Deductions referred to in Chapter VI A of the Income Tax Law contain various subsections of section
80 that allows the appraiser to claim deductions from total gross income.
Chapter VI A of the Income Tax Law contains various subsections of section 80 that allow the appraiser to claim deductions from the total gross income in connection with various tax-saving investments, eligible expenses, donations, etc. Such deductions allow the appraiser to reduce the tax due.
Chapter VI A of the Income Tax Law contains the following sections:
80C: Deduction relating to the life insurance premium, deferred annuities, pension fund (PF) contributions, subscription to certain stocks or bonds, etc. The deduction limit is Rs 1.5 lakh along with section 80CCC and section 80CCD (1 ).
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80CCC: Deduction for contributions to certain pension funds. The deduction limit is Rs 1.5 lakh along with section 80C and section 80CCD(1).
80CCD(1): Deduction in the form of a contribution to the pension scheme of the central administrations - in the case of an employee, 10 % of wages (base + DA) and in any other case, 20%of his total gross income in the tax year will be tax-free. The general limit is Rs 1.5 lakh along with 80C and 80CCC.
80CCD (1B): Deductible up to Rs 50,000 against contributions to the Central Government Pension Scheme (NPS).
80CCD(2): Deduction related to the employer's contribution to the central government pension system. A tax credit is granted on the employer's 14 %contribution if that contribution is paid by the central government, and if the contribution is paid by any other employer, a tax credit of 10 % is granted.
80D: Health insurance premium deduction. Premium paid up to Rs 25,000 is eligible for deduction for non-elderly persons. For the elderly, the limit is Rs 50,000 and the total u/s 80D limit is Rs 1 lakh
.
80DD: Support deduction, including treatment for a disabled dependent. The maximum deduction limit is Rs 75,000.
80DDB: Deduction against expenses up to Rs 40,000 for treatment of a specific disease by a neurologist, oncologist, urologist, haematologist, immunologist or another specialist as may be appointed.
80E: Deduction of interest on a loan granted for higher education, with no upper limit.
80EE: Interest deduction up to Rs 50,000 on a loan taken out to purchase a residential house.
80EEA: Interest deduction of up to 1.5 lakh on a loan taken out to purchase some housing (affordable housing).
80EEB: Interest deduction up to 1.5 lakh on a loan taken out to purchase an electric car.
80G: Donations to certain foundations, charities, etc. Depending on the nature of the donee, the limit ranges from 100% of the total donation to 50% of the total donation, or 50% of the donation with a ceiling of 10% of gross income.
80GG: Deductions related to rent paid by unpaid subjects who do not receive HRA benefits. The deduction limit is Rs 5,000 per month or 25 % of gross income per year, whichever is less.
80GGA: Full deductions for certain donations to research or rural development.
80GGC: Full deductions from donations to political parties, provided such donations are not monetary donations.
80TTA: Interest deduction on savings checking accounts up to Rs 10,000 in case of experts other than senior citizens.
80TTB: Interest deduction on deposits up to Rs 50,000 for senior citizens.
80U: Disability deduction. Depending on the type and amount, the maximum disability allowance allowed under this section is Rs 1.25 lakh.
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