{"id":3688,"date":"2021-07-04T19:30:43","date_gmt":"2021-07-04T19:30:43","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=3688"},"modified":"2024-08-29T16:55:38","modified_gmt":"2024-08-29T16:55:38","slug":"faqs-on-deductions-under-section-80c-80ccc-80ccd-80d","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/","title":{"rendered":"FAQs ON DEDUCTIONS UNDER SECTION 80C, 80CCC, 80CCD &#038; 80D"},"content":{"rendered":"<figure id=\"attachment_3132\" aria-describedby=\"caption-attachment-3132\" style=\"width: 938px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/12\/ENTRY-STRATEGY.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3132\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/12\/ENTRY-STRATEGY.png\" alt=\"www.caindelhiindia.com; ENTRY STRATEGY\" width=\"938\" height=\"625\" \/><\/a><figcaption id=\"caption-attachment-3132\" class=\"wp-caption-text\"><span style=\"color: #ffffff;\">www.caindelhiindia.com; ENTRY STRATEGY<\/span><\/figcaption><\/figure>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d360d633aa7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d360d633aa7\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/#FAQs_ON_DEDUCTIONS_UNDER_SECTION_80C_80CCC_80CCD_80D\" title=\"FAQs ON DEDUCTIONS UNDER SECTION 80C, 80CCC, 80CCD &amp; 80D\">FAQs ON DEDUCTIONS UNDER SECTION 80C, 80CCC, 80CCD &amp; 80D<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/#Are_donations_eligible_for_tax_exemptions_under_Section_80C\" title=\"Are donations eligible for tax exemptions under Section 80C?\">Are donations eligible for tax exemptions under Section 80C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/#Can_an_organization_or_a_firm_take_the_advantage_of_Section_80C\" title=\"Can\u00a0an organization\u00a0or a firm take the\u00a0advantage of\u00a0Section 80C?\">Can\u00a0an organization\u00a0or a firm take the\u00a0advantage of\u00a0Section 80C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/#What_does_one_mean_by_80C_deduction_under_chapter_VI_A\" title=\"What\u00a0does one\u00a0mean by 80C deduction under chapter VI A?\">What\u00a0does one\u00a0mean by 80C deduction under chapter VI A?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/#The_way_to_calculate_80GG_How_to_claim_80GG\" title=\"The way to\u00a0calculate 80GG? How to claim 80GG?\">The way to\u00a0calculate 80GG? How to claim 80GG?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/#What_is_section_80TTB\" title=\"What is section 80TTB?\">What is section 80TTB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/#Who_is_eligible_for_rebate_us_87a\" title=\"Who is eligible for rebate u\/s 87a?\">Who is eligible for rebate u\/s 87a?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-deductions-under-section-80c-80ccc-80ccd-80d\/#Income_under_the_head_salaries_for_The_FY_2024-25\" title=\"Income under the head salaries for The FY 2024-25\">Income under the head salaries for The FY 2024-25<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_ON_DEDUCTIONS_UNDER_SECTION_80C_80CCC_80CCD_80D\"><\/span><span style=\"color: #ff0000;\">FAQs ON DEDUCTIONS UNDER SECTION 80C, 80CCC, 80CCD &amp; 80D<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"color: #000080;\"><strong>Are taxpayers allowed\u00a0to say\u00a080C deductions while filing\u00a0taxation\u00a0return?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Claim for 80C deduction is allowed while filing income return before\u00a0the top\u00a0of that Assessment Year.<\/p>\n<ol start=\"2\">\n<li><strong><span style=\"color: #000080;\">Which year will the investments reflect\u00a0within the\u00a0tax\u00a0return?<\/span><\/strong><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Assume a taxpayer made investments in accordance with Section 80C guidelines on 30th April 2019. Then, he or\u00a0she is going to\u00a0be\u00a0able to\u00a0claim tax exemption on such investments\u00a0within the\u00a0Assessment Year 2019-2020.<\/p>\n<ol start=\"3\">\n<li><span style=\"color: #000080;\"><strong>Can someone claim an 80C deduction on the\u00a0life assurance\u00a0premium paid\u00a0to personal\u00a0insurance aggregator?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Yes, deduction under Section 80C\u00a0is accessible\u00a0for all times\u00a0insurance premiums paid to any insurance aggregator recognized by IRDAI (Insurance Regulatory and Development Authority of India).\u00a0it&#8217;s\u00a0applicable for both public\u00a0and personal\u00a0sector companies.<\/p>\n<ol start=\"4\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Are_donations_eligible_for_tax_exemptions_under_Section_80C\"><\/span><span style=\"color: #000080;\"><strong>Are donations eligible for tax exemptions under Section 80C?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Donations made to specific institutions and funds are eligible for tax exemption under this section.