Deductions Allowable under ChapterVI A | the impact of Deductions available under various sections of the Income Tax Act isn't the same for all. It relies on applicable tax rates as per the total taxable income and status of assessees. An assessee, whose income is taxable at higher rates, will have more tax savings for example more impact on his/her tax liability than the assessee whose income is taxable at lower rates. You may utilize the Maximize Tax Savings device to check the impact of various available deductions on your tax liability.
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Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21 as per
New and Old Tax Regime[This Excel Utility
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Deductions Allowable under Chapter VI A
Important:
On the off chance that Section 115BAC selects (for example New Income Tax Rates pick), the lone deduction under Section, 80CCD(2) is available, if applicable.
In the event that Section 115BAC doesn't select (for example Existing Income Tax Rates have picked), all deductions appeared on this page are available, if applicable.
Section 80C: Deduction for interests in determining schemes, saving instruments and so forth
Exemption : Up to 1,50,000 (Subject to overall furthest reaches of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD) Available to: Individual and HUF
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Available to:
Section 80CCC: Deduction for contribution to certain predetermined Annuity Assets
Exemption: Up to Rs. 1,50,000 (Subject to overall furthest reaches of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD(1))
Available to: Individual
Details: Contribution to certain predetermined Annuity Assets of LIC/another insurer (Subject to certain conditions).
Section 80CCD (1): Deduction for assessee's contributions to the annuity scheme of Central Government
Exemption: 10% of salary in case of representatives
10% of gross total income in case of others
(Subject to overall furthest reaches of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD(1))
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Income Tax Revised Form 16 Part A &B for the F.Y.2020-21 as per New and Old
Tax Regime[This Excel Utility can prepare
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Available to: Individual
Section 80CCD (1B): Deduction for the store under a benefits scheme told by Central Government (NPS) up to Rs. 50,000. The exemptions in addition to deduction of Rs. 1,50,000 under Section 80C, 80CCC and 80CCD(1)
Available to: Individual
Section 80CCD (2): Deduction for employer's contributions to benefits scheme told by Central Government
Exemption: (a) fourteen per penny., where such contribution is made by the Central Government (New)
(b) 10% where such contribution is made by any other employer
Available to: Individual
Section 80D: Deduction for Amount put resources into Health Insurance
Section 80DD: Deduction for expenditure incurred for the medical treatment of the award
Section 80DDB: Deduction for expenditure incurred for medical treatment of indicated diseases
Section 80E: Exemption from Interest paid on Educational Loan
Section 80EE: Exemption from Interest on loan for residential house property, sanctioned during F.Y 2016-17
Section 80EEA: Exemption from Interest on loan for acquiring residential house property, sanctioned during F.Y 2019-20
80G: Deduction for donations to certain assets, charitable foundations, and so forth
Section 80GG: Exemption allowed for Rent paid for residential accommodation
Exemption: Least of the accompanying shall be excluded from tax: a) Rent paid in the abundance of 10% of total income*;
b) 25% of the Total Income; or
c) Rs. 5,000 per month.
Total Income = Gross total income less long haul capital gains, short-term capital gains under section 111A, deductions under sections 80C to 80U (other than 80GG) and income under section 115A
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Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 as per New and Old
Tax Regime[This Excel Utility can prepare
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Available to: Individual not receiving
HRA
Details: Rent paid for furnished/unfurnished residential accommodation (Subject to certain conditions)
Section 80 TTA: Exemption from Interest on Savings Bank/Post Office accounts
Exemption: 100% of the amount of such income subject to a maximum of Rs. 10,000
Available to: Individual and HUF (w.e.f. 01.04.2018 not available to Senior/Very Senior Residents)
Details: Interest in stores in saving account with a banking company, a mail centre, co-operative society engaged in the banking industry, and so on (Subject to certain conditions)
Section 80 TTB: Deduction for Interest on stores with Mail depots, Banks, Co-operative Banks (w.e.f. 01.04.2018)
Section 80U: Deduction for Persons with Disability
Section 16(ia): Standard Deduction
Exemption: Rs. 40,000 in lieu of Transport Allowance and Reimbursement of Misc. Medical Expenditure. Increased to Rs. 50,000/ - for A.Y 2020-21.
Available to: Salaried Tax Payers w.e.f. 01.04.2018
In case of any uncertainty/clarification, please visit the official site of Income Tax Department.
Download Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 as per New and Old Tax Regime[This
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