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Deductions

Deduction in respect of rent paid 80GG


Individual and HUF Conditions to be satisfied: should not be receiving HRA except u/s 10(13A) expenditure on rent should exceed 10% of his total income after all deductions except under this section accommodation occupied by the assessee for his own residence should not own any accommodation at the place where he normally resides

Deduction in respect of rent paid 80GG (contd.)


Deduction allowed is least of the following: actual rent 10% of the total income of the assessee 25% of such total income amount calculated at Rs. 2,000 p.m.

80 GGB/80GGC- Donation to Political Parties or Electoral Trust


80GGB - Any sum contributed by an Indian Co. To any Political party or Electoral trust. 100% allowed. 80GGC Any Non Corporate Assessee. Any sum Contributed by such Assessee. 100% deduction.

80JJA- Profits from Business of Collecting & Processing of Bio-degradable Waste


Any Assessee Business should be of : - Collecting & Processing of biodegradable waste, producing bio-fertilizers, bio- pesticides or other biological agent, producing bio-gas or making pellets or briquettes for fuel or organic manure. 100% Deduction for 5 consecutive yrs starting from yr of commencement of Business.

Deduction in respect of interest loan taken for higher education -80 E


Individual assessee Interest on loan paid out of income chargeable to tax loan taken for the purpose of pursuing higher education of the assessee, spouse, children of the assessee, or student for whom assessee is the legal guardian Higher education means any course of study including vocational studies after class XII or its equivalent.

Deduction in respect of interest loan taken for higher education -80 E (contd).
The loan must have been taken from any financial institution or approved charitable institution. The deduction is allowed from the year in which the assessee first pays the interest and for the next 7 years.

80QQB/80RRB- Royalty from Books / Patents


Resident Individual who is registered as first and true inventor, including co-owner of the patent. Maximum Amt Rs.3,00,000 Conditions to be satisfied: Lumpsum consideration for Grant of Interest in Copyright of any book being work of Literary, Artistic or Scientific. No deduction for royalty income from text book for schools, guides, newspapers etc.

80QQB/80RRB- Royalty from Books / Patents- contd.


Royalty on Books In excess of 15% of the Value of Books shall be ignored for this deduction. Formula : Royalty Income - 15% of the Value of such Books - Expenses incurred for earning the Royalty. (Max - 3Lac) If Royalty Received outside India then it should be remitted to India within 6months of relavant PY.

80U- Deduction in case of person with disability


Resident Individuals. Deduction of Rs.50,000 (Rs.1,00,000 in case of Severe Disability) Severe Disability Include : Total Blindness, Permanent physical disability, Mental retardation, autism, cerebral palsy and multiple disabilities (Certificate to be produced)