Today I want to talk about some deduction in income tax. Many people while filing
income tax return do not claim deduction due to lack of knowledge. I try to tell about some
deduction which are applicable to all taxpayers and help them to save tax and also they can invest
this money somewhere else

1 Deduction u/s 80TTA Interest on saving bank account.
   
•    The applicable limit under this section is 10000 RS annually per person

2 Deduction U/s 80D Medical insurance premium
    
•    if an individual is paying medical insurance premium of himself
•    or his spouse or children then he can claim deduction up to 10000 RS

•    In case of senior citizen(60 to 80 years) The limit is 30000
•    and in case of super senior citizen(above 80 years) the limit is 60000
•    If any medical expenditure is done to super senior citizen then
•    that individual can claim that also as deduction

3    Deduction u/s 80E Interest on education loan

•    if a student has taken any education loan after 12th on Any course then he can claim deduction on interest of the same

4 Deduction u/s 80EE Housing loan
   
1    1 if any individual has purchase house in previous year 2016-17
2    housing loan also taken in same year
3    Amount of loan does not exceed 35 lac
4    Amount of house property does not exceed 50 lac

•    Then he can claim deduction on interest of housing loan up to 50000 and this deduction is           
•     In addition to not subrogation to deduction allowed under house property of 2 lac

5 Deduction U/s 80QQB Income from royalty

•    If you are an author and you earn in the form royalty then you can claim deduction up to Rs 3 lac

6 Deduction U/s 80GG in respect of rent paid

•    You are self employed or salaried
•    You have not received HRA at 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 office or employment or carry on business or profession.
•    Deduction. the lowest of these will be considered as the deduction under this section
(a)    Rs 5,000 per month  
(b)    25% of total Income  
(c)    Actual Rent less 10% of Income

7 Deduction U/s 80JJAA In respect of employment of new employees

•    The business should not have been formed by splitting up, or the reconstruction of an existing       business.
•    Taxpayers can claim a deduction equal to 30% of the amount of additional employee cost for 3       assessment years.

8 Deduction U/s 80C Fixed deposit

•    It is commonly known as tax saving fixed deposit. It is simple instrument to get deduction up to rs 1.5 lac per year to all taxpayers individual irrespective of their tax bracket
•    The maximum limit of investment capped at Rs 1.5 lac
•    Minimum investment must be RS 100.Futher investment can be made in multiples of Rs 100 only
•    Fixed Maturity of 5 years
                     

Article by-
AKSHIT GADHIA.