What are deductions under Chapter VI A?

What are deductions under Chapter VI A?

You can seek Deduction under Chapter VI A, which will help you reduce your taxable income. There are a lot 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.

What is Part C of Chapter VI A of Income Tax Act?

There are following sections or deductions available in Heading C “ of the Chapter VI A of the Income Tax Act, 1961 : [ which are applicable to AY 2019/20 onwards. ] Deductions in respect of profits and gains from housing projects. Deduction in respect of profits and gains from the business of publication of books.

What is deduction under Chapter IV A?

Income Tax deductions under Chapter VIA

Sr.no Section Details
1. 80C Payment towards Life Insurance Premium
2. Provident Fund
3. Repayment of Housing Loan (Principal Component)
4. National Savings Certificate (Accrued Interest)

What is C deductions in respect of certain incomes?

Deductions in respect of certain incomes – Income-tax Act, 1961

Part: C
Deductions in respect of certain incomes
Section 80PA : Deduction in respect of certain income of Producer Companies.
Section 80Q : Deduction in respect of profits and gains from the business of publication of books
Section 80QQ : Omitted

What is deductions under Chapter VI A 80C?

The Chapter VI A of Income Tax Act contains the following sections: 80C: Deduction in respect of life insurance premium, deferred annuity, contributions to provident fund (PF), subscription to certain equity shares or debentures, etc. The deduction limit is Rs 1.5 lakh together with section 80CCC and section 80CCD(1).

How do I claim 80DD deduction?

Medical Certificate: To claim tax deduction under Section 80DD, the taxpayer will have to submit a copy of the medical certificate, which authenticates the disability of the dependant. Form 10-IA: If the disabled dependant is suffering from autism, cerebral palsy or multiple disabilities, then Form No.

What is Chapter VI A heading C?

Chapter VI-A under the heading “C. — Deductions in respect of certain incomes’ – These deductions are under Section 80H to 80RRB provided in respect of profits and gains of specific industries such as hotel business, small scale industrial undertaking, housing projects, export business, infrastructure development etc.

What is Section 115BAA?

Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% plus sc of 10% and cess of 4%. The Effective Tax rate being 25.17% from the FY 2019-20 (AY 2020-21) onwards if such domestic companies adhere to certain conditions specified.

What is Chapter IV in income tax?

Section 4(1) of the Income Tax Act, 1961 provides that income tax is chargeable for every assessment year in respect of the total income of the previous year of an assessee, according to the rates prescribed under the relevant Finance Act.

Is 80C and 80CCD are same?

Sections 80CCD, 80CCC and 80C The benefits of Section CCD fall under those of 80C, i.e., the deductions claimed u/s 80CCD cannot be claimed again in 80C. The overall limit of deductions under 80C, 80CCC and 80CCD is Rs. 2 lakh, with an additional deduction of Rs. 50,000 allowed u/s 80CCD sub section 1B.

How do I claim US 80JJA deduction?

Eligibility for Claiming Tax Deduction Under Section 80JJAA

  1. The industrial establishment should be an Indian company from the manufacturing sector.
  2. It should be formed by reconstruction, revival, or re-establishment of an existing business.
  3. The deduction is only available on hiring new blue-collared employees.

What is 80C and 80cc?

The main difference between Section 80C and Section 80CCC of the Income Tax Act of 1961 is that under Section 80C, the amount to be paid may come from income that is not chargeable to tax. While under Section 80CCC the funds must be paid out the income that is chargeable to tax.