Deduction under chapter vi a for ay 2014-15 pdf

Year 201415 particulars amount amount income from salary 500000. Deductions as per latest syllabus as explained by fca amresh kumar jain at jain coaching centre, kolkata. Deduction in respect of deposits under national savings scheme or payment to a deferred annuity plan. This is over and above the limit of 200000 under section 80c and therefore very important option. Fy 2014 and fy 201415 during these financial years, the deduction. There are a lot of deductions available under various sections to help you bring down the taxable income. Administration of tax concessionsexemptionsdeductions. Deductions in respect of certain incomes under chapter via.

We mentioned the same in my itr for ay 201415, however it dept raised a tax demand of rs. There are a number of deductions available under various sections that will bring down your taxable income. May 03, 2020 in a case where the assessee is entitled to deduction under any other provision of this chapter also, the deduction under this section shall be allowed with reference to the income, if any, as referred to in this section included in the gross total income as reduced by the deductions under such other provision of this chapter. Some important point to be noted a deduction under chapter vi a shall not exceed gross total income. Exemption under section 10 a in respect of hra calculation method. Section 80c is a very popular section which allows deductions of up to inr 1. Deduction under section 80ccg 80d payment of medical insurance premium. The cbdt has recently notified the new itr forms applicable for ay 2018. We can say that it is an amount based deduction and total deduction should not be more than rs. Deductions under chapter vi a will not be allowed from income which is not chargeable to tax ie.

Apr 23, 2020 individualhuffirms claiming any deduction under chapter iii of the act i. Deduction in respect of profit and gains from industrial undertaking or enterprises engaged in infrastructure development section 80ia all assessee. Exempted under section 1034 0 winning from lottery 90000 winning from card games 0 00 gross total income 500000 less. Year 201415 income from other sources dividend 0 less. The most comprehensive guide for all income tax deductions section 80c to section 80u covered in chapter vi a of income tax for the fy 201920 ay 202021 many of you may be aware that investments can help you save tax, but what you may not be aware of is that income tax department gives tax benefits for incurring some personal expenses as. Due dates for filing return of income for ay 201415. Income tax deductions available under old tax regime for fy 202021 ay 202122 income tax deductions list it exemptions list fy 202021 ay 20212 section 80c the maximum tax exemption limit under section 80c is rs 1. Deductions available under chapter vi of income tax. Deduction in respect of interest on loan taken for certain house property. The deduction allowed earlier was limited to a maximum of rs 1 lakh in total and. Instructions to form itr2 ay 201415 page 2 of 10 vii in response to notice under section 148 viii in response to notice under section 153a 153c if the assessee is governed by portuguese civil code under section 5a of the incometax act, schedule 5a is required to be filled out. The most popular one is section 80c of chapter via. Income tax deductions under chapter vi for ay 202021fy 2019. Other preferred dedcutions under chapter via are 80d, 80e, 80g, 80ddb and so on.

Income, after allowing all deductions under chapter vi a, except deduction. Deduction in respect of certain incomes other than specified under section 80jjaa, 80ccd2 and deduction under section 80la for unit located in ifsc part c of chapter vi a amendments to the income tax rules, 1962 the rules, allow only following allowances. New income tax rates are opted, only deduction under section 80ccd2 is available, if applicable. Tax deduction under section 80ee of the income tax act 1961, can be claimed by firsttime home buyers for the amount they pay as interest on home loan. For companies other than companies claiming exemption under section 11. Agriculture income section 101 as per section 101, agricultural income earned by the taxpayer.

Deductions under chapter vi a of income tax act 1961 youtube. In case of any doubt, please refer to relevant provisions of the incometax act. Jun, 2020 when it comes to deductions, some of the most popular deductions are contained in chapter vi a of the income tax act. The deduction was 50 % of amount invested in such equity shares or 25,000, whichever is lower. For eg, dividend income is exempted under section 1034. With effect from assessment year 201415 a investment in listed units of an equity. Income tax amendments applicable for the assessment year. Below given are several investments, expenses and payments allowed to be claimed under section 80c. Chapter vi a of income tax act contains various subsections of section 80 that allows an assessee to claim deductions from the gross total income on account of various taxsaving investments. Amount deductible under any other provisions of chapter vi.

You can avail the deductions only if you have made taxsaving investments or incurred eligible expenses. Please watch our new work on how to order food in zomato step by step at the following link s. Deduction under chapter vi a for ay 201920 section 80c to. Please click tap on the section number to view hide its content and hide content of other section. Aug, 2020 you can avail the deductions only if you have made taxsaving investments or incurred eligible expenses. Incometax act relating to limit on deductions under sections 80c, 80ccc and 80ccd under section 80 cce. Thus, a person opting for the new tax regime shall not be entitled to claim deduction us 80tta deduction in respect of interest on deposits in. Technical guide on understanding income tax return forms ay. The maximum deduction that can be claimed under this section is rs.

