Ndeductions under chapter vi a for ay 2016-17 pdf

Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for financial year 2014. Guide to section 80 deductions under sec 80c to 80u cakart. Deduction in respect of profit and gains from industrial undertaking or enterprises engaged in infrastructure development section 80ia all assessee. Chapter vi a deductions for fy 201516 ay 2016 17 for individuals. Jul 25, 2016 income exempt under section 10 for assessment year 2016 17 1.

In case if your tax liability is less than rs 5,000 for fy 2016 17, the rebate us 87a will be restricted up to income tax liability only. Tax planning tools in india for ay 2016 17,chapter via deductions for ay 2016 17,tution fee,home loan,sukanya samridhi account,income tax saving scheme. You shall learn about income tax act of 1961 and chapter vi a, various subsections. Income tax 201718 assessment year 201819 income tax.

For those who have invested in the scheme in fy 201617 are eligible for. Instructions for sugam income tax return ay 201617. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. Please click tap on the section number to view hide its content and hide content of other section.

This limit is likely to remain the same for the upcoming ay 201819. These deductions detailed in chapter via of the income tax act must be. The maximum tax exemption limit under section 80c has been retained as rs 1. Dec 29, 2016 tax slabs for ay 201718 or financial year 2016 17 every individual whose total income before allowing deductions under chapter vi a of the incometax act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. Proposed tax slab for financial year 14 assessment year 1415 for men below 60 years of age. Section nature of deduction remarks 80ccc payment of premium for annuity plan of lic or any other insurer deduction is available upto a maximum of rs. Chapter vi a income tax deductions ay 201819 deduction in respect of investment made under any equity saving scheme. All assessees who are earning below rs 5 lakh, can save an additional rs 5,000 in taxes. Deductions under chapter via will not be allowed from exempted incomes. Chapter vi a deductions for fy 201516 ay 2016 17 for individuals section eligible assessee particulars remarks. Section wise income tax deductions for ay 202122 fy 202021. The deductions under chapter via are mentioned in part c of this return form.

Under section 80c various investments under section 80ccc premium for annuity plans under section 80ccd contribution to pension account under section 80d medical health insurance under section 80dd rehabilitation of handicapped dependent. Further, a new subsection 1b is inserted to provide for additional deduction to the extent of rs. Deductions allowable under various sections of chapter vi a. No exemption can be allowed if sufficient proof to this effect is not enclosed. Chapter vi a deductions and tax slab rates for fy 2015. With effect from assessment year 2016 17, subsection 1a of section 80ccd which laid down maximum deduction limit of rs. Exemption in respect of clubbed income of minor section 1032.

Whatever you earn in any previous year are grossly added under the five different heads of income as specified under section 14 of the incometax act, 1961 which results the gross total income gti. You can seek deduction under chapter vi a, which will help you. Maximum deduction allowed is 10% of salary in case of taxpayer being an employee or 10% of gross total income in case of tax payer being self employed or rs 1,00,000 whichever is less. Deductions under chapter vi a of income tax act for fy. Jun 20, 2012 in this part we have described the part of form16 chapter vi a deductions which deals with deductions under chapter vi a of income tax act and how they appear in form 16. Section 80cce provides that the aggregate amount of deductions under section 80c, section 80ccc and section 80ccd1 shall not, in any case, exceed rs. Latest receipts of specified savings us 80cce and chapter vi a for claiming the exemption are to be enclosed with assessment form. Let us discuss briefly about all the sections with reference to the income tax act 201415. How to claim deductions under section 80c to 80u while filing itr1.

Surcharge on total income in fy 2016 17 ay 17 18, the surcharge for individuals is applicable for those who have total. Income tax deduction us 80ddb ay 201718cbdt new circular for the purpose of this section, in the case of an employee, dependant means individual, the spouse, children, parents, brothers and sisters of the employee or any of them, dependant wholly or mainly on the employee for his support and maintenance. Know income tax deductions for salaried employees 201819 and 201920 or income tax exemptions for salaried employees for assessment year 202021. Cbdt instruction on section 80a of the incometax act, 1961. But payment of stamp duty etc and possession of the house have to happen in the same financial year 201617. Income tax deductions fy 2016 17 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1.

Remuneration received by nonindian citizen as employee of a foreign. List of income tax deductions for individuals 201920 aubsp. Sanjay p s dessai associate professor vvms shree damodar college margao goa. Deduction under section 87a of income tax act 1961 deduction for assessees having less than rs. Every individual or huf whose total income before allowing deductions under chapter vi a of the incometax act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. Chapter vi a deductions and tax slab rates for fy 20152016 ay 2016 2017 for individuals. Deductions under section 80c to 80 u of income tax act 1961 ay 201920 fy 201819. According to the latest budget2014, to encourage household savings the savings, the central government has raised the investment cap under section 80c from rs 1 lakh to rs 1. Following deductions are available to individual and huf under section 80c. Mar 30, 2020 for ay 2016 17, if the house is self occupied, then deduction of interest under section 24b is allowed upto rs. Dear friends, kindly provide me the details of deduction under chapter vi a applicable for the financial year 201516 relevant to assessment year 2016 17. Jul 08, 2015 the income tax act, 1961 provides deduction us.

