Tax Deductions under Chapter VI-A: Explained
In this comprehensive guide, learn about various tax deductions available under Chapter VI-A, including Section 80C, Section 80CCC, Section 80DD, Section 80U, and more. Understand the eligibility criteria, maximum deduction limits, and specific provisions for different categories of taxpayers such as individuals and Hindu Undivided Families (HUFs).
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Presentation Transcript
Deductions under Chapter VI- A Section 80 C to Section 80 U
Section 80A It specifies that the total amount of deductions under Chapter VI- A shall not exceed the Gross Total Income (GTI)
Section 80C Applicable to 1. Individual 2. Hindu Undivided Family (HUF)
Section 80C 1. Life Insurance Premium 2. Contribution to Public Provident Fund (PPF) 3. Contribution to Recognized Provident Fund 4. National Savings Certificate (NSC) 5. Tuition Fees 6. Repayment of Housing Loan
Section 80C 7. Bank Fixed Deposit 8. Senior Citizen Savings Scheme (SCSS) 9. Unit Linked Insurance Plans (ULIP) 10. Equity Linked Savings Scheme (ELSS)
Section 80CCC Contribution to pension funds 80 C + 80 CCC = Maximum Deduction = Rs.1,50,000/- *** V. Imp***
Section 80 DD Maintenance of a handicapped dependent % of Disability Less than 40% 40% to 80% More than 80% Amount of deduction (Rs.) - Rs.75,000 Rs.1,25,000
Section 80 U Deduction for a handicapped resident individual % of Disability Less than 40% 40% to 80% More than 80% Amount of deduction (Rs.) - Rs.75,000 Rs.1,25,000
Section 80 E Interest on loan for higher education
Section 80 TTA Deduction on interest on bank accounts 1. Deduction available to an individual or HUF except a Resident Senior Citizen 2. Includes interest on savings bank account (not being time deposits) 3. Maximum deduction Rs.10,000/-
Section 80 TTB Deduction on interest on fixed deposits 1. Deduction available only to a Resident Senior Citizen 2. Includes interest on savings bank account and interest on time deposits 3. Maximum deduction Rs.50,000/-
Section 80 D Medical Insurance Premium paid To be paid by any mode other than cash
Section 80 D Medical Insurance Premium paid Self , Spouse and Dependent children Below 60 Parents Below 60 Maximum Rs.25,000/- Maximum Rs.25,000/- Rs.25,000+Rs.25,000/- = Rs.50,000
Section 80 D Medical Insurance Premium paid Self , Spouse and Dependent children Below 60 Parents Above 60 Maximum Rs.25,000/- Maximum Rs.50,000/- Rs.25,000+Rs.50,000/- = Rs.75,000
Section 80 D Medical Insurance Premium paid Self , Spouse and Dependent children Above 60 Parents Above 60 Maximum Rs.50,000/- Maximum Rs.50,000/- Rs.50,000+Rs.50,000/- = Rs.1,00,000
Section 80 D Medical Insurance Premium paid Self , Spouse and Dependent children Above 60 Parents Below 60
