7. This newly modified section provides that where the assessee is a new retail investor, and his total income is less than 12 lakh, an amount of Rs.50,000 deposited under Rajiv Gandhi Equity Savings Scheme (RGESS) would enable the investor to deduction of 50% of the amount so invested up to a maximum investment of Rs.50, 000/- from his taxable income under section 80CCG, as part of the Government of India policy to promote new retail investment in capital markets (a person will be entitled to this benefit only once). 50% of the amount invested in shares/units subject to a maximum investment of Rs.50,000/- 8. 80D Medical Insurance Premium or Contribution to Central Government Health Scheme paid by any mode other than cash. Payment of an amount of Rs.5000/- incurred towards Preventive Health Check-up can also be claimed as deduction within the overall ceiling as above. Up to Rs. 25,000. For Senior Citizens Up to Rs. 30,000. Medical expenses for uninsured senior citizens. Up to Rs. 30,000/- 9. 80DD Any expenditure on dependent for Medical, Nursing & Rehabilitation incurred on dependent relative suffering from permanent physical Disability, Autism, Cerebral Mental Retardation, and Multiple disabilities. Up to Rs.75, 000 if disability is over 40% & Rs.1, 25,000 if disability is severe (i.e., 80% or more of one or more disabilities). Deposits LIC, UTI’s Scheme & other IRDA approved Insurers for the benefit of Physically Handicapped dependent. 10 DDB a. Actual expenditure incurred on medical treatment of self or dependent family members suffering from terminal diseases like Cancer, AIDS, Renal Failure etc. b. For Senior Citizens. c. For Super Senior Citizen Up to Rs.40,000 Up to Rs.60,000 Up to Rs.80,000
15 80GGA Any sum paid to a university/institution which undertake scientific research Any sum paid to National Urban Poverty Education Fund Any sum paid to a public sector company or local authority set up by the National Committee Any sum paid to National Urban Poverty Eradication Fund set up by Government Deduction to be claimed while filing return of income 16 80U Persons suffering from permanent physical Disability and includes Autism, Cerebral Multiple Disability, Person with Disability and Severe Disability. It should be certified by the medical authority. Rs.75,000 if disability is over 40% and Rs.1, 25,000/- if disability is over 80%. 17 80TTA Interest earned on normal savings bank account maintained with a banking company, co-operative society, or post office up to a maximum of Rs. 10,000/- will be exempted from income tax. This will be over and above Rs.1, 50,000/- deduction u/s 80C. Maximum Deduction of Rs.10,000/- Deductions under Chapter VI-A will be allowed only on production of relevant documents in original.
Rates of Income Tax for AY 2017–2018 (Part III of the First Schedule to the Finance Act 2016) Annual income from all sources (After all exemptions & deductions) (in Rupees) Category of Tax payer & Higher Cess Citizen 60 years (born after April 1, 1956) Senior Citizen above 60 years & below 80 years.(born during March 31, 1936 and April 1, 1956) Super Senior Citizen 80 years and above(born from April 1, 1936) Up to 2,50,000 Nil Nil Nil 3% on tax 2,50,001– 3,00,000 10% of the amount by total income exceeds 2,50,000 3,00,001- 5,00,000 Rs. 5,000 + 10% of the amount by which total income exceeds 3,00,000 10 per cent of the amount by the total income exceeds Rs.3,00,000 5,00,001- 10,00,000 Rs. 25,000 + 20% of the amount by which total income exceeds 5,00,000 Rs. 20,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/ 20% of the amount by which total income exceeds 5,00,000 Above 10,00,000 Rs. 1,25,000 + 30% of the amount by which total income exceeds 10,00,000 Rs. 1,20,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- Rs. 1,00,000 + 30% of the amount exceeding 10,00,000 Rebate on Income-tax in the case of certain individuals – tax credit For every individual tax payer resident in India whose total income does not exceed Rs.5, 00,000/- will get hundred per cent of his income-tax or Rs.5000/-
19 Additional deduction of NPS contribution section 80CCD(1B) Rs 20 Employer’s contribution Maximum Deduction Allowable under Section 80CCD(2) Rs 21 Deduction under RGESS (Section 80CCG) Rs 22 Interest on housing under section 80EE Rs 23 Donations (under Section 80G) on Gross Total Income before 80G Rs 24 Rent paid for employees not in receipt of HRA (Section 80GG) Rs 25 Deduction of interest on loan taken for Higher Education (Section 80E) Rs 26 80D (Health Insurance Premium) Rs 27 80DD (Medical treatment of handicapped dependents) Rs 28 80DDB (for treatment of specified diseases) Rs