I was planning to declare income tax declaration for financial year 2021-2022. I have prepared a complete list of tax-free deductions available under Section 80 for KnowledgeSpot visitors. Which will help them to plan their tax saving for financial year 2021-2022.
| Section | Deduction on | Allowed Limit (maximum) FY 2021-22 |
| 80C | Investment in PPF | Rs. 1,50,000 |
| – Employee’s share of PF contribution | ||
| – NSCs | ||
| – Life Insurance Premium payment | ||
| – Children’s Tuition Fee | ||
| – Principal Repayment of home loan | ||
| – Investment in Sukanya Samridhi Account | ||
| – ULIPS | ||
| – ELSS | ||
| – Sum paid to purchase deferred annuity | ||
| – Five year deposit scheme | ||
| – Senior Citizens savings scheme | ||
| – Subscription to notified securities/notified deposits scheme | ||
| – Contribution to notified Pension Fund set up by Mutual Fund or UTI. | ||
| – Subscription to Home Loan Account scheme of the National Housing Bank | ||
| – Subscription to deposit scheme of a public sector or company engaged in providing housing finance | ||
| – Contribution to notified annuity Plan of LIC | ||
| – Subscription to equity shares/ debentures of an approved eligible issue | ||
| – Subscription to notified bonds of NABARD | ||
| 80CCC | For amount deposited in annuity plan of LIC or any other insurer for a pension from a fund referred to in Section 10(23AAB) | – |
| 80CCD(1) | Employee’s contribution to NPS account (maximum up to Rs 1,50,000) | – |
| 80CCD(2) | Employer’s contribution to NPS account | Maximum up to 10% of salary |
| 80CCD(1B) | Additional contribution to NPS | Rs. 50,000 |
| 80TTA(1) | Interest Income from Savings account | Maximum up to 10,000 |
| 80TTB | Exemption of interest from banks, post office, etc. Applicable only to senior citizens | Maximum up to 50,000 |
| 80GG | For rent paid when HRA is not received from employer | Least of : |
| – Rent paid minus 10% of total income | ||
| – Rs. 5000/- per month | ||
| – 25% of total income | ||
| 80E | Interest on education loan | Interest paid for a period of 8 years |
| 80EE | Interest on home loan for first time home owners | Rs 50,000 |
| 80D | Medical Insurance – Self, spouse, children | – Rs. 25,000 |
| Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old | – Rs. 50,000 | |
| 80DD | Medical treatment for handicapped dependent or payment to specified scheme for maintenance of handicapped dependent | |
| – Disability is 40% or more but less than 80% | ||
| – Disability is 80% or more | – Rs. 75,000 | |
| – Rs. 1,25,000 | ||
| 80DDB | Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD | – Lower of Rs 40,000 or the amount actually paid |
| – For less than 60 years old | – Lower of Rs 1,00,000 or the amount actually paid | |
| – For more than 60 years old | ||
| 80U | Self-suffering from disability : | |
| – An individual suffering from a physical disability (including blindness) or mental retardation. | – Rs. 75,000 | |
| – An individual suffering from severe disability | – Rs. 1,25,000 | |
| 80GGB | Contribution by companies to political parties | Amount contributed (not allowed if paid in cash) |
| 80GGC | Contribution by individuals to political parties | Amount contributed (not allowed if paid in cash) |
| 80RRB | Deductions on Income by way of Royalty of a Patent | Lower of Rs 3,00,000 or income received |
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