Get amazing tips to remember the Income Tax Section 80 Deductions for CA IPCC & Final Exams. Today, we are providing Simple tricks to remember Section 80 Deductions in Income Tax Act. In CA IPCC Tax Exam, Deductions related to Section 80 in Income Tax chapter is very important. For your CA Career also, memorizing & remembering these Income Tax Deductions Section 80 Remembering all the Income Tax Section 80 Deductions is no mean task. There are such instances where students get confused with one section number with the other section numbers. This leads to much bigger problems.
Section 80 Deductions | Simple Shortcut Codes
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To solve this confusion to some extent, we are providing the list of Section 80 Deductions along with the Mnemonic code to remember them.
Mnemonic Code (Shortcut Code) for Section 80 Deductions
|Section No.||Shortcut Code|
|80D||80D se dawai|
|80E||80E se education|
|80G||se Garib gov. Ko donation|
|80DDB||dependent dukhi bimar|
|80GGC||gadhe ghode (donation to politicial party) charao by foriegn co.|
|80GGB||gadhe ghode (donation to politicial party) banao by indian|
|80GGA||Gaav development with science|
|80QQB||quality quality Books|
|80RRB||royalty to resident|
Section 80 Deductions Quick Revision Before Exam:
80C [Contribution to PPF, LIC etc]
80CCC [Pension Funds] and 80CCD(1):
Rs.1,50,000 Deduction for the above two.
80CCG [Investment in Equity Savings]
50% of amount invested
Whichever is lower
80DD [Maintenance and Medical Treatment of Disabled dependent]:
Flat Deduction of Rs.75,000 (In case of severe disability i.e., 80%, Deduction is Rs.1,25,000]
80D [Medical Insurance Premium]:
Rs.25,000 allowed (Rs.30,000 in case of senior citizen)
80DDB [Medical treatment for specified diseases]:
Rs.40,000 for Normal Individuals
Rs.60,000 for Senior Citizens
Rs.80,000 for Super Senior Citizens
80E [Interest on Educational Loan]:
Deduction allowed in Initial Assessment Year and 7 preceeding years.
50% and 100% in different cases.
Least of the following is allowed as deduction-
- 25% of total income
- Rent paid (-) 10% of Adjusted Income
- Rs.2,000 per month
80GGB [Contribution to Political Parties]:
Actual contribution is allowed as deduction.
80QQB [Royalty Income] and
80RRB[Royalty on Patents]:
Least of Amount received or Rs.3,00,000 is allowed as deduction.
80TTA [Interest from Savings Account]:
Actual interst subject to a maximum of Rs.10,000
80U [Person with disability]:
Rs.75,000 for normal disability and Rs.1,25,000 for severe disability.
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