ITR
Deduction under chapter VI A/ Deduction us 80C to 80U
Chapter VI A of Income tax Act 1961, are framed in order to give the benefit to the Taxpayer so that he/she can Invest and save money as well as reduce Tax liability.
There are lots of deductions available under various sections to help you bring down the taxable income. For example, you can claim deductions under sections 80C, 80CCC, 80CCD, 80CCE and 80D.
There are certain conditions for availing deduction under chapter VIA which are as follow:
1. The total amount of deductions under Chapter VIA cannot exceed the Gross Total Income of the Assessee. For example, the Gross Total Income of the Assessee is Rs. 3,00,000/-. He is total amount of deductions under Chapter VIA is Rs. 3,50,000/-. Now, the amount of deduction that will be allowed to the Assessee is Rs. 3,00,000/- because the deductions (Rs. 3,50,000/-) cannot exceed the Gross Total Income Rs (3,00,000/-).
2. Deductions under Chapter VIA will not be allowed from exempted incomes. For example, The Assessee has received dividend income which is exempt under section 10(34). Deductions under any of the section of Chapter VIA will not be allowed from this dividend income as it is an exempt income.
Deductions under Chapter VIA will not be allowed from long term capital gains and short term capital gains under section 111A.
List of Deduction under chapter VIA (80C to 80U)
|
1 |
Section 80C |
Investment in various scheme |
|
2 |
Section 80CCC |
Insurance premium of Annuity |
|
3 |
Section 80CCD |
Pension Contribution |
|
4 |
Section 80D |
Medical Insurance Premium and Medical Expenditure |
|
5 |
Section 80DD |
Medical Treatment of a Dependent with Disability |
|
6 |
Section 80DDB |
Specified Diseases |
|
7 |
Section 80E |
Interest paid on Loan taken for Higher Education |
|
8 |
Section 80EE |
Interest paid on Housing Loan |
|
9 |
Section 80EEA |
Interest paid on Housing Loan |
|
10 |
Section 80EEB |
Interest paid on Electric Vehicle Loan |
|
11 |
Section 80G |
Donation to Charitable Institutions |
|
12 |
Section 80GG |
Income Tax Deduction for House Rent Paid |
|
13 |
Section 80GGA |
Donation to Scientific Research & Rural Development |
|
14 |
Section 80GGB |
Contribution to Political Parties |
|
15 |
Section 80GGC |
Individuals on contribution to Political Parties |
|
16 |
Section 80IA |
Profits and Gains from Industrial Undertakings engaged in infrastructure development, etc. |
|
17 |
Section 80IAB |
Profits and Gains to SEZ Developers |
|
18 |
Section 80IAC |
Eligible start-ups |
|
19 |
Section 80IB |
Profits and Gains from certain Industrial Undertakings other than infrastructure development undertakings |
|
20 |
Section 80IBA |
Profits from Housing Projects |
|
21 |
Section 80IC |
Certain Undertakings in Special category States |
|
22 |
Section 80ID |
Profits and Gains of Hotels/Convention Centres in specified area |
|
23 |
Section 80IE |
Certain Undertakings in North Eastern States |
|
24 |
Section 80JJA |
Profits and Gains of Specified Business |
|
25 |
Section 80JJAA |
Employment of New Employees |
|
26 |
Section 80LA |
Certain Income of Offshore Banking Units in SEZ and IFSC |
|
27 |
Section 80PA |
Certain income of Producer Companies |
|
28 |
Section 80RRB |
Royalty on Patents |
|
29 |
Section 80QQB |
Royalty Income of Authors |
|
30 |
Section 80TTA |
Interest earned on Savings Accounts |
|
31 |
Section 80TTB |
Interest Income earned on deposits(Savings/ FDs) |
|
32 |
Section 80U |
Disabled Individuals |