Chapter vi a of income tax act pdf

Chapter vi a of the income tax act, 1961 gives detail on the deductions that are permissible from the gross total income. Income tax deductions list fy 201920 how to save tax. In this video you should learn about all available deductions under chapter via of income tax act 1961. Deductions under chapter vi a of income tax act 1961 youtube. Deductions under chapter vi a section 80c, 80d, 80e. Apportionment of income between spouses governed by portuguese civil code. An act further to amend the incometax act, 1961 and to amend the finance no. It deductions allowed under chapter via sec 80c, 80ccc. Broadly speaking, this section provides deduction from total income in respect of various investments expenditurespayments in respect of which tax rebate us 88 was earlier available. Cbdt clarifies that deduction under chapter via is.

Where the assessee is a member of an association of persons or body of individuals other than a company or a cooperative society or a society registered under the societies registration act, 1860 21 of 1860, or under any law corresponding to that act in force in any part of india, incometax shall not be payable by the assessee in respect of his share in the income of the. This section has been introduced by the finance act 2005. For this purpose, the expression gross total income means the total income of the assessee computed in accordance with the provisions of the incometax act, before making any deduction under chapter via income tax, i. Certificate under section 203 of the incometax act, 1961 for tax deducted at source on salary.

The provisions of sections 120, 1, 3a, 8, 156, chapter xv and sections 220 to 227, 229, 232, 260a, 261, 262, 265 to 269, 278b, 280a, 280b, 280c, 280d, 282 and 288 to 293 of the incometax act shall so far as may be, apply in relation to equalisation levy, as they apply in relation to incometax. Given income tax act sections list includes revised, omitted and newly added tax rules. Imposition of tax there is hereby imposed a tax on the income a of individuals, communities and families. Income tax act 1961 chapter vii citation 23330 bare. This act may be cited as the income tax act, 1973 and shall, subject to the sixth schedule, come into operation on 1st january, 1974, and apply to assessments for the year of income 1974 and subsequent years of income. Chapter vi a deductions thetaxtalk income tax chapter. Aggregate amount deductible under sections 80c, 80ccc and 80ccd1 shall not exceed one. Stays order passed under black money act, absent counsel representation amidst covid19 pandemic. Special circumstances in which income is deemed to have accrued. Service tax act chapter v of the finance act, 1994. Liability of person in respect of income included in the income of another person.

The impact of deductions available under various sections of income tax act is not same for all. 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. Income tax act 21 of 1995 income t ax act 36 of 1996 revenue laws amendment act 46 of 1996. Under this section deduction from total income in respect of various investments expenditurespayments in respect of which tax rebate us 88 was earlier available. Text of remaining provisions of allied acts referred to in incometax act 1. It depends upon applicable tax rates as per the total taxable income and status of assessees. Act 53 income tax act 1967 arrangement of sections part i preliminary section 1. Deductions under chapter vi a of income tax act for fy 201920. Income tax deductions list fy 201920 ay 202021 chapter via deductions list. List of it deductions available under chapter vi a of income tax act. An act to consolidate and amend the law relating to income tax and for other connected purposes. Comptroller means the comptroller of income tax appointed under section 31 and includes, for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f9, 37ie7, 37j5, 671a, 95, 96, 96a and 101, a deputy comptroller or an assistant comptroller so appointed. Nonchargeability to tax in respect of offshore business activity 3 c. The total deduction under this section alongwith section 80ccc and 80ccd is limited to rs.

Income tax act 1961 complete act citation 530 bare. List of sections of income tax act 1961 download pdf. Let us discuss briefly about all the sections with reference to the income tax act 201415. Be it enacted by parliament in the twelfth year of the republic of india as follows. In this article we are showing you the available income tax deduction based on the present law applicable in. Return of income and procedure of assessment section 9 to 154 penalties under income tax act.

At times disallowance out of specific expenditure claimed may also be made. 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. Act current to 20191203 and last amended on 20190621. Some important point to be noted a deduction under chapter vi a shall not exceed gross total income. Be it enacted by parliament in the seventieth year of the republic of india as follows.

The income tax act contains a total of 23 chapters and 298 sections according to the official website of the income tax. Deduction under chapter vi a helps assessee to reduce tax liability. An assessee, whose income is taxable at higher rates will have more tax savings i. Deductions available under chapter vi of income tax section brief. I hope you find this list useful and helps in planning your taxes well in advance. Amendments to chapter viii of finance act chapter 23. This act applies to years of income commencing on or after 1st july, 1997. Service tax act chapter v of the finance act, 1994 as on 142017 section 64. Follow up audit of exemptions to charitable trusts and institutions 6. Section88b rebate of incometax in case of individuals of sixtyfive years or above omitted.

Deductions available under chapter vi of income tax. Section 6 of the income tax act, 1961 specifies the basis for determination of residential status. Chapter via of the act states that while computing the profits and gains of business, the assessing officer ao may make certain disallowances, such as disallowances pertaining to sections 32, 40aia, 40a3, 43b, etc. Deductions under chapter vi a of income tax act for fy. Interpretation part ii imposition and general characteristics of the tax 3. This video includes the deductions under section 80c, 80ccc, 80ccd, 80d, 80dd, 80ggc, 80ddb. Deduction is limited to whole of the amount paid or deposited subject to a maximum of rs. Income of individual to include income of spouse, minor child, etc. Chapter via list of all deductions at a glance, deduction under chapter via.

In this post, let us go through the income tax deductions list fy 201920, best ways to save taxes and best tax saving options for fy 21920 ay 202021. An act to consolidate and amend the law relating to incometax and supertax. Download the list of sections of income tax act,1961 in pdf and excel format. Income tax department allows deductions specified in the chapter via of the income tax act. Eligible assessees can claim these deductions under the income tax act. Chapter via all deductions, deductions under section 80c. Deductions allowed under the income tax act help you reduce your taxable income. In this article we provide complete list of deductions with name of section, brief details for section, list of assessees who can avail that exemption, amount of deduction etc. Deductions under chapter via of income tax act income. These details about deductions are specified under section 80c to 80u of chapter via. New section substituted for sections 38 and 39 of cap.

All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. The income tax to be paid by any personassessee is based on his residential status and place of receipt of income. Income from other sources section 56 clubbing of income section 60 to 65 set off or carry forward of losses sections 70 to 80 deductions sections 80a to 80u chapter via exempted incomes under section 10. Chapter vi aggregation of income and set off or carry forward of loss aggregation of income 66. Deductions allowable to tax payer income tax department. Income tax act allows deduction to an individual under section 24 b and section 80ee for the interest paid on loan taken to purchase or construct a residential house property. Let us have a look at some of the deductions that are specified in sections 80c to 80u of chapter via.

Incometax act allows deduction to an individual under section 24 b and section 80ee for the interest paid on loan taken to purchase or construct a residential house property. The income tax deduction reduces your gross total income means the income on which tax has to be paid. The most popular one is section 80c of chapter via. A deduction from an income tax point of view is the investmentexpenditure that helps in reducing the tax payable. Section 24 b allows aggregate deduction of up to rs. None of the chapter via deduction allowed except for 80ccd2 and 80jjaa. Section page contents division one 111 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2011 1.