| Section | Product to Invest | Amount to Invest |
Other Details |
| 80C | NSC, notified bank deposits and post office time deposits, EPF and PPF, ELSS, life insurance plans,deferred pension plans. |
Cannot exceed Rs.1 lakh |
Mandatory requirements - Payment has to be made before 31 March 2008. Who can avail the deduction - Individuals and HUF (both resident and non- resident). |
| 80CCC | Pension plans of life insurers. |
Limit of Section 80C (upto to Rs.1 lakh) |
Mandatory requirements - Payment has to be made before 31 March 2008. Who can avail the deduction - Individuals |
| 80D | Medical insurance policies taken for self, spouse, dependent parents or children,or any member of HUF. |
Upto Rs.15,000; senior citizens can claim up to Rs.20,000 |
Mandatory requirements - Premium should be paid through a cheque out of income chargeable to tax Who can avail the deduction - Individuals and HUF. |
| 80DD | Expenses on the medical treatment of a dependent who is a person with a disability. |
Upto Rs.50,000, or upto Rs.75,000 if the dependent is a person with severe disability. |
Mandatory requirements - Certification by a medical authority Who can avail the deduction - Resident individual or HUF. |
| Section | Product to Invest | Amount to Invest | Other Details |
| 80DDB | Expenses on the medical treatment of a specified disease (cancer,AIDS,neurological diseases,chronic renal failure and more) |
Rs.40,000 (if the person treated upon is less than 65 years of age),or Rs 60,000 (if the age of the person treated is 65 years or more) |
Mandatory requirements - Certificate in Form No.10-l to be submitted along with the income tax is available if the amount is actually paid for treatment. Who can avail the deduction - Resident individual or HUF. |
| 80E | Payment of interest on loan taken for higher studies. |
Deduction available on the total interest portion of education loan,the principal repayment gets no tax advantage |
Mandatory requirements - Decuction is available in the year in which repayment starts and only for eight immediately succeeding assessment years. Who can avail the deduction - Individual. |
| 80G | Donations to certain funds and charitable institutions. |
50 or 100 per cent deduction on the entire donated amount,or 50 or 100 per cent deduction subject to 10 per cent of gross total income. |
Mandatory requirements - Not applicable |
| 80GG | Rent paid for residental purpose | Excess of actual rent paid over 10 per cent of GTI,or 25 per cent of GTI,or Rs.2,000 per month,whichever is the lowest. |
Mandatory requirements - Should not be getting house rent allowance. Actual rent paid is in excess of 10% of the total income Who can avail the deduction - Self-employed or salaried. |
| 80U | Expenses incurred on self, if disabled | Rs.50,000 for a person with disability,Rs.75,000 for a person with severe disability (disability of over 80 per cent) |
Mandatory requirements - Certification by a medical authority to be furnished along with the income tax return form. Who can avail the deduction - Resident individuals. |