<\/p>\n<ol start=\"5\">\n<li><span style=\"color: #000080;\"><strong>Can taxpayers invest\u00a0in additional\u00a0than one investment policy and claim Rs.1.5 lakh exemption\u00a0for every\u00a0investment?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">No, an individual taxpayer is allowed claim a maximum tax exemption of up to Rs.1,50,000 on cumulative basis, after considering the investments made towards tax-saving instruments under Section 80C<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7093\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/MF-.jpg\" alt=\"taxation .\" width=\"1080\" height=\"1176\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/MF-.jpg 1080w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/MF--276x300.jpg 276w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/MF--940x1024.jpg 940w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/MF--768x836.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/MF--800x871.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<ol start=\"6\">\n<li><span style=\"color: #000080;\"><strong>Can I claim the 80C deductions at the time of filing return\u00a0just in case\u00a0I\u2019ve got\u00a0not submitted proof to my employer?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Proofs\u00a0for creating\u00a0investments are submitted to the employer before\u00a0the tip\u00a0of an\u00a0yr\u00a0(FY)\u00a0so\u00a0the employer considers these investments while determining your taxable income\u00a0and therefore the\u00a0deduction\u00a0that\u00a0has to\u00a0be made. However,\u00a0whether or not\u00a0you miss submitting these proofs to your employer, the claim for such investments made\u00a0is\u00a0done at the time of filing your return of income as long as these investments\u00a0are\u00a0made before\u00a0the top\u00a0of the relevant FY.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"7\">\n<li><span style=\"color: #000080;\"><strong>I have made an 80C investment on 30 April 2018.\u00a0that\u00a0year\u00a0am I able to\u00a0claim this investment as a deduction?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">You can claim deduction for investments made\u00a0within the\u00a0return of income for the year\u00a0within which\u00a0you&#8217;ve got\u00a0made the investment. Therefore, if\u00a0you&#8217;ve got\u00a0made the investment on 30 April 2018,\u00a0you&#8217;ll\u00a0be eligible\u00a0to say\u00a0such investment as a deduction during FY 2018-19.<\/p>\n<ol start=\"8\">\n<li><span style=\"color: #000080;\"><strong>I have availed a loan from my employer for pursuing\u00a0education.\u00a0am I able to\u00a0claim the interest paid on such loan as a deduction under Section 80E?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">A deduction of interest paid on education loan under Section 80E\u00a0are often\u00a0made\u00a0on condition that\u00a0the loan has been availed from a\u00a0financial organization\u00a0for pursuing\u00a0education. Therefore, availing a loan from your employer\u00a0won&#8217;t\u00a0entitle you\u00a0to assert\u00a0the interest under Section 80E.<\/p>\n<ol start=\"9\">\n<li><span style=\"color: #000080;\"><strong>Is there any restriction or maximum limit up to which I can claim a deduction under Section 80E?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Law has not prescribed any upper limit\u00a0for creating\u00a0a claim of deduction under Section 80E. Hence,\u00a0the particular\u00a0interest paid during a year\u00a0will be\u00a0claimed as a deduction.<\/p>\n<ol start=\"10\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Can_an_organization_or_a_firm_take_the_advantage_of_Section_80C\"><\/span><strong><span style=\"color: #000080;\">Can\u00a0an organization\u00a0or a firm take the\u00a0advantage of\u00a0Section 80C?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">The provisions of Section 80C apply only to individuals or a Hindu Undivided Family (HUF). Hence,\u00a0an organization\u00a0or a firm cannot take the\u00a0good thing about\u00a0Section 80C.<\/p>\n<ol start=\"11\">\n<li><span style=\"color: #000080;\"><strong>I\u00a0am\u00a0paying\u00a0insurance\u00a0premium to\u00a0a non-public\u00a0underwriter.\u00a0am I able to\u00a0claim 80C deduction for the premium paid?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Deduction under Section 80C\u00a0is on the market\u00a0in respect of\u00a0insurance\u00a0premium paid to any insurer approved by the Insurance Regulatory and Development Authority of India, whether public or private. Hence, the\u00a0amount\u00a0you&#8217;re\u00a0paying\u00a0also will\u00a0facilitate your\u00a0claim an 80C deduction.