Deduction under VI-A section 80D, 80G, 80E and rest
A List of deduction under Chapter VI-A
In this post, we will discuss the deductions under VI-A sections 80D, 80G, 80E, and the rest of the sections.
We will be covering:
- What is Chapter VIA of Income Tax Act?
- Various Deductions Under Chapter VI A
- Deductions under 80D
- Deductions under Section 80DD
- Deductions under Section 80DDB
- Deductions under Section 80EE
- Deductions under Section 80U
- Deductions under Section 80G
- Deductions under Section 80GG
- Deductions under Section 80GGC
- Deductions under Section 80RRB
- Deductions under Section 80TTA
- Deductions under Section 80CCG
What is Chapter VIA of Income Tax Act?
An income tax deduction is a benefit given for an investment made and expenditure incurred. These deductions lower taxes. As a result, income tax deductions reduce your gross total income (means the income on which taxes must be paid).
Various Deductions Under Chapter VI A
Deductions under Section 80D
A deduction for the cost of health insurance. For premiums made up to Rs 25,000, individuals—aside from the elderly—are qualified for a deduction. The limit is Rs. 50,000 for older persons, while the overall maximum is Rs. 1 lakh under Section 80D.
Deductions under Section 80DD
The deduction for maintenance and medical treatment of a dependent who is disabled. The maximum deduction limit under this section is Rs 75,000.
Deductions under Section 80DDB
Tax deduction of up to Rs 40,000 on medical treatment of a specified disease from a neurologist, oncologist, urologist, haematologist, immunologist or other specialist.
Deductions under Section 80EE
A deduction for interest up to Rs 50,000 taken on a loan for a residential property.
Deductions under Section 80U
Deduction in the case of a disabled individual. The highest deduction permitted under this clause is Rs. 1.25 lakh, depending on the nature and degree of the handicap.
Deductions under Section 80G
Donations to certain charities, funds, etc. There are three types of donation limits: 100% of the total donation, 50% of the total donation, or 50% of the donation with a cap of 10% of gross income.
Deductions under Section 80GG
Deductions for rent paid by non-salaried people who do not receive HRA benefits. The monthly deduction cap is Rs 5,000 or 25% of annual income, whichever is less.
Deductions under Section 80GGC
Political party contributions made without cash are deductible in full.
Deductions under Section 80RRB
Deduction for patent royalties [up to Rs. 3,000,000]
Deductions under Section 80TTA
Deductions for interest on savings bank accounts up to Rs 10,000 for assessees who are not resident senior citizens.
Deductions under Section 80CCG
The Rajiv Gandhi Equity Savings Plan (RGESS), which was introduced in 2012, is eligible for this reduction. Investors whose gross total income is less than Rs. 12 lakhs can invest in this scheme. Upon fulfilment of conditions laid down in the section, the deduction is allowed up to 50% of the amount invested in equity shares or Rs. 25,000, whichever is lower.
And with that, we end this post on the process for filing deductions under VI-A sections 80D, 80G, and 80E,and the rest. If you have any questions, drop them in the comment section below.
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