Deductions permissible under chapter via certain deductions are available from the gross taxable income, under sections 80c to 80u. The impact of deductions available under various sections of income tax act is not same for all. It deductions allowed under chapter vi a sec 80c, 80ccc, 80ccd, 80d, 80dd, 80ddb etc. Companies may follow the crowd and only believe in raising funds from banks and financial institutions in the form of loans. Deductions from salary income for fy 2014 ay 201415.
Fy 2014 and fy 201415 during these financial years, the deduction available. Income tax section, gross annual salary, how much tax can you save. 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. 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.
As per section 16iii deduction is allowed for any tax on employment paid by the assesee to the state under article 80c 276 of the constitution. Amendment in deductions for fy 201718 ay 201819 deduction under section 80dd. Income tax exemptions benefits rebates for fy 201617 ay 201718. You can seek deduction under chapter vi a, which will help you reduce your taxable income. Deductions allowable to tax payer income tax department. Deductions under chapter vi a section 80c, 80d, 80e. 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. Deductions under chapter vi a of income tax act for fy. There are a lot of deductions available under various sections to help you bring down the taxable income. Find out the deduction under section 80c for ay 201819. Part b annexure details of salary paid and any other. Deductions available under chapter vi of income tax. None of the chapter vi a deduction allowed except for 80ccd2 and 80jjaa if you opt for new and reduced income tax rates.
Gross salary a salary as per provisions contained in section 171 rs. Section in it act eligible items annual limit for rebate. The itr forms to file income returns for ay 201415 are as follows. An assessee, whose income is taxable at higher rates will have more tax savings i. Filing of income tax returns itr in july 2014 national portal of. Rebate given for investing in certain longterm instruments. It deductions allowed under chapter via sec 80c, 80ccc. Deductions under chapter via myitreturn help center. Section 14 of the income tax act further provides that for the purpose of charge of. Fintotal knowledge list of chapter via tax deductions.1175 1211 1143 1201 1200 674 605 1167 356 604 1039 713 718 456 601 146 1010 298 479 465 32 568 906 268 639 1158 7 292 356 1460 1287 861 1256 1453 1348