Rules for deductions from Gross total Income - Section 80A, 80AB & 80C of Income Tax Act
Deductions cannot exceed Gross Total Income i.e. deductions
cannot convert total income into loss.
Deductions are allowed only for individuals or HUF. Deductions
not allowed to members, if allowed to Association of persons (AOP)
or Body of Individuals (BOI)
Deductions should should be claimed by assessee.
Assessee's duty to place relevant material.
Deductions to be allowed in respect of net income included in
Gross Total Income. In other words, deductions need to be out of
current year's income only.
Deductions only upon actual payment.
Benefits of certain deductions not to be allowed in cases where
return is not filed within the specified time limit.
Upper limit for deduction:- Total deduction u/s 80C+80CCC+80CCD
(1) restricted to Rupees One Lac only
Basic law of deductions from gross total income - Sections 80A, 80AB, 80C of Income Tax Act
Permissible deductions under Section 80C of Income Tax Act
Deduction against Medical insurance premium paid u/s 80D of Income Tax Act
Medical treatment expenses for specified disease - Deduction u/s 80DDB of Income Tax Act
Interest paid on Education loan - Deduction u/s 80E of Income Tax Act
Interest paid on loan taken for residential house property : Deduction u/s 80EE of Income Tax Act