CHAPTER VI-A DEDUCTIONS | CA/ CMA FINAL/ INTER | DIRECT TAX REVISION| CA JOSE KURIAN

CHAPTER VI-A deductions are applicable to tax payers to reduce their taxable income and subsequently their tax liability.
Some of the well-known deductions available under Chapter VI-A of the Income Tax Act include:

Section 80C: This section provides deductions for investments made in various financial instruments like Employee Provident Fund (EPF), Public Provident Fund (PPF), National Savings Certificates (NSC), Tax-saving Fixed Deposits, Equity-Linked Savings Schemes (ELSS), and more, up to a maximum limit of Rs. 1.5 lakh per financial year.

Section 80D: This section deals with deductions related to premiums paid for health insurance policies for self, family, and parents. The maximum deduction varies based on the type of policy and age of the insured.

Section 80E: This section pertains to deductions on the interest paid on loans taken for higher education. The deduction is available for a maximum of 8 years or until the interest is paid off, whichever is earlier.

Section 80G: This section provides deductions for donations made to certain charitable institutions, subject to specific conditions and limits.

Section 80TTA and 80TTB: These sections deal with deductions related to interest income from savings accounts and fixed deposits for senior citizens, respectively.

Section 80GG: This section deals with deductions for individuals who do not receive House Rent Allowance (HRA) from their employers but still pay rent for accommodation. etc.

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