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Section 80C ,80CCC AND 80CCD(Max 1 LAKH) Life Insurance Premium,Contribution to PPF(policy or ppf in name of self or spouse or any child’s name. or any member of HUF),Sum paid for deferred annuity(on life of self,spouse or any child of assesse for govt servant limit is 20% of salary),Contribution to EPF or employee contibution to Recognised PF,Subscription to any notifiedsecurities/notified depositsscheme or notifiedsavings certificates.ULIP,ELSS,Principal Payment of House lOan(but property not transferable for 5 year),Deposit scheme of Public sector Housing Finance companies,Subscription to equity shares/debentures forming part of anyapproved eligible issue ofcapital made by a publiccompany or public financialinstitutions.Tution fees paid for max two children,Any term deposit for a fixedperiod of not less than fiveyears with the scheduled bank.,notified bondsissued by NABARD,Payment made into an accountunder the Senior CitizensSavings Scheme Rules, 2004,Timedeposit of Post Offcie,Payment of Premium for annunity of Insurer,Deposit made by an employee in his pension account to the extent of 10% of his salary. Section 80CCF(Max Rs 20000) Long term infrastructure bonds Section 80E Deduction in respect of payment in the previous year of interest on loan taken for higher studies of assesse,spouse or children.The payment of the interest there on will be allowed as deduction over a period of upto 8years. Section 80D Payment of medical insurance premium upto Rs.15,000/ for self/family and upto Rs.15,000/- for parents of the assessee. Section 80DD Deduction of Rs 50000-for expenditure incurred on medical treatment,(including nursing),training and rehabilitation or Payment to specified scheme for maintenance of dependant handicapped relative.(1 lakh for 80% disability) Section 80DDB deduction of Rs.40,000/- or actual amount whichever is less. (Rs 60000 for senior citizen) incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. (Neurological Diseases - disability level 40% and above,Dementia,Dystonia Musculorum Deformans,Motor Neuron Disease, Ataxia,Chorea,Hemiballismus,Aphasia,Parkinsons Disease,Malignant Cancers,Full Blown Acquired Immuno-Deficiency Syndrome (AIDS),Chronic Renal failure, Hematological disorders(Hemophilia,Thalassaemia). Section 80G Donation to certainfunds, charitableinstitutions etc.deductible upto either 100% or 50% with or without restriction as provided in Sec. 80G Section 80GG Deduction available is the least of(i) Rent paid less 10% oftotal income (ii) Rs.2000 per month(iii) 25% of total income if assesse do not have HRA and do not own house or accomodation at place of employment. Section 80 U Deduction of Rs.50,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation.(for severe disability deduction can be up to Rs.75,000/ Section 80RRU Deduction up to 3 lakh or income received for the royalty from patent registered under patent act 1970 Section 80QQB Deduction in respect of royalty or copyright income received in consideration for authoring any book of literary, artistic or scientific nature other than text book shall beavailable to the extentof Rs. 3 lacs or income received |
| Allowance | Exemption |
|---|---|
| Leave Travel Allowance: The amount actuallyincurred on performance of travel on leave to any place in India by the shortest route to that place is exempt. | This is subject to a maximum of the aireconomy fare or AC 1 st Class fare (if journey is performed by mode other than air) by such route,provided that the exemption shall be available onlyin respect of two journeys performed in a block of4 calendar years. | Special Compensatory Allowance for hillyareas or high altitudeallowance or climateallowance. | Rs.800 common for variousareas of North East, Hilly areasof U.P., H.P. & J&K and Rs.7000 per month for Siachen areaof J&K and Rs.300 commonfor all places at a height of 1000mts or more other than theabove places. | Border area allowance or remote areaallowance or a difficultarea allowance ordisturbed areaallowance. | Various amounts ranging fromRs.200 per month to Rs.1300per month are exempt forvarious areas specified inRule 2BB. | Tribal area/Schedule area/Agency areaallowance available inM.P., Assam, U.P.,Karnataka, WestBengal, Bihar, Orissa,Tamilnadu, Tripura | Rs.200 per month. | (iv)Any allowance granted to an employeeworking in anytransport system tomeet his personalexpenditure during dutyperformed in the courseof running of suchtransport from oneplace to another place. | 70% of such allowance upto amaximum of Rs.6000 permonth. | (iv)(v)Children education allowance. | Rs.100 per month per child uptoa maximum 2 children. | (iv)(v)Allowance granted tomeet hostel expenditureon employee’s child. | Rs.300 per month per child uptoa maximum two children. | Compensatory fieldarea allowanceavailable in variousareas of ArunachalPradesh, ManipurSikkim, Nagaland,H.P., U.P. & J&K. | Rs.2600 per month. | (viii)Compensatory modified field area allowanceavailable in specifiedareas of Punjab,Rajsthan, Haryana,U.P., J&K, H.P., WestBengal & North East. | Rs.1000 per month | (ix)Counter insurgency allowance to membersof Armed Forces. | Rs.3900 Per month | (x)Transport Allowance granted to an employeeto meet his expenditurefor the purpose ofcommuting between theplace of residence &duty. | Rs.800 Per month | (xi)Transport allowance granted to physicallydisabled employee forthe purpose of commuting betweenplace of duty andresidence. | Rs.1600 per month. | Underground allowancegranted to an employeeworking in under groundmines. | Rs.800 per month. | (xiii)Special allowance in the nature of high altitudeallowance granted tomembers of the armedforces. | Rs. 1060 p.m. (for altitude of9000-15000 ft.) Rs.1600 p.m.(for altitude above 15000 ft.) | (xiv)Any special allowance granted to the membersof the armed forces inthe nature of specialcompensatory highlyactive field areaallowance | Rs. 4,200/- p.m. | (xv)Special allowance granted to members ofarmed forces in thenature of island dutyallowance.(in Andaman & Nicobar& Lakshadweep Groupof Islands) | Rs. 3,250/- p.m. |
| Entertainment Allowance: This exemption only for government employee | Rs.5000/- or 20% of his salary or actual amount received,whichever is less. |
| Professional/employment tax | The tax amount can be deducted |
| Uniform,Helper and Conveyance allownace | Amount received or Amount spent which ever is lower |