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. You can seek deduction under chapter vi a, which will help you reduce your taxable income. If, however, tds is deposited in a subsequent year, it will be deducted in that year. None of the chapter vi a deduction allowed except for 80ccd2 and 80jjaa if you opt for new and reduced income tax rates. Section 80c limit,80ccd,80d,24b,80e,80g,80ee,87a,80tta. Companies may follow the crowd and only believe in raising funds from banks and financial institutions in the form of loans. There are a lot of deductions available under various sections to help you bring down the taxable income.
Deductions allowable to tax payer income tax department. Gross salary a salary as per provisions contained in section 171 rs. Fintotal knowledge list of chapter via tax deductions. Please help me to arrive at the tax liability assuming there is no chapter vi a deduction. The article about deduction of income tax ay 2014 15 has not been updated and misguides the public. Deductions permissible under chapter via certain deductions are available from the gross taxable income, under sections 80c to 80u. 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. Deductions available under chapter vi of income tax. Part b annexure details of salary paid and any other. Deduction in respect of certain donations for scientfic research or rural development section 80gga all assessees not having any income chargeable under the head profits and gains of business or profession 80ggbggc.
It deductions allowed under chapter vi a sec 80c, 80ccc, 80ccd, 80d, 80dd, 80ddb etc. An assessee, whose income is taxable at higher rates will have more tax savings i. It depends upon applicable tax rates as per the total taxable income and status of assessees. All the deductions under chapter vi a are not given here, which disappoint me. 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. I shall be very much obliged if you could publish an updated article incorporating the recent changes regarding enchancing the 80 c limit to rs. Section in it act eligible items annual limit for rebate.
Filing of income tax returns itr in july 2014 national portal of. A site for easy to use online tax and other calculators, forms compiled in excel and fillable pdf formats with without autocalculation formulas and information. Deductions under chapter via myitreturn help center. Deduction for interest on education loan for higher studies. Section 14 of the income tax act further provides that for the purpose of charge of. Deductions from salary income for fy 2014 ay 201415. The itr forms to file income returns for ay 201415 are as follows.
The impact of deductions available under various sections of income tax act is not same for all. It deductions allowed under chapter via sec 80c, 80ccc. Find out the deduction under section 80c for ay 201819. Rebate given for investing in certain longterm instruments.
169 1108 1243 1459 589 88 483 1568 1128 1505 124 465 1324 880 201 1112 71 1089 1243 681 758 482 128 1109 1390 877 209 1104 1218 1097 630 856 831 509 1181 939 1351 1260 1096 376 736 1230 1222 12 1310 874 169