80 C : Savings 80CCC : Contributions to Pension Funds 80D: Medical Insurance Premium

80DD : Maintenance of Handicapped Dependent

80E : Interest on Loan for Higher Education

80U : Deduction for Handicapped Resident Individual

80C: Savings
Eligible Assessee:

(a) Individual : Self, Spouse, Children (b) HUF : Any member of HUF
Amount of Deduction:

(a) Amount Invested or (b) Rs.1,00,000 whichever is less.

Qualifying Investments
Life Insurance Policy: 1. In case of Individual Self, spouse, children (minor or major, dependent or independent, married or unmarried) 2. In case of HUF Any member of HUF. 3. Amount of Deduction:

20% of sum assured or premium paid, whichever is less.

(10% of sum assured, if policy is taken on or after 1.4.2012)

4. Premium due, but not paid Not eligible.

Qualifying Investments
Provident Fund:

Statutory Provident Fund (SPF) Recognized Provident Fund (RPF) Public Provident Fund (PPF) Post office Cumulative Time Deposit (POCTD): 5 years / 10 years / 15 years National Saving Certificate (NSC) & Interest on NSC: Interest is taxed under Income from Other Sources Deduction u/s 80C. Fixed Deposit in Bank: 5 years (Scheduled Bank)

Qualifying Investments
Senior Citizen Savings Scheme: Tuition Fees:
a) Eligible Assessee only Individual b) Only Tuition Fees not donation. c) Paid to University, College, School / Educational Institution d) Situated in India e) Only Full Time Education f) For any TWO CHILDREN g) Child may be major / minor, dependent/independent

New House:
a) Principal Repayment of any Housing Loan from Bank or

Financial Institution. b) Stamp duty, registration fees / other expenses

Other Qualifying Investments

Unit linked Insurance Plan of UTI (ULIP), Unit Linked Insurance Plan of LIC Dhanaraksha, Notified Annuity Plan of LIC (Jeevan Dhara/ Jeevan Akshay), Equity Linked Saving Scheme (ELSS) of Mutual Fund or LIC, Pension Fund of Mutual Fund/Unit Trust of India, Deferred Annuity Plan, Home Loan Account of National Housing Bank & interest

accrued thereon. Housing Finance Deposits, Notified bonds of NABARD and Investment in Infrastructure Shares/ Debentures / Units Note: Kisan Vikas Patra Not Eligible

When Deduction is Disallowed?

1. Termination of ULIP before 5 years: 2. Discontinuation of Insurance Policy before 2 years 3. Transfer of House Property before 5 years 4. Transfer of Infrastructure Debentures/Shares/Units

before 3 years
5. Withdrawal from SCSS / PO-CTD before 5 years

80CCC: Contribution to Pension Funds

1. Only to an individual (Indian Citizen/ foreign citizen). 2. paid or deposited any amount

3. To effect or keep in force a contract for any annuity plan of LIC of India/any other insurer.
4. For receiving pension from a fund. 5. Quantum of Deduction

actual deposit / payment or

Rs.1,00,000 whichever is less.

Total Deduction u/s 80C + 80CCC can not exceed Rs.1,00,000.

80D : Medi-Claim Insurance Premium

1. 2. 3. 4. Eligible Assessee: Individual : Self, Spouse, Dependent Children and Parents HUF : Any member of HUF. Paid to: GIC or CGHS or Any other insurer approved by IRDA. Mode of Payment: Preventive Health Checkup Any mode including cash Medi-Claim Premium Any mode other than cash Quantum of Deduction: Rs.15,000 for self, spouse and dependent children Rs.15,000 parents Addition Rs. 5,000 if Senior Citizen. Preventive health checkup can not exceed Rs.5,000

80DD: Maintenance of Handicapped Dependent

1. 2. Eligible Assessee: Resident Individual Resident HUF Deduction is available in respect of: Any expenditure incurred for the medical treatment (including nursing), training and rehabilitation of dependent with disability Any amount paid or deposited by the assessee under any scheme of LIC or any other insurer or UTI for the maintenance of a dependent with disability. Quantum of Deduction: Rs.50,000 irrespective of actual expense / amt. deposited. Rs.1,00,000 in case of severe disability.

3.

80DD: Maintenance of Handicapped Dependent

4. Dependent: In case of Individual spouse, children, parents, brothers and sisters of the individual. In case of HUF any member of HUF. Points to Note: Dependent should be wholly and mainly dependent on the Assessee and has not claimed any deduction u/s 80 U in computation of his income. For claiming the deduction, the assessee shall have to furnish a copy of the Certificate issued by the Medical Authority along with the Return of Income.

80E: Interest on Loan for Higher Education

1. Eligible Assessee: only Individual 2. Loan from : Any Financial Institution or Approved Charitable Institution. 3. Loan taken for : the purpose of pursuing His own higher education Higher education of spouse or any child. 4. Higher education means: any full time graduate or post graduate course. 5. Amt is paid : by way of Interest on Loan 6. Amount of Deduction : Amount paid during the year by way of Interest on Loan. 7. Deduction is allowed for 8 Assessment Years starting from the year in which assessee starts paying interest.

80U: Deduction for Handicapped Resident Individual

1. 2. a) b) c) d) Eligible Assessee: Individual Resident in India. Conditions : The assessee is permanently handicapped. Handicapness reduces his working capacity. Suffering from not less than 40% of prescribed disability. Certificate from the doctor of Government Hospital to be submitted. 3. Quantum of Deduction: Rs.50,000 40% to 80% handicapped. Rs.1,00,000 if severely handicapped (more than 80% handicapped or multiple handicapness) .