,000
Disability is 40% or more but less than 80%
Section Deduction on FY 2016-17
80DDB Medical Expenditure on Self or Dependent Relative for diseases specified in Lower of Rs 40,000 or the amount actually paid
Rule 11DD Lower of Rs 60,000 or the amount actually paid
Lower of Rs 80,000 or the amount actually paid
For less than 60 years old
For more than 60 years old
For more than 80 years old
80GGB Contribution by companies to political parties Amount contributed (not allowed in cash)
80GGC Contribution by individuals to political parties Amount contributed (not allowed in cash)
80RRB Deductions on Income by way of Royalty of a Patent Lower of Rs 3,00,000 or income received