Deduction under Chapter VI-A of the Income Tax Act| With Automated Income Tax Preparation Software All in One for the Govt and Non-Govt Employees for the F.Y.2021-22 as per Budget 2021

 

Deduction under Chapter VI-A of the Income-tax Act contains various sub-sections of section 80

 which allow an assessor to claim a deduction from the total income due to various tax-saving

 investments, approved expenditures, grants, etc. Reduce taxes payable.

 

Chapter VI of the Income Tax Act has the following sections:

 

80C: Deduction limit for life insurance premium, deferred annuity, contribution to provident fund (PF), fixed equity share or debenture subscription etc. Rs. 1.5 lakh together Section 80CCC and Section 80CCD (1)

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80CCC: Deduction in contribution to the fixed pension fund Max Rs. 1.5 Lakh.

 

80CCD (1): Deduction in contribution to Central Government Pension Scheme - In the case of an employee, 10 per cent of salary (Basic + DA) and in any other case, 20 per cent of his total income will be tax-free in one FY. The overall limit with 80C and 80CCC is Rs 1.5 lakh.

 

80CCD (1B): Discount up to Rs. 50,000 for contribution to Central Government (NPS) Pension Scheme.

 

80CCD (2): Deduction in the contribution of the employer to the pension scheme of the Central Government. Tax benefits are given on 14 per cent contribution by the employer, where such contribution is made by the central government and where the contribution is made by any other employer, a 10 per cent tax benefit is given.

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80CCC: Deduction in contribution to the fixed pension fund Max Rs. 1.5 Lakh

 

80D: Deduction in health insurance premiums. Premiums up to Rs 25,000 are paid for those other than senior citizens. For senior citizens, the limit is Rs 50,000 and the overall limit under 80D is Rs 1 lakh.

 

80DD: Decreases in maintenance including treatment of a disabled person who is a disabled person Max Rs.75,000/-

 

80DDB: A neurologist, oncologist, urologist, haematologist, immunologist or another such specialist can give a discount of up to Rs 40,000 for the treatment of a prescribed disease.

 

80E: Exemption in case of interest on loan taken for higher education without any upper limit.

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80CCC: Deduction in contribution to the fixed pension fund Max Rs. 1.5 Lakh

 

80EE: Deduction House Building Loan interest Max Rs. 50,000.

 

80EEA: Deduction of interest up to Rs.

80EEB: Discount on interest up to Rs 1.5 lakh on loan taken for the purchase of an electric car.

 

80G: Donations are made to specific funds, charities, etc., depending on nature, the limit varies from 100 per cent of the total grant, 50 per cent of the total grant or 50 per cent of the grant to 10 per cent of the total income.

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80CCC: Deduction in contribution to the fixed pension fund Max Rs. 1.5 Lakh

 

80GG: Decrease in rent paid by non-salaried persons who do not get HRA benefits. The deduction limit is Rs 5,000 per month or 25 per cent of the total income per year, whichever is less.

 

80GGA: Complete discount for specific grants for scientific research or rural development.

 

80GGC: Complete exemption for grants to political parties, if such grants are not in cash.

 

80TTA: Discount up to Rs 10,000 in case of interest on savings bank account in case of assessors other than a resident senior citizen.

 

80TTB: Reduction in interest on deposits up to Rs 50,000 in the case of resident senior citizens.

 

80U: Discount in case of a disabled person. Depending on the type and extent of disability, the maximum exemption allowed under this section is Rs. 1.25 lakhs

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