Deductions are made from gross total income and the balance if any, remaining after deduction is called total income. Deductions are allowed under section 8OC to 8OU.deductios are allowed in respect of payments, investment and in respect of certain income. Aggregate amount of deductions shall not exceed gross total income. However, no deductions are allowed against lotteries, short term capital gains specified in section 111A and long term capital gain.
- Deductions on Life insurance premia, contribution to provident fund, etc(sec. 8OC)
- Deduction for contribution to pension fund(sec. 8OCCC)
- Deduction in respect of contribution to pension scheme of central government(sec. 8OCCD)
- Limit on deductions u/s 8OC,8OCCC and 8OCCD(sec. 8OCCE)
- Deduction in respect of subscription to long term infrastructure bonds(sec. 8OCCF)
- Deduction in respect of investment by a resident individual in listed equity shares(sec. 8OCCG)
- Deduction in respect of medical insurance premia(sec. 8OD)
- Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability(sec. 8ODD)
- Deduction in respect of medical treatment etc.(sec. 8ODDB read with rule 11DD)
- Deduction in respect of repayment of loan taken for higher education(sec. 8OE)
- Deduction in respect of donation to certain funds, charitable institutions, etc. (sec. 8OG)
- Deduction in respect of rent paid(sec. 8OGG)
- Deduction in respect of certain donations for scientific research or rural development(sec. 8OGGA)
- Deduction in respect of contribution given by companies to political parties or an electoral trust(sec. 8OGGB)
- Deduction in respect of contribution given by any person to political parties or an electoral trust(sec. 8OGGC)
- Deduction in respect of interest on deposits in savings accounts (80TTA)