Sections

Income Tax Deduction for FY 2020-21 (AY 2021-22)

Who can Invest?

Limit for FY 2020-21 (AY 2021-22)

Section 80C

Investing into very common and popular investment options like LIC, PPF, Sukanya Samriddhi Account, Mutual Funds, FD etc

Individual
Or
HUF

Upto Rs 1,50,000

Section 80CCC

Investment in Pension Funds

Individuals

Section 80CCD (1)

Atal Pension Yojana and National Pension Scheme Contribution

Individuals

Section 80CCD(1B)

Atal Pension Yojana and National Pension Scheme Contribution

Individuals

Upto Rs 50,000

Section 80CCD(2)

National Pension Scheme Contribution by Employer

Individuals

Amount Contributed
or
14% of Basic Salary + Dearness Allowance (in case the employer is CG)
10% of Basic Salary+ Dearness Allowance (in case of any other employer)
- Whichever is lower

Section 80D

Medical Insurance Premium and Medical Expenditure

Individual
Or
HUF

Upto Rs 1,00,000

Section 80DD

Medical Treatment of a Dependent with Disability

Individual
Or
HUF

Normal Disability: Rs 75000/-
Severe Disability: Rs 125000/-

Section 80DDB

Specified Diseases

Individual
Or
HUF

Senior Citizens: Upto Rs 1,00,000
Others: Upto Rs 40,000

Section 80E

Interest paid on Loan taken for Higher Education

Individual

100% of the interest paid upto 8 assessment years

Section 80EE

Interest paid on Housing Loan

Individual

Upto Rs 50,000 subject to some conditions

Section 80EEA

Interest paid on Housing Loan

Individual

Upto Rs 1,50,000/- subject to some conditions

Section 80EEB

Interest paid on Electric Vehicle Loan

Individual

Upto Rs 1,50,000 subject to some conditions

Section 80G

Donation to Charitable Institutions

All Assesses (Individual, HUF, Company etc)

100% or 50% of the Donated amount or Qualifying limit,
Allowed donation in cash upto Rs.2000/-

Section 80GG

Income Tax Deduction for House Rent Paid

Individual

Rs.60,000/-
25% of Total Income
Rent paid - 10% of Total Income
- whichever is lower

Section 80GGA

Donation to Scientific Research & Rural Development

All assesses except those who have an income (or loss) from a business and/or a profession

100% of the amount donated.
Allowed donation in cash upto Rs.10,000/-

Section 80GGB

Contribution to Political Parties

Companies

100% of the amount contributed
No deduction available for contribution made in cash

Section 80GGC

Individuals on contribution to Political Parties

Individual
HUF
AOP
BOI
Firm

100% of the amount contributed.
No deduction available for contribution made in cash

Section 80IA

Profits and Gains from Industrial Undertakings engaged in infrastructure development, etc.

Industrial Undertakings engaged in specified businesses

100% of the profit for 10 consecutive years out of 15 years beginning from year of commencement

Section 80IAB

Profits and Gains to SEZ Developers

SEZ Developers

100% of the profit for 10 consecutive years out of 15 years beginning from year in which SEZ has been notified by CG

Section 80IAC

Eligible startups

Company or LLP engaged in eligible business subject to some conditions

100% of the profit for 3 consecutive years out of 7 years beginning from the year of commencement

Section 80IB

Profits and Gains from certain Industrial Undertakings other than infrastructure development undertakings

Specified Industrial Undertakings

25%, 30% or 100% of the profit for such periods as may be specified subject to certain conditions

Section 80IBA

Profits from Housing Projects

Individual
HUF
AOP
BOI
Company
Firm
Any other person engaged in the business of Housing Projects as may be specified

100% of the profit

Section 80IC

Certain Undertakings in Special category States

Certain Industrial Undertakings

Sikkim - 100% of profit for 10 years
Himachal Pradesh/ Uttaranchal
100% of the profit (For first 5 years)
25% (For next 5 years), (30% in case of Companies)
Northeastern States - 100% of the profit for 10 years

Section 80ID

Profits and Gains of Hotels/Convention Centres in specified area

Hotel or Convention Centre

100% of the profit for 5 consecutive years beginning from the year of operation

Section 80IE

Certain Undertakings in Northeastern States

Undertakings engaged in manufacture/ provision of specified goods/ services or undertake substantial expansion, in Northeastern States

100% of the profit for 10 consecutive years beginning from the year of commencement or completion of expansion, as may be applicable

Section 80JJA

Profits and Gains of Specified Business

Specified Business

100% of the profit for 5 consecutive years beginning from the year of commencement

Section 80JJAA

Employment of New Employees

Employer who was subject to tax audit u/s 44AB

30% of additional employee cost for 3 years including the year in which employment is provided

Section 80LA

Certain Income of Offshore Banking Units in SEZ and IFSC

Offshore Banking Units in SEZ or Unit of IFSC

Offshore Banking Unit -
100% of the income (For 5 consecutive years
50% of the income (For next 5 years)
IFSC - 100% of the income for 10 consecutive years out of 15 years
beginning from the year in which permission is obtained

Section 80PA

Certain income of Producer Companies

Producer Companies engaged in eligible business

100% of the profit

Section 80RRB

Royalty on Patents

Individuals (Indian citizen or foreign citizen being resident in India)

Rs.3,00,000/-
Or
Specified Income
- whichever is lower

Section 80QQB

Royalty Income of Authors

Individuals (Indian citizen or foreign citizen being resident in India)

Rs.3,00,000/-
Or
Specified Income
- whichever is lower

Section 80TTA

Interest earned on Savings Accounts

Individual
Or
HUF (except senior citizen)

Upto Rs 10,000/-

Section 80TTB

Interest Income earned on deposits (Savings/ FDs)

Individual (60 years or above)

Upto Rs 50,000/-

Section 80U

Disabled Individuals

Individuals

Normal Disability: Rs. 75,000/-
Severe Disability: Rs. 1,25,000/-