You are entitled to deduction upto an overall limit of Rs. 1 lakh for any amount that you have invested by making purchases in any of the schemes mentioned below during the corresponding financial year (FY) which starts from April 1 and ends on March 31:
Please note that if you have already provided the deduction details to your employer and the employer has already considered the same in computing the tax you MUST NOT ENTER THE SAME DATA AGAIN in the deductions list.
1. Your contribution towards Provident Fund which is deducted from you salary to a maximum limit of 12% of your basic salary.
2. Purchase of National Savings Certificates.
3. Any amount that you have paid towards life insurance premium for yourself and your immediate family.
4. Any amount that you have invested in Public Provident Fund.
5. Any amount that you have invested in Unit Link Insurance Policy.
6. Any principal amount that you have paid towards repayment of loan taken for a purchase of a property, construction of which is completed and has been handed over to you.
7. Any amount paid towards tuition fees of your children – maximum of Rs. 100 per month per child is allowed.
8. Any investments in schemes or funds which provide deduction under 80C.
9. Any amount paid towards any insurance policy which is governed under section 80CCC. This has a limit of Rs. 10000 per policy per annum.
10. Amount paid as donation to any charitable organization who qualify for deduction under section 80G. Please check whether the amount donated by you qualifies 50 percent or 100 percent. Dependent on the same you would be able to claim deductions. For example, if the organization qualifies for 50 percent of the amount donated and you have donated an amount of Rs. 1000 then you would qualify for a deduction of Rs 500 while if the organization qualifies for a 100 percent deduction then you would be entitled to the full amount of Rs1000.
11. If you have spent any amount for medical treatment for dependent children you are entitled to deduction for all expenses incurred by you on such treatment.