Check All Salary Deductions for A.Y.2014-15 as per Income Tax Rules Plus Master of Form 16 with Individual Salary Sheet + Individual Salary Structure for FY 2014-15

Click here to download All in One Master of Form 16 Part B with Individual Salary Structure + Individual Salary Sheet for the Financial Year 2014-15 [ This Excel Utility Can prepare at a time 50 employees Form 16 Part B ]

The salary persons always ask  that knowing  all the deductions which we can claim from
salary for A.Y.2014. So we are giving the list of all the deductions which you
can claim while calculating taxable salary income or net total income after
adding other sources incomes.  The deductions are given along with the
income tax sections. So you can get all the complete details by going to that
particular section in case of any doubt..
deduction Under Chapter VIA
80C :-
Maximum deduction limit Rs. 1.5 Lakh
Entertainment  Allowance: The first deduction which you claim from salary is
Entertainment Allowance. Entertainment allowance received is first included in
the employee’s income and then a deduction is allowed in case of government
employees, for a sum equal to 1/5th of salary (excluding all allowances,
benefits and other perquisites) or Rs. 5,000, whichever is less.

Professional Tax: Tax on employment by whatever name called, levied by a State
under Article 80C 276 of
the Constitution shall be allowed as a deduction. [Sec. 16(iii)]

Deductions Permissible under
Chapter VI-A:
 Certain deductions are
available from the gross taxable income, under sections 80C to 80U. Important
deductions are:
Deposit/Contribution to Life Insurance Premia,
deferred annuity, contributions to provident fund, subscription to certain
equity shares or debentures, bank deposits under notified scheme, 5 years POTD,
Senior Citizen Saving Scheme, etc. [Sec. 80C]. 
to LIC Pension Plan (Jeevan Suraksha) or Pension Fund of other insurance
companies. [Sec. 80CCC]. 
to notified Pension Scheme by employees of Central Government or any other
employer or by any other individual. [Sec. 80CCD]. 
Investment in listed equity shares (w.e.f
1-4-2014) A.Y.2014-15 [or listed units of equity-oriented mutual funds] under
Rajiv Gandhi Equity savings Scheme. [Sec. 80CCG]

Payment of Medical Insurance
Premia (Mediclaim) or contribution to Central Government Health Scheme. [Sec.
 Deductible upto a
maximum of Rs. 15,000 (Rs. 20,000 in case the person insured is a senior citizen).
Besides, an additional deduction up to Rs. 15,000 (Rs. 20,000 in case the person
insured is a senior citizen) [The age limit for a senior citizen from
A.Y.2013-14 is 60 years or more] shall be allowable in respect of medical
insurance premium for parent(s). 
A.Y. 2013-14, deduction can also be availed for any payment for preventive
health check-up of the assesses, his family and parents, subject to a limit of
Rs. 5,000 within the aforesaid ceilings.

Expenditure on medical
Treatment etc. and deposit for maintenance of handicapped dependents. [Sec.
 A deduction is allowed
to compensate for any expenditure incurred by an assesses, during a year, for
the medical treatment (including nursing), training and rehabilitation of one
or more handicapped relatives wholly dependent on him, and for amount deposited
in an approved scheme of LIC or UTI, for the benefit of a handicapped
dependent. A fixed deduction of Rs. 50,000 is allowable, in aggregate for any
or both the purpose specified above, irrespective of the actual amount of
expenditure incurred.
Expenditure  or Medical
Treatment of assess/dependant relative [Sec. 80DDB]:
 Deduction for the amount of expenditure incurred or Rs.
40,000, whichever is less, is allowable for any year during which expenditure
is actually incurred for the medical treatment of specified diseases or
ailments for the assesses himself or a dependent relative. If the patient is a
senior citizen the deduction allowable shall be the expenditure incurred or Rs.
60,000 whichever is less. Besides, any amount received under a medical
insurance policy shall be reduced from the amount of deduction allowable.
Interest on Loan taken for
Higher Education. [Sec. 80E]:
 Any amount paid by way
of interest on a loan taken from any financial institution or any approved
charitable institution for the purpose of pursing his higher education, is
deduction without any limit.
Interest on Loan taken for
first residential house. [Sec. 80EE]:
 Deduction is allowable for interest on housing loan from a bank/housing
finance company, for allowable is Rs. 1, 00,000, subject to specified
conditions. The deduction is allowable for A.Y. 2014-15 and A.Y. 2015-16 only.]
Donation for Charitable
Purposes [Sec. 80G]:
 There are a number of
donations in respect of which deduction is permissible under Sec. 80G.
Deduction @ 50% is available for donation to Jawaharlal Nehru Memorial Fund,
Prime Minister Drought Relief Fund, [National Children’s Fund] Indira Gandhi
Memorial Trust or Rajiv Gandhi Foundation etc. 100% deduction is allowed for
donations to National Defense Fund, Prime Minister’s National Relief Fund,
[National Children’s Fund,]National Foundation for Communal Harmony, Chief
Minister’s/Lt. Governor’s Relief Fund etc. Deduction is granted subject to the
prescribed maximum ceiling and on furnishing of appropriate certificate from
the done organization. Donation of a sum exceeding Rs. 10,000 shall be eligible
for deduction, only if it paid by a mode other than cash.

Expenditure on Rent. [Sec.
 Rent paid by an assesses
not owning a house and not in receipt of house rent allowance u/s 10(13A) for
residential accommodation whether furnished or unfurnished, is deductible
subject to the prescribed ceilings. [w.e.f 1-4-2014, for A.Y. 2014-15]
Donations to specified institutions/associations
for Research or for Rural Development [Sec. 80GGA]:
 Donation of a sum exceeding Rs. 10,000 shall be eligible for
deduction, only if it paid by a mode other than cash.
Physical Disability [Sec. 80U]: Rs. 50,000 for disability and Rs. 1, 00,000 for severe
Tax savings from Bank
Interest  U/s 80TTA :
Rs. 10,000/- can get
relief from Bank Savings Interest who’s Taxable Income Less than 5 Lakh

Tax Rebate Rs. 2,000/-
U/s 87A :-
Tax Rebate Rs. 2,000/- , Who’s Taxable Income Tax less than 5

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