Chapter VI A Deductions List
A quick guide to "Chapter VI A Deductions List"
In this post, we will talk about theChapter VI A deductions; let’s look into these sections in detail:
What is Chapter VI A?
Income Tax Deduction under Chapter VIA of the Income Tax Act involves reducing the amount of money you have to pay taxes on. This is applicable to both individuals and corporations. The Act provides various deductions in different parts. When determining how much of your income is taxable, you can use these deductions to reduce the amount you pay in taxes.
Income Tax section under Chapter VI A (Table format)
| Section | Eligible Deductions |
|---|---|
|
Deductions for various investments, including PPF and EPF. |
|
|
80CCC |
Deductions for contributions to pension programes. |
|
80CCD |
Deductions for contributions to the National Pension System (NPS). |
|
80CCE |
Deductions are available under sections 80CCF, 80CCG, and 80CCH. |
|
Deductions for health insurance premiums. |
|
|
80DD |
Deductions for expenses related to the maintenance of a disabled dependent. |
|
80DDB |
Deductions for some medical services. |
|
Deductions for educational loan interest. |
|
|
Interest paid on a residential property loan. |
|
|
Deduction for interest on loans taken for specified residential properties.
|
|
|
Deduction for interest on loans used to purchase electric automobiles.
|
|
|
Deductions for charitable contributions to authorised organisations. |
|
|
80GG |
Deductions for house rent are paid if no HRA is received. |
|
Donations to scientific research or rural development are eligible for deduction. |
|
|
80GGC |
Deductions for payments to political parties. |
|
80IA |
Deductions for profits from specified businesses. |
|
80IB |
Profit deductions for some industrial undertakings. |
|
80JJAA |
Deductions for employment of new employees. |
|
80RRB |
Income tax deductions for specific cooperative societies. |
|
80TTA |
Deductions for interest income from savings accounts. |
|
80U |
Individuals with disabilities can benefit from deductions. |
This finishes the discussion of Chapter VI A deductions. If you have any questions, please ask in the comments area below.
FAQ
1. What is the maximum deduction allowable under Section 80C?
Ans: The maximum deduction under Section 80C is Rs. 1.5 lakhs.
2. Can I claim a deduction under both Sections 80C and 80CCC?
Ans: Yes, you can claim a deduction under both Section 80C and Section 80CCC, up to a maximum of Rs. 1.5 lakh.
3. Is the 80D deduction applicable to non-dependent parents?
Ans: Section 80D is available to parents, dependent or not.
4. Does car insurance fall under 80C?
Ans: The tax benefit under Section 80C is only available for life insurance premiums paid, not for general insurance such as vehicle insurance, travel insurance, etc.
