Income Tax Deduction for FY 2017-2018 / AY 2018-2019

Section 80 CCF

Section 80 CCF contains provisions for tax deductions on subscription of long-term infrastructure bonds which have been notified by the government. Maximum deduction available under this section of Rs 20,000. And this benefit is available with Individual & HUF.

Section 80 CCG

The above section provides the maximum benefit of Rs. 25,000 per year, to resident individual. Investments in equity savings schemes notified by the central government are permitted for tax deductions, subject to the 50% of the invested made.

Amendment by Finance Act’2017

No deduction u/s 80CCG shall be allowed from A.Y 2018-19. However, an assessee who has claimed deduction under this section for A.Y 2017-18 and earlier assessment years shall be allowed deduction under this section till the A.Y 2019-20 if he is otherwise eligible to claim the deduction as per the provisions of this section.

Section 80DD

For normal disability (40% disability) up to Rs 75,000 can be claimed for spending on medical treatments of Individuals/HUF’s dependents (spouse, parents, children or siblings). And for severe disability (80% disability) up to Rs 1.25 lakhs can be deducted.

Section 80DDB

Any individual or HUF’s karta below the age of 60 years can claim up to Rs 60,000 for the treatment of certain specified critical diseases. This can also be claimed for his/her dependents.

Senior Citizens (above 60 years) and very Senior Citizens (above 80 years) can claim Rs 100,000 under this section.

It is mandatory for an individual to obtain a Medical Certificate from a specialist doctor in a Hospital, to claim Tax deductions under Section 80DDB.