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. Gross salary a salary as per provisions contained in section 171 rs. Deductions permissible under chapter via certain deductions are available from the gross taxable income, under sections 80c to 80u. The article about deduction of income tax ay 2014 15 has not been updated and misguides the public. None of the chapter vi a deduction allowed except for 80ccd2 and 80jjaa if you opt for new and reduced income tax rates. Rebate given for investing in certain longterm instruments.
An assessee, whose income is taxable at higher rates will have more tax savings i. It deductions allowed under chapter vi a sec 80c, 80ccc, 80ccd, 80d, 80dd, 80ddb etc. 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. Please help me to arrive at the tax liability assuming there is no chapter vi a deduction. Deduction for interest on education loan for higher studies. 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. 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. The itr forms to file income returns for ay 201415 are as follows. There are a lot of deductions available under various sections to help you bring down the taxable income. If, however, tds is deposited in a subsequent year, it will be deducted in that year.
Deductions allowable to tax payer income tax department. Filing of income tax returns itr in july 2014 national portal of. Companies may follow the crowd and only believe in raising funds from banks and financial institutions in the form of loans. Section 80c limit,80ccd,80d,24b,80e,80g,80ee,87a,80tta. Fintotal knowledge list of chapter via tax deductions. Deductions under chapter vi a section 80c, 80d, 80e. Deductions under chapter vi a of income tax act for fy.
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. You can seek deduction under chapter vi a, which will help you reduce your taxable income. Deductions from salary income for fy 2014 ay 201415. It depends upon applicable tax rates as per the total taxable income and status of assessees. Deductions available under chapter vi of income tax.
It deductions allowed under chapter via sec 80c, 80ccc. The impact of deductions available under various sections of income tax act is not same for all. Fy 2014 and fy 201415 during these financial years, the deduction available. Section 14 of the income tax act further provides that for the purpose of charge of. Deductions under chapter via myitreturn help center. All the deductions under chapter vi a are not given here, which disappoint me. Amendment in deductions for fy 201718 ay 201819 deduction under section 80dd. Part b annexure details of salary paid and any other income and tax deducted 1. Section in it act eligible items annual limit for rebate.
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