Apart from section 80C, which is the most popular section for tax saving, there are many other sections that can benefit an individual.

Let’s have a look at all these deductions and how they can help an individual.

Section 80 Deduction List:

1. Section 80C - Investments

2. Section 80CCC - Insurance Premium

3. Section 80CCD - Pension Contribution

4. Section 80TTA - Interest on Savings Account

5. Section 80GG - House Rent Paid

6. Section 80D - Medical Insurance

7. Section 80DD - Disabled Dependent

8. Section 80E - Interest on Education Loan

9. Section 80G - Donations

10. Section 80RRB - Royalty from Patents

Section 80C

Most people are well aware of this section and its benefits on savings and pension schemes along with life insurance. Most people are, however not aware of all the schemes that come under this section and of its subsections.

To begin with 80C offers maximum deduction of Rs. 1,50,000 and additional Rs. 50,000 under sec. 80CCD(1B) and deduction under sec. 80C is only available to individuals and HUFs under the old regime of taxation.

The deduction list for 80C is as follows:

1. PPF

2. NPS

3. LIC Premium

4. ULIP

5. ELSS

6. Tax Saving FD

7. National Savings Certificate

8. Senior Citizen Savings Scheme

9. Sukanya Samriddhi Yojana

10. Infrastructure Bonds

11. Principle Repayment towards Home Loan

12. Children’s Tuition Fees

Section 80CCC

Allows deduction for payment towards any annuity pension plans.

(Although, any bonus or interest accrued as well as any pension received from these plans are taxable in the year you receive them)

Section 80CCD(1)

An Employee can contribute to NPS and under this section that deduction has to be least of the following:

a. Rs 1,50,000

b. 10% of salary (for employee)

c. 20% of gross total income (for self employed)

Section 80CCD(1B)

An additional deduction of Rs. 50,000 is allowed for contribution in NPS.

Section 80CCD(2)

An additional deduction is allowed for employer’s contribution to NPS.

Maximum deduction allowed in this section is up to 10% of basic salary plus dearness allowance.

Section 80D

This section allows deductions on premiums paid for health insurance policies.

The maximum deduction that can be claimed under this section is Rs. 25,000 per financial year for premiums paid for health insurance policies taken for self, spouse, and dependent children.

If the taxpayer is a senior citizen (i.e., aged 60 years or above), the maximum deduction increases to Rs. 50,000 per financial year

Section 80DD

This section allows deduction for expenditure incurred on the medical treatment, training, and rehabilitation of a dependent who is a person with disability. The person with disability could be the taxpayer themselves, their spouse, children, siblings, or parents.

The maximum deduction that can be claimed under this section depends on the extent of the disability of the dependent. If the dependent is suffering from a severe disability, the maximum deduction is Rs. 1.25 lakhs per financial year. If the dependent is suffering from a disability other than a severe disability, the maximum deduction is Rs. 75,000 per financial year.

Section 80E

This section allows deductions on the interest paid on education loans taken for the purpose of higher education.

The maximum deduction that can be claimed under this section is the entire amount of interest paid on education loans taken for higher education. There is no upper limit on this deduction.

Section 80G

This section allows deductions on donations made to certain charitable and philanthropic institutions. The donations must be made in cash or by check, and must be supported by a receipt from the recipient institution.

The maximum deduction that can be claimed under this section depends on the type of charitable institution to which the donation was made. Donations to certain institutions are eligible for a 100% deduction, while donations to others are eligible for a 50% deduction.

Section 80GG

This section allows deductions on rent paid for self-occupied residential accommodation. The taxpayer must not own any other residential property, and must not be in receipt of any house rent allowance from their employer.

The maximum deduction that can be claimed under this section is Rs. 60,000 per financial year, or 25% of the total income of the taxpayer, whichever is lower.

Section 80TTA

This section allows deductions on interest earned on savings accounts with banks, co-operative societies, and post offices.

The maximum deduction that can be claimed under this section is Rs. 10,000 per financial year.

Section 80RRB

You can claim deduction of up to Rs. 3,00,000 on income from royalty received.

This royalty should be from a registered patent and only the holder of the patent can claim this deduction.