QUICK GUIDE TO TAX SAVING DEDUCTIONS
| INCOME TAX DEDUCTION | MAXIMUM DEDUCTION ALLOWED PER YEAR |
|---|---|
| SECTION 80C | |
| Life Insurance premium | Actual amount contributed / invested, up to Rs. 1 lakh |
| Contribution to Employee Provident Fund (EPF) | |
| Contribution to Public Provident Fund (PPF) | |
| National Savings Certificate (NSC) | |
| Unit Linked Insurance Plans (ULIPs) | |
| Repayment of Home Loan Principal | |
| Equity Linked Savings Schemes (ELSS) | |
| 5 Year Bank FDs | |
| Pension Funds | |
| SECTION 80CCF | |
| Long Term Infrastructure Bonds | Actual amount invested, up to Rs. 20,000 |
| SECTION 80D | |
| Mediclaim Premium for self and family | Actual premium paid, up to Rs. 40,000 (if both self and parents are senior citizens) |
| SECTION 80DD | |
| Expense on treatment of a disabled relative, or payment of insurance premium for said relative | Rs. 50,000 or Rs. 1 lakh depending on severity of disability |
| SECTION 80DDB | |
| Expenses incurred on medical treatment for yourself or for a dependent relative (not necessarily disabled) | Actual expense incurred, up to Rs. 40,000 (Up to Rs. 60,000 in case of senior citizen) |
| SECTION 80E | |
| Interest of an education loan taken for yourself, your spouse or your child | Full interest amount paid during the year, for a limit of 8 years |
| SECTION 80G | |
| Donation to certain charitable institutions | 100% or 50% of donation given, depending on the institution, subject to limitations |
| SECTION 80U | |
| Deduction in case of a disabled assessee | Rs. 50,000 or Rs. 1 lakh, depending on severity of disability |
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