Investments / Payments / Incomes on which I can get tax benefit ? / Tax deductions specified under Chapter VIA of the Income Tax Act

Tax deductions specified under Chapter VIA of the Income Tax Act 

These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s 80CCD (2) which will be applicable for New Tax Regime as well

# 👇👊Click section number for Detailed section

Section	Description	Deduction Limit
80C	Deduction towards payments made to Life Insurance Premium Provident Fund Subscription to certain equity shares Tuition Fees National Savings Certificate, Housing Loan Principal Other various items
80CCC	Annuity plan of LIC or other insurer towards Pension Scheme	Combined deduction limit of ₹ 1,50,000 for ( 80C, 80CCC, 80CCD(1))
80CCD(1)	Pension Scheme of Central Government
80CCD(1B)	Deduction towards payments made to Pension Scheme of Central Government, excluding deduction claimed under 80CCD (1)	₹ 50,000
80CCD(2)	Deduction towards contribution made by an employer to the Pension Scheme of Central Government
	If Employer is a PSU, State Government  or Others	10% of salary
	If Employer is Central Government	14% of salary
80D	Deduction towards payments made to Health Insurance Premium & Preventive Health check up
	For Self / Spouse or Dependent Children	₹ 25,000 (₹ 50,000 if any person is a Senior Citizen) ₹ 5,000 for preventive health check up, included in above limit
	For Parents	₹ 25,000 (₹50,000 if any person is a Senior Citizen) ₹ 5,000 for preventive health check up, included in above limit
	Deduction towards Medical Expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage
	For Self/    Spouse or Dependent Children	₹ 50,000
	For Parents	₹ 50,000
8DD	Deduction towards payments made towards Maintenance or Medical treatment of a Disabled Dependent or Paid / Deposited any amount under relevant approved scheme	Flat deduction of ₹ 75,000 available for a person with Disability, irrespective of expense incurred The deduction is ₹ 1,25,000 if the person has Severe Disability (80% or more)
80DDB	Deduction towards payments made towards Medical treatment of Self or Dependant for specified diseases	₹ 40,000 (₹ 1,00,000 if Senior Citizen)
80E	Deduction towards interest payments made on loan for higher education of Self or relative	Total amount paid towards interest on loan taken
80EE	Deduction towards interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 to 31st March 2017	₹ 50,000 on the interest paid on loan taken
80EEA	Deduction available only to individuals towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 & deduction should not have been claimed u/s 80EE	₹ 1,50,000 on the interest paid on loan taken
80EEB	Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023	₹ 1,50,000 on the interest paid on loan taken
80G	Deduction towards Donations made to prescribed Funds, Charitable Institutions, etc.(Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding  ₹ 2000/-) Donation are eligible for deduction under the below categories
	Without any limit	100% deduction 50% deduction
	Subject to qualifying limit	100% deduction 50% deduction
80GG	Deduction towards rent paid for house & applicable to only those who are self-employed or for whom HRA is not part of Salary Note: Form 10BA to be filled for claiming this deduction	Least of the following shall be allowed as deduction Rent paid reduced by 10% of Total Income before this deduction ₹ 5,000 per month 25% of Total Income (excluding long term capital gains, short term capital gains under section 111A or income under section 115A or 115D)
80GGA	Deduction towards Donations made for Scientific Research or Rural Development (Note: No deduction shall be allowed under this Section in respect of donation made in cash exceeding ₹  2000/- or if Gross Total Income includes income from Profit / Gains of Business / Profession) Donation are eligible for deduction under the below categories
	Research Association or University, College or other Institution for	Scientific Research Social Science or Statistical Research
	Association or Institution for	Rural Development Conservation of Natural Resources or for Afforestation
	PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project
	Funds notified by Central Government for	·         Afforestation, Rural Development
	National Urban Poverty Eradication Fund as setup and notified by Central Government
80GGC	Deduction towards Donations made to Political Party or Electoral Trust	Deduction towards Donations made to Political Party or Electoral Trust
80TTA	Deduction on interest received on saving bank accounts by Non-Senior Citizens	₹ 10,000/-
80TTB	Deduction on interest received on deposits by Resident Senior Citizens	₹ 50,000/-
80U	Deductions for a resident individual taxpayer with Disability	Flat ₹ 75,000 deduction for a person with Disability, irrespective of expense incurred Flat ₹ 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred

source : https://www.incometax.gov.in/

Disclaimer: The content on this page is only to give an overview and general guidance and is not exhaustive. For complete details and guidelines please refer Income Tax Act, Rules and Notifications.

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