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Total amount withdrawn from NSS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. |