<\/p>\n<ol start=\"12\">\n<li><span style=\"color: #000080;\"><strong>In which year\u00a0am I able to\u00a0claim deduction of the\u00a0taxation\u00a0purchased\u00a0purchase of a house property<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">You can\u00a0plow ahead\u00a0claiming the\u00a0revenue enhancement\u00a0for purchase of a house\u00a0within the\u00a0year\u00a0during which\u00a0the payment\u00a0is formed\u00a0towards\u00a0tax\u00a0under Section 80C.<\/p>\n<ol start=\"13\">\n<li><span style=\"color: #000080;\"><strong>Can\u00a0a corporation\u00a0claim a deduction for donations made under Section 80G?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Any taxpayer, who is making donations towards specified institutions, funds etc., shall be eligible\u00a0to assert\u00a0a deduction under Section 80G.<\/p>\n<ol start=\"14\">\n<li><span style=\"color: #000080;\"><strong>I am paying medical\u00a0payment\u00a0for a medical policy taken in my name, my wife\u00a0and youngsters.\u00a0I\u2019m\u00a0also paying premium on a medical policy taken\u00a0within the\u00a0name of my parents who are above 60 years.\u00a0am I able to\u00a0claim a deduction for both premiums paid?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">The premium\u00a0you&#8217;ve got\u00a0paid on the policy taken for yourself, spouse\u00a0and kids\u00a0are eligible for a deduction under Section 80D up to a maximum of Rs 25,000.\u00a0additionally,\u00a0to the present,\u00a0you may\u00a0even be\u00a0eligible\u00a0to assert\u00a0deduction of premium paid on the policy taken for your\u00a0adult\u00a0parents up to a maximum of Rs 50,000. Hence,\u00a0you&#8217;ll be able to\u00a0claim both premiums paid as a deduction under Section 80D.<\/p>\n<ol start=\"15\">\n<li><span style=\"color: #000080;\"><strong>Is my FD interest exempt under Section 80TTB?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">If\u00a0you&#8217;re\u00a0an\u00a0oldster\u00a0above 60 years\u00a0old, then your interest income from\u00a0a hard and fast\u00a0Deposit is exempt under Section 80TTB.<\/p>\n<ol start=\"16\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"What_does_one_mean_by_80C_deduction_under_chapter_VI_A\"><\/span><span style=\"color: #000080;\"><strong>What\u00a0does one\u00a0mean by 80C deduction under chapter VI A?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Income tax department allows reducing of the taxable income of the taxpayer\u00a0just in case\u00a0the taxpayer makes certain investments or eligible expenditures allowed under Chapter VI A. 80C allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards\u00a0home equity loan,\u00a0tax\u00a0and registration charges for purchase of property, Sukanya Smriddhi Yojana (SSY) , National saving certificate (NSC) ,\u00a0adult\u00a0savings scheme (SCSS), ULIP, tax saving FD\u00a0for five\u00a0years, Infrastructure bonds etc.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5890\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/80c.jpg\" alt=\"80c\" width=\"1280\" height=\"1170\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/80c.jpg 1280w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/80c-300x274.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/80c-1024x936.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/80c-768x702.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/80c-800x731.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<ol start=\"17\">\n<li><span style=\"color: #000080;\"><strong>How to calculate deduction u\/s 80c?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">For section 80C-\u00a0the number\u00a0of eligible investment or expenditure as specified is fully allowed for deduction subject to the limit of Rs 1.5 lakh.<\/p>\n<p style=\"padding-left: 40px;\">The limit of Rs 1.5 lakh deduction of Section 80C includes 80CCC (contribution towards pension plan) and 80CCD (1), 80CCD (1b) and 80CCD (2).<\/p>\n<p style=\"padding-left: 40px;\">Section 80CCCD (1)\u00a0may be a\u00a0contribution towards the National pension scheme by\u00a0the worker\u00a0or self-employed and\u00a0is restricted\u00a0to 10% of salary (basics + DA) or 20% of gross total income for self-employed.<\/p>\n<p style=\"padding-left: 40px;\">Section 80CCD (1b) provides additional deduction of Rs 50,000 for contributions towards NPS, Atal pension Yojana etc. Such a deduction can be availed above the amount of Rs 1.5 lakh. Thus, the total of deduction including 80C and 80CCD (1b)\u00a0are often\u00a0maximum Rs 2 lakh for\u00a0one\u00a0year.<\/p>\n<p style=\"padding-left: 40px;\">Section 80CCD (2) is deduction allowed to salaried for contributions made by their employer for NPS,\u00a0this is often\u00a0also allowed at 10\u00a0you look after\u00a0salary (basic +DA). However,\u00a0it&#8217;s\u00a0important\u00a0to notice\u00a0that\u00a0there&#8217;s\u00a0no upper limit in 80CCD (2)<br \/>\nHence for investment in 80C only, the limit is Rs 1.5 Lakh. For investment together in 80C, 80CCD (1) and 80CCD (1b), one may invest up to Rs 2 lakh in total. Whereas, a salaried employee can avail more deduction without restriction of limit of Rs 2 lakh under section 80CCD (2) if the employer contributes towards NPS account subject to 10% of salary.