Deduction from Gross Total Income A.Y. 2022-23
Deductions to be made in computing gross total income:-
In computing the total income of an assessee, there shall be allowed deduction from his gross total income, in accordance with and subject to the provisions of Chapter VI-A of Income Tax India. The aggregate amount of the deductions under this Chapter shall not, in any case, exceed the gross total income of the assessee.|
Nature of Payment |
Amount available for deduction |
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Deduction in respect of Amount paid for LIC, PF, Sukanya Samriddhi Account Scheme, NSC, Tuition fees, etc.- (Section - 80C) |
Deduction of up to Rs. 1,50,000 [Subject to overall limit of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD(1)] |
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Deduction for Payment in respect Pension Fund of LIC or other -(Section - 80CCC) |
Deduction of up to Rs. 1,50,000 [Subject to overall limit of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD(1)] |
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Deduction in respect of Contribution to pension scheme notified by Central Govt.-[Section - 80CCD(1)] |
Maximum 10% of salary [Subject to overall limit of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD(1) |
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Additional Deduction in respect of Contribution to pension scheme notified by Central Govt.-[Section -80CCD(1B)] [This additional deduction is not subject to ceiling limit of Rs. 1,50,000 as provided under Section 80CCE] |
Deduction of up to Rs. 50,000 |
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Deduction in respect of Contribution to pension scheme of Central Govt. by employer-[Section - 80CCD(2)] |
Maximum 10% of salary in case of contribution is made by employer. (14% in case of contribution is made by Govt.) |
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Deduction in respect of Amount paid for health insurance premium-(Section-80D) |
a) For self, spouse and dependent children: Up to Rs. 25,000 (Rs. 50,000 if specified person is a senior citizen) b) For parents: additional deduction of Rs. 25,000 shall be allowed (Rs. 50,000 if parent is a senior citizen) In case of HUF, up to Rs. 25,000 (Rs. 50,000 if specified person is a senior citizen). Deduction for preventive health check-up shall not exceed in aggregate Rs. 5,000. |
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Deduction in respect of Amount paid for Maintenance Including medical treatment of person with disability-(Section-80DD) |
Deduction of up to Rs. 75,000 (Rs. 1,25,000 in case of severe disability) |
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Deduction in respect of Amount paid for Medical Treatment of specified disease-(Section-80DDB) |
Deduction of Up to Rs. 40,000 (Rs. 100,000 in case of senior citizen) |
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Deduction in respect of Amount paid for Interest on loan taken for higher education-(Section-80E) |
No limit but cannot be greator than gross total income [The amount of interest paid during initial year and 7 immediately succeeding assessment years (or until the above interest is paid in full).] |
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Deduction in respect of Amount paid for Interest on loan taken for residential house property-(Section-80EE) |
Deduction of up to Rs. 50,000 towards interest on loan. |
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Deduction in respect of interest on loan taken for certain house property-(Section-80EEA) |
Deduction of up to Rs. 1,50,000 towards interest on loan |
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Deduction in respect of purchase of electric vehicle-(Section-80EEB) |
Deduction of up to Rs. 1,50,000 towards interest on loan |
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Deduction in respect of Rent paid-(Section-80GG) |
Least of the following shall be exempt from tax: a) Rent paid in excess of 10% of total income*; b) 25% of the Total Income; or c) Rs. 5,000 per month. Total Income = Gross total income minus long term capital gains, short-term capital gains under section 111A, deductions under sections 80C to 80U (other than 80GG) and income under section 115A |
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Deduction in respect of Interest on deposit in saving bank accounts-(Section-80TTA) |
100% of amount of such income subject to maximum of Rs. 10,000 |
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Deduction in respect Interest on deposit in case of senior citizens-(Section-80TTB) |
100% of the amount of such income subject to the maximum amount of Rs. 50,000 |
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Deduction in case of persion with disability-(Section-80U) |
Rs. 75,000 (Rs. 1,25,000 in case of severe disability) |