TAXABLE, REBATE & LIMIT

 TABLE FOR TAXABLE, REBATE & LIMIT

Particulars	Taxable/Non-Taxable	Exemption/Rebate	Limit
Taxable Items:	-	-	-
Basic Pay	Fully Taxable	-	-
Dearness Pay	Fully Taxable	-	-
Grade Pay	Fully Taxable	-	-
Dearness Allowance	Fully Taxable	-	-
House Rent Allowance	Fully Taxable	-	-
City Compensate Allowance	Fully Taxable	-	-
Medical Allowance	Fully Taxable	-	-
Family Planning Allowance	Fully Taxable	-	-
Arrear Amount	Fully Taxable	-	-
Maturity Amount of NSC	Fully Taxable	-	-
Total amount withdrawn from NSS	Fully Taxable	-	-
Transport Allowance	Partially Taxable	Rebate	Maximum upto Rs.800 PM
Children Education Allowance	Partially Taxable	Rebate	Maximum upto Rs.100 PM
Deductions:
Less-Allowance U/S 10(13A) Actual Rent Paid	-	Exempt	Actual amount of HRA received or Expenditure on rent in excess of 1/10th of the salary or 50% of Salary, which ever is less Rent Paid
Interest on HBA U/S 24	-	Deduction	Maximum Rs.1,50,000
Reimbursement of Medical Exp. U/S 17(2)V	-	Deduction	Maximum Rs.15,000
U/S 80C	-	Deduction	Maximum Rs.1,00,000
Refund of loan taken for the construction of House	-	Deduction	Maximum Rs.1,00,000
C.P.F / G.P.F	-	Deduction	Maximum Rs.1,00,000
G.I.S	-	Deduction	Actual
LIC Premium	-	Deduction	Maximum Rs.1,00,000
Subscription of N.S.C. / P.P.F	-	Deduction	Maximum Rs.1,00,000
Interest Occurred on investment in N.S.C.	-	Deduction	Maximum Rs.15,000
C.T.D. / L.I.P. / ULIP (Mutual Fund)	-	Deduction	Maximum Rs.1,00,000
Unit Linked Plan	-	Deduction	Maximum Rs.1,00,000
Tuition Fee (Limited to 2 children) & (After XII th full time course)	-	Deduction	Maximum Rs.1,00,000
5 Years Fixed deposit & 5 years time deposit scheme	-	Deduction	Maximum Rs.1,00,000
U/S 80D CCC	-	Deduction	Maximum Rs.10,000
U/S 80CCD	-	Deduction	Maximum 10% of BP & DA (Recruited on or after 1.1.2004)
Medi Claim Premium U/S 80D	-	Deduction	Maximum Rs.15,000 (Other than above Rs.1,00,000)
Premium paid for Self, Spouse & Children	-	Deduction	Maximum Rs.15,000 (other than above Rs.1,00,000)
Premium paid for Parents (If parent is not senior citizen)	-	Deduction	Maximum Rs.20,000 (Other than above Rs.1,00,000)
Premium paid for Parents (If parent is senior citizen)	-	Deduction	Maximum Rs.20,000 (Other than above Rs.1,00,000)
U/S 80DD	-	Deduction	Handicapped dependents :spouse, son / daughter, parents and brother / sister - Deduction Rs.75,000 to Rs.1,00,000
U/S 80DDB	-	Deduction	Maximum Rs.400,00 (other than above Rs.1,00,000)
U/S 80E	-	Deduction	Entire amount (Interest on higher Education/Study loans)
U/S 80 G	-	Deduction	Deduction for contribution to charitable organization
U/S 80U	-	Deduction	Disability Deduction Rs.75,000 to Rs.1,00,000
Tax Relief - Additional savings in Infrastructure Bonds : Rs.20,000
CGHS subscription will be exempted u/s 80D

 what is 80 section & deductions ?

Sl No	Section	Details of deductions		Quantum
1	80C	General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc		Maximum Rs 1 ,00,000 is allowed. Investment need not be from taxable income.

2	80CCC	Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.		Maximum is Rs 1,00,000
3	80CCD	Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.		Maximum is sum of employer’s and employee’s contribution to the maximum : 10 % of salary.
4		It should be noted that as per section 80CCE , the maximum amount of deduction which can be claimed in  aggregate of 80C ,80CCC & 80CCD is Rs 1,00,0000
5	80D	Medical insurance on self, spouse , children or  parents	Rs 15,000 for self , spouse & children Extra Rs 15,000 for insurance on parents. IF parents are above 65 years, extra sum should be read as Rs 20,000 Thus maximum is RS 35,000 per annum
6	80DD	For maintenance including treatment or 7insurance the lives of physical disable dependent relatives	Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
7	80DDB	For medical treatment of self or relatives suffering from specified disease	Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000
8	80E	For interest payment on loan taken for higher studies for self or education of spouse or children	Actual amount paid as interest and start from the financial year in which he /she starts paying interest and runs till the interest is paid in full.
9	80G	Donations to charitable institution	100% or 50% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. )
10	80GG	For rent paid.	This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month.  Rule 11B is method of computation.
11	80GGA	For donation to entities in scientific research or rural development f	Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.
12	80GGC	For contribution to political parties	100 % of donations
13	80QQB	Allowed only to resident authors for royalty income for books other than text book	Royalty income or Rs 3,00,000 whichever is less.
14	80RRB	For income receipt as royalty on patents of resident individuals	Actual royalty or Rs 3,00,000 whichever is less.
15	80U	Deduction in respect of permanent physical disability including blindness to taxpayer	RS 50,000 which goes to Rs 1,00,000 in case taxpayer is suffering from severe disability.