Each of these sections caters to a specific type of investments or expenses. Power of board to dispense with furnishing documents, etc. Deduction available is 100% of amount of such income subject to maximum of rs. Income tax slabs financial year 2015 2016 assessment year 2016 2017. Section 80d deduction know how much tax deductions under section 80d is permitted in india fy 201819 ay 201920. Section 80tta is introduced to provide deduction to an individual or a hindu undivided family in respect of interest received on deposits not being time deposits in a savings account held with banks, cooperative banks and post office. Income tax deduction 80c ay 201617 income tax deduction. Students should note a very important difference between exemptions under section 10 and the deductions under chapter vi a. The chart given below describes the deductions allowable. Section 80tta is introduced with effect from april 01, 20 and will apply from ay 2014 and onwards. Tax deduction helps in reducing your taxable income. Income tax deductions fy 201617 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1.
All assessees who are earning below rs 5 lakh, can save an additional rs 5,000 in taxes. Nov 16, 2009 16 november 2009 deductions allowable under various sections of chapter via of income tax act. Allowed to an individual who makes deposits to hisher nps account. Feb 19, 2017 permissible deductions from gross total income chapter vi a us 80c to 80u 1. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. If the tax liability is less than rs 5,000 for fy 201617, the rebate us 87a will be restricted up to income tax liability only. Income tax deductions fy 2016 17 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. List of income tax deductions for individuals 201920 aubsp. For fy 201516 assessment year 2016 17 a new section 80ccd1b has been introduced to provide for additional deduction for amount contributed to nps of up to rs 50,000. Permissible deductions from gross total income chapter vi a us 80c to 80u 1. Deductions under chapter vi a section 80c, 80d, 80e. Jun 11, 2016 chapter vi a deductions for fy 201516 ay 2016 17 for individuals section eligible assessee particulars remarks. 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. Income tax deduction 80c ay 201617 income tax deduction 80gg ay 201617 income tax deduction 80tta ay 201617 pricing.
Instructions for sugam income tax return ay 201617. As per budget 201617, the following are the exemptions, deduction, rebates etc available for tax payees. 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. These deductions detailed in chapter via of the income tax act must be. Deduction allowed actual interest amount subject to maximum of rs. Individualhuffirms claiming deduction under chapter via. Tax planning tools in india for ay 201617,chapter via deductions for ay 201617,tution fee,home loan,sukanya samridhi account,income tax saving scheme. Share what you know and love through presentations, infographics, documents and more. Chapter vi a deductions for fy 201516 ay 201617 for individuals.
The income tax act 1961 came into force on april 1, 1962. Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector, basis the latest budget proposals. The chart given below describes the deductions allowable under chapter via of the i. But payment of stamp duty etc and possession of the house have to happen in the same financial year 201617. Changes in income tax for filing of income tax return for ay 201718, fy 201617 admin direct tax, income tax, itr filing 25032017 individuals huf aop boi no change in income tax rates, no increase in tax exemption limit. In this part we have described the part of form16 chapter vi a deductions which deals with deductions under chapter via of income tax act and how they appear in form 16. Income tax calculator for financial year 201516 assessment year 201617 in excel format attached is the income tax calculator with flexi allocation kit for the fy 20152016. The assessee needs to file form 10ba containing details of payment of rent. 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. Detailed guide to file itr form 2 applicable for ay 201718. Available to resident individual subject to maximum of rs.
Income tax p companies act p service tax p llp p excise p. 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. Section 80d of the income tax act 1961 allows taxpayers to claim deductions for health insurance premiums paid for insuring self, spouse, dependent children. Income tax exemptions for fy 201617 and list of deductions, rebates and benefits for ay 201718. Y 201617, is exempted from payment of advance tax related to such. Instructions for sugam income tax return ay 201617 general. Not for time deposits fixed deposits tax slab rates for fy 201516 ay 201617 for individuals. Deductions under chapter via myitreturn help center. 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. Aug, 2019 latest income tax rates for fy 201516 ay 2016 17. Permissible deductions from gross total income chapter vi a. This section is section 80eea which allows an additional deduction to taxpayers for paying interest on a home loan availed by them. April, 1965, and any subsequent assessment year means incometax. Income tax deduction 80tta ay 201718 tax deductions ay 201617.