<\/p>\n<p style=\"padding-left: 40px;\">Further please note that per Budget 2020, any contribution towards EPF, NPS and superannuation\u00a0are going to be\u00a0added to the salary as \u201cperquisites\u201d and taxable under salaries\u00a0within the\u00a0hands of employees.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"18\">\n<li><span style=\"color: #000080;\"><strong>Can you claim HRA under section 80?<\/strong><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Yes, if\u00a0you are doing\u00a0not receive HRA as\u00a0a component\u00a0of a salary component, rent paid\u00a0is\u00a0claimed as deduction under section 80GG. However,\u00a0the utmost\u00a0amount of deduction allowed is Rs 60,000\u00a0each year.<\/p>\n<ol start=\"19\">\n<li><span style=\"color: #000080;\"><strong>what&#8217;s\u00a080GG in income tax? What is rent paid under 80GG?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">80GG allows you\u00a0to say\u00a0deduction for rent paid\u00a0whether or not\u00a0your salary\u00a0doesn&#8217;t\u00a0include HRA component or by self-employed individuals having income\u00a0aside from\u00a0salary. The condition is\u00a0that you just\u00a0mustn&#8217;t\u00a0own any residential accommodation\u00a0within the\u00a0place of residence\u00a0to assert\u00a0deduction under 80GG.<\/p>\n<ol start=\"20\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"The_way_to_calculate_80GG_How_to_claim_80GG\"><\/span><span style=\"color: #000080;\"><strong>The way to\u00a0calculate 80GG? How to claim 80GG?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">80GG deduction\u00a0are\u00a0allowed as lowest of below mentioned:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Rs 5,000 per month<\/li>\n<li>25% of the adjusted total Income (excluding long-term capital gains, short-term capital gains under section 111A and Income under Section 115A or 115D and deductions under 80C to 80U. Also, income is before making a deduction under section 80GG).<\/li>\n<li>Actual rent less 10% of Income<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"21\">\n<li><strong><span style=\"color: #000080;\">Who can claim deduction in 80GG?<\/span><\/strong><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Deduction under 80GG\u00a0is on the market\u00a0for workers\u00a0who\u00a0don&#8217;t\u00a0get HRA as a component of salary\u00a0due to\u00a0jobs\u00a0within the\u00a0informal sector or to self-employed persons. The person claiming this deduction\u00a0mustn&#8217;t\u00a0own a house\u00a0within the\u00a0place of residence.<\/p>\n<ol start=\"22\">\n<li><span style=\"color: #000080;\"><strong>What is section 80CCD?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">80CCD\u00a0may be a\u00a0subsection of 80C which allows deduction for contributions to national pension schemes as notified by the central government. The deduction is allowed for contributions made by an employee, employer or voluntary self-contribution. Overall limit of deduction allowed in section 80C is Rs 1.5 lakh plus\u00a0a further\u00a0deduction of Rs 50,000 u\/s 80CCD (1b) for self-contribution to NPS or Atal pension yojana.<\/p>\n<ol start=\"23\">\n<li><span style=\"color: #000080;\"><strong>What is section 80CCD (1b)?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Section 80CCD (1b) specifically deals with contributions made by\u00a0an individual\u00a0(employee or self-employed) to pension schemes as notified by the central government. Such a section provides for an additional deduction of Rs 50,000, above the amount of Rs 1.5 Lakh. Thus, a taxpayer\u00a0can claim total deduction of Rs 2 lakh by making investments in 80C and contribution for national pension scheme u\/s 80CCD (1b)<\/p>\n<ol start=\"24\">\n<li><span style=\"color: #000080;\"><strong>What is section 80CCD (1)?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Section 80CCD (1)\u00a0could be a\u00a0deduction\u00a0for workers\u00a0similarly\u00a0as self-employed\u00a0for creating\u00a0contributions to the National Pension scheme. An employee can claim deduction under 80CCD (1) at a maximum of 10% of basic salary plus dearness allowance. For self-employed, the limit for deduction is 20% of their income subject to Rs 1.5 lakh maximum limit of section 80C.<\/p>\n<ol start=\"25\">\n<li><span style=\"color: #000080;\"><strong>What is section 80CCD (2)?