Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. Sum paid or deposited in the name of a girl child under the Sukanya Samriddhi Account Scheme also eligible for deduction.
Any amount deposited by an employee of the Central Government as contribution to the specified account of the pension scheme referred to in section 80CCD for a fixed period of not less than 3 years shall also be eligible for deduction
Deduction in respect of contribution to pension scheme of Central Governmen
Salaried employee or self employed individual
In case of employees maximum 10% of salary and in case of self-employed persons 20% of gross total income Deduction of ₹50,000 available under section 80CCD(1B) whether or not any deduction is allowed to the assessee u/s 80CCD(1) The limit for employer’s contribution u/s 80CCD(2) has been increased from 10 to 14% of contribution made by the Central Government to the account of its employee
Section 80CCE
Limit of deduction u/ss. 80C, 80CCC and 80CCD (only employees/assessee’s contribution to New Pension Scheme to be included for the limit of ₹1,50,000)
Max. ₹1,50,000 However additional deduction of ₹50,000 to be allowed by newly inserted subsection (1B) of section 80CCD shall not form part of the above limit of ₹1,50,000
Deduction in respect of medical insurance premia including any contribution made to the CGHS or such other scheme as may be notified by the Central Government
Any payment upto ₹5,000 made on account of preventive health check-up of the assessee or his family shall also be eligible (payment for this may be made even in cash) The whole of the amount paid on account of medical expenditure in respect of a senior citizen, (if no payment has been made to keep in force an insurance on the health of such person), as does not exceed ₹50,000 shall be allowed as deduction to any of the persons mentioned in column 3 who has paid such amount
Individual or HUF whether resident or non-resident
(a) an individual, provided the amount is incurred by the assessee on himself or any member of his family
(b) HUF, provided the amount is incurred for very senior citizen who is the member of HUF (c) An individual, provided the amount is incurred for very senior citizen who is the parent of such individual
In case of individuals
(i) For individual himself, spouse and dependent children ₹25,000
Note.—Addl. ₹25,000 if any of the above person insured is a senior citizen In case of senior citizen, amount paid on account of medical expenditure as does not exceed ₹50,000.
However, total deduction under this section cannot exceed ₹75,000.
Deduction in respect of interest on loan taken for certain house property which was sanctioned till 31.03.2020 (Extended till 31.03.2021 by Finance Act, 2020)
Deduction in respect of donations to certain funds, charitable institutions, etc. Donations to Swachh
All assessees
(a) 100% or 50% of eligible donations, without Bharat Kosh, Clean Ganga Fund (provided such sum is not spent in pursuance of CSR) eligible for deduction w.r.e.f. A.Y. 2015-16 and National Fund for Control of Drug Abuse also eligible for deduction w.e.f. A.Y. 2016-17 applying qualifying limit in certain cases (b) 100% or 50% of eligible donations, after applying Qualifying limit of 10% of adjusted GTI.
Deduction in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
Industrial undertaking or enterprises engaged in infrastructure development, etc.
30% to 100% of profits
Section 80-IAB
Deduction in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
Undertaking/ enterprises engaged in development of Special Economic Zone
100% of profits for 10 consecutive assessment years
Section 80-IAC
Special provision in respect of eligible business of eligible start up
An assessee being an eligible start-up
100% of the profits and gains derived from such business for three consecutive assessment years out of 7 assessment years (out of 10 assessment years as amended by Finance Act, 2020)
Section 80-IB
Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development, etc.
All assesses engaged in the business of industrial undertakings/hotels/ ships/infrastructure development/ scientific and industrial research and development.
Deduction in respect of profits and gains from housing projects provided the project fulfils certain conditions. Conditions have been modified by the Finance (No. 2) Act, 2019 in respect of projects approved on or after 1.9.2019. The approval of the project now allowed till 31.03.2021 instead of 31.03.2020
Any assessee
A deduction of an amount equal to 100% of the profits and gains derived from such business
Section 80-IE
Special provisions in respect of certain undertakings in North Eastern States
All assessees deriving income from eligible undertaking in any North Eastern States
100% of the profit for 10 consecutive years
Section 80JJA
Deduction in respect of profits and gains from business of collecting and processing of bio degradable waste
All assessees
100% of profit for 5 years
Section 80JJAA / Rule 19AB
Deduction in respect of employment of new workmen
All persons having a factory will be eligible for deduction
30% of additional wages for 3 years
Section 80LA
Deduction in respect of certain incomes of Offshore Banking Units and International Financial Services Centre
Only Scheduled Banks owning offshore banking units in a special economic zone
100% of income for first 5 years and 50% for next five years W.e.f. A.Y. 2020-21, the deduction shall be increased to 100% for any ten consecutive years. The assessee, at his option, may claim the said deduction for any ten consecutive assessment years out of fifteen years beginning with the year in which the necessary permission was obtained
Section 80M
Deduction in respect of certain intercorporate dividends
Domestic Company
Amount equals to so much of the amount of income by way of dividend received from other domestic company as does not exceed the amount of dividend distributed by the receipient domestic company on or before the due date.
Deduction in the case of a person with disability/severe disability
Resident individuals
₹75,000/ ₹1,25,000
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