Tax Rebates under Indian Income Tax Act - Assessment Year 2009-10

Specified Investment Schemes u/s 80C

• Life insurance premium payments
• Contributions to Employees Provident Fund/GPF
• Public Provident Fund (maximum Rs 70,000 in a year)
• National Saving Certificates. (NSC)
• Unit Linked Insurance Plan (ULIP)
• Repayment of Housing Loan (Principal)
• Equity Linked Savings Scheme (ELSS)
• Tuition Fees including admission fees or college fees paid for Full-time education of any two children of the assessee (Any Development fees or donation or payment of similar nature shall not be eligible for deduction).
• Infrastructure Bonds issued by Institutions/ Banks.
• Interest accrued in respect of NSC VIII issue.

Deduction under section 80 CCC (1): This section allows a deduction of premium paid towards approved pension funds. Max.1Lakh.

Deduction under section 80D: Under This section, a deduction up to Rs 15,000 (Rs. 20,000 in case of senior citizens) is allowed in respect of premium paid towards health insurance policy, like "Mediclaim". Such premium can be paid towards health insurance of spouse, dependent parents as well as dependent children.

Deduction under section 80DD: Any expenditure for Medical, Nursing & Rehabilitation incurred on dependant suffering from permanent disability including blindness, mental retardation, autism, cerebral palsy or multiple disabilities. Rs.50, 000 with an additional Rs.25, 000 if the disability is severe exceeding 80%.

Deduction under section 80DDB: Actual expenditure incurred on Medical treatment of Self or dependant or a member of HUF suffering from terminal diseases like Cancer, AIDS, Renal failure etc upto Rs.40000 & Rs.60000 for senior citizens.

Deduction under section 80E: Interest on loan taken from Financial/Charitable Institutions for Self/Spouse/Children for pursuing Higher Education (for a max. period of 7 yrs)

Deduction under section 80G: Donations made to National Defence Fund, Prime Minister’s Relief Fund, approved Funds of reputed Educational Institutions, National Trust for Welfare of persons with Autism, Cerebral Palsy etc.

Deduction under section 80G: Deduction in respect of rents paid.

Deduction under section 24(b): Under this section, Interest on borrowed capital for the purpose of house purchase or construction is deductible from taxable income up to Rs.1, 50,000 with some conditions to be fulfilled.

DUE DATES FOR FILING RETURN OF INCOME: All Individuals/HUF/Firms deriving Income from Salary, House Property, Capital Gains, Business or Other Sources and not covered under section 44AB are required to file the Return of Income by 31st July. All Tax Audit Cases covered under section 44AB, Company returns are required to file the Return of Income by 31st October.