Ay 201920 includes house rent allowance, interest on home loan, standard deduction and chapter via deductions which includes section 80c, section 80ccc pension funds, section 80ccd national pension scheme nps, section 80cce, section 80d. Now, the amount of deduction that will be allowed to the assessee is rs. Fund for control of drug abuse from assessment year 201617 subject to. Deduction to an individual and huf for amount invested in following ways. Available to resident individual subject to maximum of rs. In this article you may find complete details for how you can avail the benefit of deduction us 80c by investing in the govt schemes. Income tax deductions allowed under chapter vi a of income tax act. Section 80c limit,80ccd,80d,24b,80e,80g,80ee,87a,80tta. Feb 28, 2020 a complete guide on income tax deduction under section 80c, 80ccd1, 80ccd1b, 80ccc. The various investment avenues or expenses that can be claimed as tax. Chapter vi a deductions and tax slab rates for fy 20152016. Deduction from gross total income of an individual or huf, up to a maximum of rs.

Act from the gross total income of the assessees having income from salaries. Nov 16, 2009 16 november 2009 deductions allowable under various sections of chapter via of income tax act. The total amount of deductions under chapter via cannot exceed the gross total income of the assessee. Instructions for sugam income tax return ay 201617 general. Until fy 201617, maximum deduction allowed was 10% of gross total income for. Jan 29, 2016 tax planning tools in india for ay 2016 17, chapter via deductions for ay 2016 17,tution fee,home loan,sukanya samridhi account,income tax saving scheme. What are the conditions and amount of deduction under section. Ceiling limit for deductions under section 80c, 80ccc and 80ccd1 with effect from a. For senior citizens age 60 years or more but less than 80 years.

The income tax act 1961 came into force on april 1, 1962. Income or loss on house property section 24 of income tax act 2017 income tax exemption on interest paid on housing loan consequent upon enactment of finance act 2017, the maximu limit of interest paid house property has been capped at rs. Aug 21, 2018 list of income tax exemptions fy 201718 ay 201819 chapter vi a deductions list section 80c. One of the deductions available under chapter vi a is section 80p which is. Assessment year for which this return form is applicable this return form is applicable for assessment year 2016 17. Tax, tax rates, income tax advice, tax advice, tax planning. Deduction in respect of profits and gains by an undertaking or an enterprise engaged in development of special economic. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below.

Income tax deduction 80c ay 201617 income tax deduction 80gg ay 201617. Deduction available is 100% of amount of such income subject to maximum of rs. Jun 11, 2016 chapter vi a deductions for fy 201516 ay 2016 17 for individuals section eligible assessee particulars remarks. The deductions under chapter vi a are mentioned in part c of this return form. He is total amount of deductions under chapter via is rs. Find out the deduction under section 80c for ay 201819. However, from ay 201819 fy 201718, the rebate is restricted to people having total income upto rs. The chart given below describes the deductions allowable. Tax rebate under section 87a has been raised from rs 2,000 to rs 5,000 for fy 2016 17 ay 201718. Instructions for sugam income tax return ay 2016 17 general instructions these instructions are guidelines for filling the particulars in this return form. With effect from assessment year 201617, the prescription for medical. Salary deduction under section 16 of income tax taxalertindia.

Deductions under chapter vi a section 80c, 80d, 80e. Allowed to an individual who makes deposits to hisher nps account. Special provision for computing deductions in the case of. A deduction is also allowed under section 16 ii in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee, who is in receipt of a salary from the government, a sum equal to onefifth of his salary exclusive of any allowance, benefit or other perquisite or five thousand rupees. A maximum tax benefit can be claimed under 80c for the financial year 201718 is 1,50,000which is same as the previous year 2016 17. Income tax deductions allowed under chapter via of income tax act. New income tax rates are opted, only deduction under section 80ccd2 is available, if applicable.

Income exempt under section 10 for assessment year 2016 17. Feb 19, 2017 permissible deductions from gross total income chapter vi a us 80c to 80u 1. Instructions for sahaj income tax return ay 201617 general. It deductions allowed under chapter via sec 80c, 80ccc. Please inform me the limit of chapter vi a for at 201617. Income tax deduction us 80ddb ay 201718cbdt new circular. 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. Permissible deductions from gross total income chapter vi a. Income tax exemptions benefits rebates for fy 2016 17 ay 201718.

For those who have invested in the scheme in fy 201617 are eligible for deduction in the years 201718, 201819 and 201920. Minimum alternate tax on companies section 115jb under assessment of companies as per section 115jb1, in case of company domestic or foreign, if the incometax payable on the total income computed under the incometax act, 1961 is less than 18. The chart given below describes the deductions allowable under chapter via of the i. Income, if any under any head other than salaries on which the employee desires the tax to be. In this article you may find complete details for how you can avail the benefit of. Minimum alternate tax on companies section 115jb under.