1) Section 80C

  • PPF, EPF
  • LIC
  • NSC
  • 5 Years fixed deposit in bank /post office. 
  • Elss Mutual funds (Tax Saving M.F. which locking period 3 years). 
  • Infrastructure Bonds (Govt. Specified Bonds).
  • Children Education Fees (Max. 2 Childs)
  • NPS
  • Housing Loan Repayment (Only upto principle portion)
Note:- 
  • Total Deduction of 80C (80C + 80CCC + 80CCD) = 1,50,000.
  • If we have invest in NPS, So we can take extra 50,000 amount of deduction U/S 80CCD(i). 
  • Total deduction = 2,00,000 [80C + 80CCC + 80CCD + 80CCD(i)] 

2) Section 80D

  • Medical Insurance
  • Preventive Health Check Up
Note:- 
  • Medical insurance Premium of Assesse himself or his family (spouse and dependent children).
  • Medical insurance premium payment through cheque or online mode (can't claim deduction on cash payment).
  • Max. deduction on medical insurance => 25,000/- , if age below 60 years.
  • Additional deduction Rs. 5,000/-  for preventive health check up (can claim deduction on cash payment, but bill is mandatory)
  • Medical insurance premium + preventive health check up deduction fr senior citizen parents up to 50,000/- . 

3) Section 80DD

  • Treatment of specified Illness.
Note:- 
  • Deduction for spouse, children, parents and siblings and not for himself.
  • If disability up to 40% ,  So, Deduction allowed up to 75,000/- and If disability up to 80% , Deduction 1,25,000/-.
  • The taxpayer has incurred expenses for medical treatment (including nursing) , training & rehabilitation of the differently able dependent or the taxpayer may have deposited in a scheme of LIC or another insurance for maintenance of the dependent.
  • Disability of the dependent is not less then 40%.

4) Section 80DDB

  • Medical treatment of critical disease.
Note:- 
  • Medical treatment of spouse, children, parents and siblings and not for himself.
  • Medical expense incurred for critical disease. complete list is given in Rule 11DD. (Cencer, neuron disease, renal failure, thalassemia, haemophila, AIDS etc.
  • Form 10IA, if person is suffering from autism, cerebral palsey, or multiple disability's.
  • Medical certificate from neurologist or civil surgeon or CMo of govt. hospital.
  • Deduction up to 40,000/- and for senior citizen up to 1,00,000/-.

5) Section 80E

  • Education loan "Interest" for higher studies.
Note:- 
  • Loan for higher studies (in india or outside) for himself, spouse, children from any bank / financial institution.
  • Deduction can be claimed on interest portion and not on principal.
  • No limit on amount of interest.
  • Deduction is available for max. of 8 years or till the interest is paid whichever is earlier.
  • Advise to take loan which ends up in 8 years.

6) Section 80EE

  • Home loan interest for first time buyers.
Note:- 
  • Value of the house should be 50 lakhes or less.
  • Loan taken for this hours must be 35 lakhs or less.
  • The loan must be sanctioned by a financial institution or a housing finance company.
  • The loan must be sanctioned between 01/04/2016 to 31/03/2017.
  • As on the date of the sanction of loan, no other house property must be owned by you.
  • The deduction is allowed for up to Rs. 50,000/- per year, starting from FY. 2016-17 and subsequent years, until the loan is repaid.
  • This section is in additional to Section.24.

7) Section 80GG

  • Deduction for rent paid.
Note:- 
  • You are self-employed or salaried.
  • You have not received HRA as any time during the year for which you are claiming 80GG.
  • You or your spouse or your minor child or HUF of which you are a member - do not own any residential accommodation at the place where you currently reside, perform duties of the office, or employment or carry on business on profession.
  • In case you own residential property at any place for which your income from house property is calculate under applicable sections (as a self-occupied property), no deduction under section 80GG is allowed.
  • Deduction -  The lowest of these will be considered as the deduction under this section.
  1. Rs. 5,000/- per month.
  2. 25% of the total income (income to exclude long-term capital gain, short-term capital gain under section 111A and income under section 115A or 115D and deduction 80C to 80U. Also, income is before a deduction under section 80GG).
  3. Actual rent less 10% of income (income to exclude long and short term capital gain U/S 111A and income U/S 115A or 115D and deduction 80C to 80U).

8) Section 80TTA

  • Interest on Saving Bank.
Note:- 
  • This deduction is allowed on interest earned :-
  1. From saving A/c with a bank.
  2. From saving A/c with Co-operative society carrying on the business of banking.
  3. From saving A/c with post office.
  • This deduction is not allowed on interest earned on time deposits. Time deposits mean deposit repayable on expiry of fixed period. It shall not be allowed for :-
  1. Interest from fixed deposits.
  2. Interest from recurring deposits.
  3. Any other time deposits.
  • Maximum deduction - The maximum deduction is limited to Rs. 10,000/-.

9) Section 80U

  • Tax deduction for disabled individuals.
Note:- 
  • A resident individual who has been certified as a person with a disability by the medical authority can claim the tax benefit.
  • Disability has been defined as one of the following :- 
  1. Blindness
  2. Low vision
  3. Leprosy - Cured
  4. Hearing impairment
  5. Loco-motor disability
  6. Mental retardation
  7. Mental illness
  • A deduction of Rs. 75,000/- is allowed for people will disabilities and Rs, 1,25,000/- deduction for people with server disability.

10) Section 80G

  • This section provides deduction for certain donation made by assesse.
Note:- 
  • This Deduction available to all assesses.
  • Donation in kind not allowed.
  • If donation is greater than 2,000/- it cannot be paid by cash.
  • Proper prof of payment should be obtained. 
          (Receipt to be obtained from done)
  • 100% Deduction is allowed now for donation in :-
  1. National fund for control of drug abuse.
  2. Swachh bhart kosh.
  3. Clean ganga fund.
          (This deduction are without qualifying limit)