Tax Deduction
Tax Deduction
Deductions under Chapter VI (sec 80C)
| Deduction under Pension scheme (sec 80C). | Medical Insurance Premium (sec 80D). |
| NSC (sec 80C). | Medical for handicapped dependents (Sec 80DD). |
| Public Provident Fund (sec 80C). | Medical for speciMedical for specied diseases (Sec 80DDB). |
| Employees Provident Fund & Voluntary PF (sec 80C). | Higher Education Loan Interest Repayment (Sec 80E). |
| Children’s Education (sec 80C). | Donation to approved fund and charities (sec 80G). |
| Housing loan principal repayment (sec 80C). | Rent deduction (sec 80GG) only if HRA not received. |
| Insurance premium (sec 80C). | Deduction for permanent disability (80U). |
| Infrastructure Bonds & others (MF, ULIP, etc.) (sec 80C). |
Deductions from gross income on Life Insurance premium paid.
Under Sec.80C of the Income Tax Act.
Premiums paid up to a maximum of Rs.1,50,000 subject to a maximum of 20% of Capital Sum Assured under Traditional & Unit Linked Plans.
Under Sec.80CCC of the Income Tax Act.
Premiums paid up to a maximum of Rs. 1,50,000 under pension plans. However, u/s.80 CCE, the aggregate amount of deduction under section 80C, section 80CCC, and section 80CCD shall not, in any case, exceed one lakh rupees.
Under Sec.80DD of the Income Tax Act.
Premiums paid under plans exclusively for physically handicapped persons up to Rs.50,000/-In case of severe disability as certied & issued by the medical authority up to Rs. 75,000/- Exemption of Life Insurance Proceeds.
Under Sec.10(10D) of the Income Tax Act.
Maturity benets are tax-free. However, in cases where premium exceeds 20% of capital sum assured within a year, benets paid in excess of premiums paid will be taxable. Death benets are tax-free.
