Income Tax deduction under chapter VI-A | Chapter VIA of the Income Tax Act contains several
subsections of section 80 that allow the liquidator to claim deductions from the total gross income.
Chapter VIA of the Income Tax Law
contains several subsections of section 80 which allow the liquidator to claim
deductions from the total gross income from various investments to save taxes,
eligible expenses, donations, etc. to reduce the tax payable.
Chapter VI A of the Income Tax Law
has the following sections:
80C: Deduction in respect of life
insurance premium, deferred annuities, pension fund (PF) contributions,
subscriptions to certain shares or debentures, etc. The deduction limit is Rs
1.5 lakh including section 80CCC and section 80CCD(1 ).
80CCC: Deductible for contributions
to certain pension funds. The deduction limit is Rs 1.5 lakh Including section 80C and section 80CCD(1).
80CCD(1): Deduction relating to the
contribution to the Central Administration Pension Scheme - in the case of an
employed person, 10 percent of wages (base + DA) and in any other case, 20
percent of your total gross income in the tax year will be exempt from taxes.
The general limit is 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): A deduction relating to
an employer's contribution to a Central Administration pension plan. A tax
credit is available on an employer contribution of 14 percent when the central
government contributes, and a tax credit of 10 percent when a contribution is
made by any other employer.
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80D: Deduction of health insurance
premiums. Premium paid up to Rs 25,000 is eligible for deduction for
individuals other than senior citizens. For the elderly, the limit is 50,000
rupees and the total limit of u/s 80D is 1 lakh rupees.
80DD: Deduction for maintenance,
including treatment, of a disabled dependent. The limit in this section is Rs
75,000.
80DDB: Deduction for expenses up to
Rs 40,000 for the treatment of a certain disease by a neurologist, oncologist,
urologist, haematologist, immunologist or another specialist as prescribed.
80E: Graduate student loan interest
deduction with no cap.
80EE: Interest deduction up to Rs
50,000 on residential property loan.
80EEA: Interest deduction up to 1.5
lakh on a loan taken out to purchase the certain residential property
(affordable housing).
80EEB: Interest deduction of 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 donor, the limit
ranges from 100 percent of the total donation to 50 percent of the total
donation, or 50 percent of the donation, with a limit of 10 percent of gross
income.
80GG: Deductions on income paid by
self-employed individuals who do not receive HRA benefits. The deduction limit
is Rs 5,000 per month or 25 percent of gross income per year, whichever is
less.
80GGA: Full deductions for certain
research or rural development grants.
80GGC: General deductions for
donations to political parties provided such donations are not monetary
donations.
80TTA: Deductions related to
interest on savings accounts up to Rs 10,000 in the case of taxable persons
other than senior citizens.
80TTB: Deductions related to
interest on deposits up to Rs 50,000 in the case of senior residents.
80U: Disability deduction. Depending on the type and degree of disability, the maximum deduction allowed under this section is Rs 1.25 lakh.
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