Firsttime home buyers to get additional deduction of rs 50,000 on interest for loan upto rs 35 lakh. Income from salary and wages, house property, presumptive business and other sources. The limit of rs 1,00,000 has been increased to rs 1,50,000 for financial year 201516 assessments year 2016 17. Instructions for sahaj income tax return ay 201617. For fy 201516 assessment year 201617 a new section 80ccd1b has been introduced to provide for additional deduction for amount contributed to nps of up to rs 50,000. For example, you can claim deductions under sections 80c, 80ccc, 80ccd, 80cce and 80d.
Deductions under chapter vi a of income tax act for fy. Deduction in respect of profits and gains by an undertaking or an enterprise engaged in development of special economic zone sez. First time home buyers can claim an additional tax deduction of up to rs 50,000 on home loan interest payments us 80ee. A new section has been proposed to be inserted in chapter vi a deductions under section 80. A taxpayer, any huf or individual, can claim various deductions on their total income under section 80c of the income tax act and its allied sections like 80ccd and 80ccc to reduce the taxable income and thereby bring down the tax outgo. Chapter vi a deductions and tax slab rates for fy 20152016 ay 2016 2017 for individuals. Income tax deductions allowed under chapter via of income tax act. The various investment avenues or expenses that can be claimed as tax. Instructions for sugam income tax return ay 201617 general instructions these instructions are guidelines for filling the particulars in this return form.
In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the income. Income tax deductions allowed under chapter vi a of income tax act. Therefore for financial year 201516, total deduction under section 80c, 80ccc, 80ccd1 and 80 ccd1b cannot exceed rs 2,00,000. Instructions for sahaj income tax return ay 201617 general instructions these instructions are guidelines for filling the particulars in this return form. Apr 26, 2016 income tax calculator for financial year 201516 assessment year 2016 17 in excel format attached is the income tax calculator with flexi allocation kit for the fy 2015 2016. Chapter vi a income tax deductions ay 201819 deduction in respect of investment made under any equity saving scheme. Deduction of income tax at source for the financial year 2016 17, assessment year 201718 req all staff members of teaching and nonteaching are requested to furnish the particulars of the income. Income tax deduction us 80ddb ay 201718cbdt new circular.
Today we are providing the complete details of income tax deductions under section 80c to 80u. Difference between section 10 and chapter via deductions. The limit of rs 1,00,000 has been increased to rs 1,50,000 for financial year 201516 assessments year 201617. Surcharge on total income in fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total. Contents of form itr2 and detailed guide to fill each part. 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. The below criteria has to be met for claiming tax deduction under section 80ee. Chapter via income tax deductions ay 201819 deduction in respect of investment made under any equity saving scheme.
However, an assessee who has claimed deduction under this section for assessment year 201718 and earlier assessment years shall be allowed deduction under this section till the assessment year 201920 if he is otherwise eligible to claim the deduction as per the provisions of this section. Income tax slabs financial year 20152016 assessment year 20162017. Chapter via list of all deductions at a glance, deduction under chapter via. This return form to be used by companies other than those claiming exemption under section 11 of the. 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. Chapter vi a deductions and tax slab rates for fy 2015. Detailed guide to file itr form 2 applicable for ay 201718 fy 201617. Sanjay p s dessai associate professor vvms shree damodar college margao goa. New additions by fa, 2015 university or educational inst. 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. The home loan should have been sanctioned in fy 201617. You shall learn about income tax act of 1961 and chapter via, various subsections. Assessment year for which this return form is applicable.
Here we are providing list of all deductions covered under chapter via of income tax act. Chapter vi section 80 erp human capital management. Permissible deductions from gross total income chapter vi. Alternate minimum tax amt is applicable to all persons other than companies claiming profit linked deductions under chapter via 80h to 80rrb excluding 80p and section 10aa, provided the adjusted income exceeds 20 lacs. Ceiling limit for deductions under section 80c, 80ccc and 80ccd1 with effect from a. Let us discuss briefly about all the sections with reference to the income tax act 201415. Until fy 201617, maximum deduction allowed was 10% of gross total income for selfemployed. With effect from assessment year 2016 17, subsection 1a of section 80ccd which laid down maximum deduction limit of rs. Income tax 201617 deductions allowed from the salary. When the total income of huf or individual before taking the deductions under chapter via under section 80c, 80d etc. Under this section deduction from total income in respect of various investments expenditurespayments. It deductions allowed under chapter via sec 80c, 80ccc.
