Income Tax exemptions for 2019-20
| Sections | Income Tax Deduction for FY 2019-20 (AY 2020-21) | Who can Invest? | Limit for FY 2019-20 (AY 2020-21) |
| Section 80C | Investing into very common and popular investment options like LIC, PPF, Sukanya Samriddhi Account, Mutual Funds, FD etc |
Individual Or HUF | Upto Rs 1,50,000 |
| Section 80CCC | Investment in Pension Funds | Individuals | |
| Section 80CCD (1) | Atal Pension Yojana and National Pension Scheme Contribution | Individuals | |
| Section 80CCD(1B) | Atal Pension Yojana and National Pension SchemeContribution | Individuals | Upto Rs 50,000 |
| Section 80CCD(2) | National Pension SchemeContribution by Employer | Individuals |
Amount Contributed or 14% of Basic Salary + Dearness Allowance (in case the employer is CG) 10% of Basic Salary+ Dearness Allowance(in case of any other employer) – Whichever is lower |
| Section 80D | Medical Insurance Premium and Medical Expenditure |
Individual Or HUF | Upto Rs 1,00,000 |
| Section 80DD | Medical Treatment of a Dependent with Disability |
Individual Or HUF |
Normal Disability: Rs 75000/- Severe Disability: Rs 125000/- |
| Section 80DDB | Specified Diseases |
Individual Or HUF |
Senior Citizens: Upto Rs 1,00,000 Others: Upto Rs 40,000 |
| Section 80E | Interest paid on Loan taken for Higher Education | Individual | 100% of the interest paid upto 8 assessment years |
| Section 80EE | Interest paid on Housing Loan | Individual | Upto Rs 50,000 subject to some conditions |
| Section 80EEA | IInterest paid on Housing Loan | Individual | Upto Rs 1,50,000/- subject to some conditions |
| Section 80EEB | Interest paid on Electric Vehicle Loan | Individual | Upto Rs 1,50,000 subject to some conditions |
| Section 80G | Donation to Charitable Institutions | All Assessee (Individual, HUF, Company etc) |
100% or 50% of the Donated amount or Qualifying
limit, Allowed donation in cash upto Rs.2000/- |
| Section 80GG | Income Tax Deduction for House Rent Paid | Individual |
Rs.60,000/- 25% of Total Income Rent paid – 10% of Total Income – whichever is lower |
| Section 80GGA | Donation to Scientific Research & Rural Development | All assessees except those who have an income (or loss) from a business and/or a profession |
100% of the amount donated. Allowed donation in cash upto Rs.10,000/- |
| Section 80GGB | Contribution to Political Parties | Companies |
100% of the amount contributed No deduction available for contribution made in cash |
| Section 80GGC | Individuals on contribution to Political Parties |
Individual HUF AOP BOI Firm |
100% of the amount contributed. No deduction available for contribution made in cash |
| Section 80IA | Profits and Gains from Industrial Undertakings engaged in infrastructure development, etc. | Industrial Undertakings engaged in specified businesses | 100% of the profit for 10 consecutive years out of 15 years beginning from year of commencement |
| Section 80IAB | Profits and Gains to SEZ Developers | SEZ Developers | 100% of the profit for 10 consecutive years out of 15 years beginning from year in which SEZ has been notified by CG |
| Section 80IAC | Eligible startups | Company or LLP engaged in eligible business subject to some conditions | 100% of the profit for 3 consecutive years out of 7 years beginning from the year of commencement |
| Section 80IB | Profits and Gains from certain Industrial Undertakings other than infrastructure development undertakings | Specified Industrial Undertakings | 25%, 30% or 100% of the profit for such periods as may be specified subject to certain conditions |
| Section 80IBA | Profits from Housing Projects |
Individual HUF AOP BOI Company Firm Any other person engaged in the business of Housing Projects as may be specified | 100% of the profit |
| Section 80IC | Certain Undertakings in Special category States | Certain Industrial Undertakings |
Sikkim – 100% of profit for 10 years Himachal Pradesh/ Uttaranchal 100% of the profit (For first 5 years) 25%(For next 5 years), (30% in case of Companies) North Eastern States – 100% of the profit for 10 years |
| Section 80ID | Profits and Gains of Hotels/Convention Centres in specified area | Hotel or Convention Centre | 100% of the profit for 5 consecutive years beginning from the year of operation |
| Section 80IE | Certain Undertakings in North Eastern States | Undertakings engaged in manufacture/ provision of specified goods/ services or undertake substantial expansion, in North Eastern States | 100% of the profit for 10 consecutive years beginning from the year of commencement or completion of expansion, as may be applicable |
| Section 80JJA | Profits and Gains of Specified Business | Specified Business | 100% of the profit for 5 consecutive years beginning from the year of commencement |
| Section 80JJAA | Employment of New Employees | Employer who was subject to tax audit u/s 44AB | 30% of additional employee cost for 3 years including the year in which employment is provided |
| Section 80LA | Certain Income of Offshore Banking Units in SEZ and IFSC | Offshore Banking Units in SEZ or Unit of IFSC |
Offshore Banking Unit – 100% of the income (For 5 consecutive years 50% of the income (For next 5 years) IFSC – 100% of the income for 10 consecutive years out of 15 years beginning from the year in which permission is obtained |
| Section 80PA | Certain income of Producer Companies | Producer Companies engaged in eligible business | 100% of the profit |
| Section 80RRB | Royalty on Patents | Individuals (Indian citizen or foreign citizen being resident in India) |
Rs.3,00,000/- Or Specified Income – whichever is lower |
| Section 80QQB | Royalty Income of Authors | Individuals (Indian citizen or foreign citizen being resident in India) |
Rs.3,00,000/- Or Specified Income – whichever is lower |
| Section 80TTA | Interest earned on Savings Accounts |
Individual Or HUF (except senior citizen) | Upto Rs 10,000/- |
| Section 80TTB | Interest Income earned on deposits(Savings/ FDs) | Individual (60 yrs or above) | Upto Rs 50,000/- |
| Section 80U | Disabled Individuals | Individuals |
Normal Disability: Rs. 75,000/- Severe Disability: Rs. 1,25,000/- |