The maximum amount of deduction available under section 80c is inr 1. Section wise income tax deductions for ay 202122 fy 202021. Total deduction amount of assessment year 201415 and 201516 shall be rs. Section 80ee income tax deduction for interest on home loan. Find out the deduction under section 80c for ay 201920. Deductions available under chapter vi of income tax section brief information about the section 80c amount paid or deposited towards life insurance, contribution to provident fund set up by the government, recognized provident fund, contribution by the assessee to an approved superannuation fund, subscription. All the questions relate to the assessment year 201415, unless. Total deduction in respect of donations to certain funds, charitable institutions, etc. Deduction under chapter vi a 0 total income 500000.

Deduction in respect of profits and gains by an undertaking or an enterprise engaged in development of special economic. Deducti on in respect of interest on deposits in savings account under section 80tta. Deductions allowable to tax payer income tax department. The income tax deduction reduces your gross total income and after reduction, it becomes total income on which tax is calculated. Deductions available under chapter vi of income tax section. Jan 15, 2019 deduction under chapter vi a helps assessee to reduce tax liability. It was available for only 2 years, fy 2014 and fy 201415. Special provision for deductions in the case of business for prospecting, etc. Jul 26, 2019 you can seek deduction under chapter vi a, which will help you reduce your taxable income. So, heres the complete list of all the income tax deductions for ay 201920 and 202021 as per the income tax that you can use to reduce your tax outgo depending on your tax situation. The benefit is in addition to deduction available us sec 80c. Deductions under chapter vi a of the incometax act can be availed by taxpayers for lowering their income tax liabilities. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below.

Tax deductions available for the financial year 202021 assessment year 202122 will be updated shortly. Income tax deductions list fy 202021 new vs old tax. In this video you should learn about all available deductions under chapter via of income tax act 1961. While computing a deduction under chapter via, it is. Applicable deductions under chapter vi a for year 201415 a.

Income tax deductions under chapter vi for ay 202021, 201920,201819. Deductions of chapter vi a overview available to individuals huf exemptions and deductions income tax. Deduction in respect of contribution to certain pension funds. Deduction is limited to whole of the amount paid or deposited subject to a maximum of rs. Deductions permissible under chapter vi a certain deductions are available from the gross taxable income, under sections 80c to 80u. Yes, assessee can take multiple lic policy for the purpose of deduction us 80c. These deductions detailed in chapter via of the income tax act must be distinguished from the exemptions provides in section 10 of the act.

The depreciahigh court observed that whereas chapter iv contains a provision relating to the computation of total income under various heads of income, chapter vi. Posts about income tax deductions for salaried employees how to save tax for fy 201718 pdf chapter vi a deductions for ay 201718 80c deduction for fy 201718 80d deduction for ay 201718 80c deduction for ay 20 written by camurlidharkhatri. Income tax 201415 what are all the changes affecting. Individuals may also reduce their tax liability by availing deductions available under chapter vi a of the income tax act us 80c,d,e etc. Swachh bharat kosh applicable from financial year 201415. This amendment will take effect from 1st april 2014 and will accordingly apply to the assessment year. This video includes the deductions under section 80c. Deduction for additional wages in certain cases section 80jja. Deduction under chapter via is not allowed against following incomes. Read more income tax deduction under section 80ccd. Moreover, deductions under chapter vi a is not allowed from long term capital gains and short term capital gains under section 111a.

Section 80ia of the act is a complete code in itself. Yes, you can claim a tax benefit under both section 24 and section 80ee in a single year. Chapter vi a deduction is claimed by taxpayers liable to file itr and have a taxable income during the previous year. Deductions permissible under chapter vi a certain deductions are available from the gross taxable income, under sections 80c to 80u maximum upto rs 1,00,000. As per section 16iii deduction is allowed for any tax on employment paid by the assesee to the state under article 80c 276 of the constitution. Aug 10, 2019 income tax department allows deductions specified in the chapter vi a of the income tax act. Circular contains the rates of deduction of income tax from the payment of income. The chart given below describes the deductions allowable. Amendments to the act, relating to filing of return of income, applicable with effect from ay 201415. The maximum amount which is not chargeable to income tax for assessment year 201920, in case of different categories of individuals, is as under. Income tax amendment for the assessment year 201415.

Deduction in respect of purchase of electric vehicle. Deduction is available if following are satisfied assessee is an individual or huf resident inindia. The depreciahigh court observed that whereas chapter iv contains a provision relating to the computation of total income under various heads of income, chapter vi contains. Income tax deductions under chapter vi for ay 202021fy. The maximum investment permissible for claiming deduction under rgess is rs. In the section vi a under 80c lic premium showing double that the actual. This complete list of chapter viincome tax deductions for ay.

Income tax deductions list fy 202021 new vs old tax regime. For example, you can claim deductions under sections 80c, 80ccc, 80ccd, 80cce and 80d. Deductions under chapter via myitreturn help center. Soohan submits the following details of his income for the assessment year 201415. Long term capital loss carried forward for 8 ay gross total income 145000 less.