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Section 80CCD deals with tax deductions available to employers with\u00a0relation to\u00a0contributions made to the pension scheme for its employees. i.e., if your employer contributes to its employee\u2019s\u00a0retirement savings account, deduction, maximum up to 20% of total income of the employer\u00a0are often\u00a0availed.<\/p>\n<ol start=\"26\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"What_is_section_80TTB\"><\/span><span style=\"color: #000080;\"><strong>What is section 80TTB?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Section 80TTB provides deduction up to Rs 50,000 on interest income earned on fixed deposit or\u00a0bank account\u00a0specifically to Senior citizens.<\/p>\n<ol start=\"27\">\n<li><span style=\"color: #000080;\"><strong>What is rebate u\/s 87A?<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">A rebate under section 87A is\u00a0one amongst\u00a0the\u00a0tax\u00a0provisions that help low income earning taxpayers reduce their\u00a0Income Tax\u00a0liability. Taxpayers earning an income below\u00a0a specific\u00a0limit have the\u00a0advantage of\u00a0paying marginally lower taxes. A Taxpayer can claim the\u00a0good thing about\u00a0rebate under section 87A for FY 2019-20 and 2020-21\u00a0given that\u00a0the subsequent\u00a0conditions are satisfied:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>You are a resident individual<\/li>\n<li>Your total income after reducing the deductions under chapter VI-A (Section 80C, 80D\u00a0and then\u00a0on)\u00a0doesn&#8217;t\u00a0exceed Rs 5 lakh in an FY<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">The tax rebate\u00a0is restricted\u00a0to Rs 12,500. This means, if your total tax payable\u00a0is a smaller amount\u00a0than Rs 12,500, then\u00a0you may\u00a0not\u00a0must\u00a0pay any tax. Do note that the rebate\u00a0is\u00a0applied to\u00a0the full\u00a0tax before adding the health and education cess of 4%.<\/p>\n<ol start=\"28\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Who_is_eligible_for_rebate_us_87a\"><\/span><span style=\"color: #000080;\"><strong>Who is eligible for rebate u\/s 87a?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">A Taxpayer can claim the\u00a0good thing about\u00a0rebate under section 87A for FY 2019-20 and 2020-21\u00a0given that\u00a0the subsequent\u00a0conditions are satisfied:<\/p>\n<ul>\n<li>You are a resident individual\u00a0which implies\u00a0HUF and firms cannot claim this rebate.<\/li>\n<li>Your total income after reducing the deductions under chapter VI-A (Section 80C, 80D\u00a0and then\u00a0on)\u00a0doesn&#8217;t\u00a0exceed Rs 5 lakh in an FY<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Income_under_the_head_salaries_for_The_FY_2024-25\"><\/span><span style=\"color: #000080;\"><b>Income under the head salaries for The FY 2024-25<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-7823\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/rang-of-salary-income.jpg\" alt=\"Income under the head salaries for The FY 2024-25\" width=\"998\" height=\"1298\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/rang-of-salary-income.jpg 553w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/07\/rang-of-salary-income-231x300.jpg 231w\" sizes=\"(max-width: 998px) 100vw, 998px\" \/><\/h2>\n<p><span style=\"color: #000080;\"><strong>FINISH YOUR E-FILING\u00a0free\u00a0WITH IFCCL<\/strong><\/span><\/p>\n<ul>\n<li>IFCCL makes it very easy to E-File your ITR<\/li>\n<li>E-Filing takes only\u00a0some\u00a0minutes<\/li>\n<li>Our experts\u00a0facilitate and provide services\u00a0on live chat and email<\/li>\n<li>Easy and Accurate ITR Filing on IFCCL<\/li>\n<li>File in 7 Mins | Minimal Data Entry | 100% Paperless<\/li>\n<li>START YOUR\u00a0legal instrument\u00a0NOW<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>FAQs ON DEDUCTIONS UNDER SECTION 80C, 80CCC, 80CCD &amp; 80D Are taxpayers allowed\u00a0to say\u00a080C deductions while filing\u00a0taxation\u00a0return? Claim for 80C deduction is allowed while filing income return before\u00a0the top\u00a0of that Assessment Year. Which year will the investments reflect\u00a0within the\u00a0tax\u00a0return? Assume a taxpayer made investments in accordance with Section 80C guidelines on 30th April 2019. Then, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[161],"tags":[840],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/3688"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=3688"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/3688\/revisions"}],"predecessor-version":[{"id":7824,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/3688\/revisions\/7824"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=3688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=3688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=3688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}