This section allows them to claim tax deductions up to rs. Act from the gross total income of the assessees having income from salaries. Chapter vi a deductions and tax slab rates for fy 20152016. Instructions for filing itr 4s sugam for ay 201718, itr. Aug 14, 2019 1 if you get the possession in fy 201617 then yes you can claim tax benefits for ay 201718 or fy 201617.
Fast track quick revision income tax ay 201617 chapter sections revision time page 1 basic concepts 1 to 4 10 minutes 1 slab rate which finance act is applicable for my exam how to memorise. These instructions are guidelines for filling the particulars in this return form. Other preferred dedcutions under chapter via are 80d, 80e, 80g, 80ddb and so on. Instructions for sahaj income tax return ay 201617 general. Under this section deduction from total income in respect of various investments expenditurespayments in respect of which tax rebate us 88 was earlier available. Instructions for filing itr 4s sugam for ay 201718. Income tax deductions under section 80c to 80u for a. Every individual or huf whose total income before allowing deductions under chapter via of the incometax act, exceeds the maximum. You can seek deduction under chapter vi a, which will help you. In other words, if you are investing any amount towards your future pension plans.
How to e filing itr 3 income tax return online guide to. Filing of income tax returns assessment year 2016 2017. This is a new proposal which has been made in budget 201617. Detailed guide to file itr form 2 applicable for ay 2017. Further, a new subsection 1b is inserted to provide for additional deduction to the extent of rs. Tax rebate under section 87a has been raised from rs 2,000 to rs 5,000 for fy 201617 ay 201718. Changes in income tax for filing of income tax return for ay 201718, fy 2016 17 admin direct tax, income tax, itr filing 25032017 individuals huf aop boi no change in income tax rates, no increase in tax exemption limit. Income tax 201617 deductions allowed from the salary income as per finance act 2016 eligible deductions to salaried income under chapter 16 and chapter via of income tax act. Deduction in respect of profit and gains from industrial undertaking or enterprises engaged in infrastructure development section 80ia all assessee. Guide to section 80 deductions under sec 80c to 80u cakart. Students should note a very important difference between exemptions under section 10 and the deductions under chapter via. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the income tax rules, 1962. A complete guide on income tax deduction under section 80c, 80ccd1, 80ccd1b, 80ccc.
Chapter via all deductions, deductions under section 80c. Chapter vi a deductions for fy 201516 ay 201617 for individuals section eligible assessee particulars remarks. 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, subsection 1a of section 80ccd which laid down maximum deduction limit of rs.
Where the central government makes any contribution to the pension account, deduction of such contribution to the extent of 10% of salary shall be allowed. Know income tax deductions for salaried employees 201819 and 201920 or income tax exemptions for salaried employees for assessment year 202021. The deductions under chapter via are mentioned in part c of this return form. Difference between section 10 and chapter via deductions certain other incomes are also wholly or partly rendered taxfree by being allowed as deductions in computation of total income under chapter via. 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. Resident individuals aged below 60 year, senior citizens, very senior citizens and hufs can use this income tax calculator for calculation of taxable income and tax liability for ay 202021 and ay 202122. Difference between section 10 and chapter vi a deductions certain other incomes are also wholly or partly rendered taxfree by being allowed as deductions in computation of total income under chapter vi a. Section 80tta deduction interest on bank savings deposit. Government notifies new income tax return forms for ay 201617. However, from ay 201819 fy 201718, the rebate is restricted to people having total income upto rs. Get savings on income taxes with a ca to help you file. Deductions admissible chapter via all the deductions listed below are subject to few conditions and limits for which original. For meaning of the term assessee, see taxmanns direct taxes manual, vol.
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