Producer: Priyanka Das Editor: Manuj Yadav
Section 80CCD: Contributions to National Pension Schemes (NPS) are eligible for tax deduction. The deduction limit under this section is Rs 50,000. This exceeds the total deduction cap of Rs 1,50,000 permitted under Section 80C.
Section 80D: Health insurance premiums and medical expenditures can be claimed as tax deductions. The deduction limitations might be Rs 25,000, Rs 50,000, Rs 75,000, or Rs 1 lakh, depending on the age and type of taxpayer.
Section 80DD: For costs paid on the care and recovery of your dependents with disabilities, you may be eligible for tax deductions. For those with 40-80% disability, the deduction limit is Rs 75,000; for those with over 80% impairment, it is Rs 1,25,000.
Section 80DDB: Taxpayers who incur medical expenditures for themselves or their families due to specific diseases are eligible to claim tax deductions. The deduction limit is Rs 40,000 and it may exceed Rs 10,00,000 in the case of elderly individuals.
Section 80E: The interest paid on educational loans is deductible from taxes. Loans taken out for higher education by the taxpayer, their spouse, their children, or a student for whom the payee is a legal guardian are eligible for the deduction. This has no upper limit on deductions, however some requirements must be fulfilled.
Section 80EE: This provision provides exemptions from taxes to first-time homebuyers. This amount is beyond the Rs 2 lakh maximum allowed for house loan interest repayment under Section 24 of the Income Tax Act. The deduction cap is Rs 50,000.
Section 80G: Taxpayers can deduct contributions given to recognised charity organisations. This clause covers individuals as well as companies. The amount of donations deducted for digital modalities, including bank transfers, has no upper limit. Nonetheless, there is an annual cap of Rs 2000 on cash contributions.
Section 80GG: Individuals are entitled to a deduction for the rent they pay towards their housing. This deduction is available if the worker doesn’t own a place of residence in the area where they live or work and does not get HRA from their employer. The deduction limit is subject to certain requirements.
Section 80GGA: Individuals and corporations can deduct donations made to organisations involved in scientific studies or rural development. The deduction limit is the whole amount contributed, or Rs 10,000, whatever is less.