Investments / Payments / Income on which I can get Tax Benefit

Section 24 (b) – Deduction from income from house property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is ₹2,00,000. However, this deduction is not available for person opting for New tax Regime.

Interest on loan u/s 24(b) allowable is tabulated below -

Tax deductions specified under Chapter VI-A of the Income Tax Act

These deductions will not be available to a taxpayer opting for the new tax regime u/s 115 BAC, except for deduction u/s 80CCD (2) and 80JJAA which will be available under the new tax regime as well:

80C, 80CCC, 80CCD (1)
Deduction towards payments made to: 80C Life Insurance Premium Equity Linked Tax Saving Scheme (ELSS) Unit Linked Insurance Plan (ULIP) Tuition Fees Housing Loan Principal Other various items   80CCC  Annuity plan of LIC or other Insurer towards Pension Scheme 80CCD (1)  Pension scheme of Central Government	Combined deduction limit of ₹ 1,50,000

 

80CCD (1B)
Deduction towards payments made to Pension scheme of Central Government, excluding deduction claimed under 80CCD(1)	Deduction Limit of ₹ 50,000

 

80CCD (2)
Deduction towards contribution made by an employer to the Pension Scheme of Central Government If employer is a PSU, State Government or Others Deduction limit of 10% of salary If employer is Central Government Deduction limit of 14% of salary

 

80D

Deduction towards payments made to Health Insurance Premium and Preventive Health check-up For self / spouse or dependent children ₹ 25,000 (₹ 50,000 if any person is a Senior Citizen) ₹ 5,000 for Preventive Health check-up, included in above limit For parents ₹ 25,000 (₹50,000 if any person is a Senior Citizen) ₹ 5,000 for Preventive Health check-up, included in above limit   Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on Health Insurance coverage For self /  spouse or dependent children Deduction limit is ₹ 50,000 For parents Deduction limit is ₹ 50,000

 

80E
Deduction towards interest payments made on loan for higher education of self or relative	Total amount paid towards interest on loan taken

 

80EE
Deduction towards interest payments made on loan taken for Acquisition of Residential House Property where the loan is sanctioned between 1st April 2016 to 31st March 2017	Deduction limit of ₹ 50,000 on the interest paid on loan taken

 

80EEA
Deduction towards interest payments made on loan taken for Acquisition of Residential House Property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 and deduction should not have been claimed u/s 80EE	Deduction limit of ₹ 1,50,000 on the interest paid on loan taken

 

80EEB
Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023	Deduction limit of ₹ 1,50,000 on the interest paid on loan taken

 

80G
Deduction towards donations made to certain funds, charitable institutions, etc. Donation are eligible for deduction under the below categories: Without any limit 100% deduction 50% deduction Subject to qualifying limit 100% deduction 50% deduction           Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹2,000/-.

 

80GG
Deduction towards rent paid for house and applicable only for whom HRA is not part of salary. Least of the following shall be allowed as deduction: Rent paid reduced by 10% of total income before this deduction ₹ 5,000 per month 25% of total income before this deduction Note: Form 10BA to be filed for claiming this deduction.

 

80GGA

Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for: Scientific Research Social Science or Statistical Research Association or institution for  Rural Development Conservation of Natural Resources or for afforestation PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project  Funds notified by Central Government for: Afforestation Rural Development National Urban Poverty Eradication Fund as setup and notified by Central Government Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2,000 or if gross total income includes income from Profit / Gains from Business / Profession.

 

80GGC
Deduction towards Donations made to Political party or Electoral Trust	Deduction of total amount paid through any mode other than cash.

 

80IA

Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction (subject to certain conditions)

100% of profit for 10 consecutives AY falling within a period of 15 / 20 AY beginning with the AY in which Assessee develops / begins operating and maintaining infrastructure facility No deduction shall be allowed to any enterprise which starts the development or operation and maintenance of the infrastructure facility on or after the 1st April 2017. (No deduction shall be allowed if development, operation, etc. started after specified dates for specified business)

 

80IAB
Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions)	100% of profit for 10 consecutives AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1st April 2017

 

80IB

Deduction towards Profits and Gains from specified business. 100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31st March 2000 but before 1st April 2007) The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of: Industrial Undertaking including an SSI in J&K Commercial Production and Refining of Mineral Oil Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains; (Subject to certain conditions) Indian Company with scientific and industrial research and development as its main object and approved by prescribed authority shall be entitled to claim deductions  100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings from the AY in which it is approved by prescribed authority (if approved before 1st April 1999)

 

80IBA
Profit and Gains derived from Developing and Building Housing Projects	100% of profit subject to various conditions specified

 

80IC
Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions)	100% of profits for first 5 AY and 25% (30% for a Company) for next 5 AY to manufacture or produce specified article or thing

 

80IE
Deduction to certain Undertakings set up in North - Eastern states (subject to certain conditions)	100% of profits for 10 AY subject to various conditions specified

 

80JJA
Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste (subject to certain conditions)	100% of profits for 5 AY where the Gross Total Income of an Assessee includes any Profits and Gains derived from the Business of Collecting and Processing or treating of Biodegradable Waste

 

80JJAA
Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions).	30% of additional employee cost for 3 AY, subject to certain conditions

 

80TTA
Deduction on interest received on Saving Bank Accounts by Individual (other than Senior Citizen) / HUF.	Deduction limit of ₹ 10,000/-