Chapter vi a deductions for ay 2016-17 pdf merge

However, from ay 201819 fy 201718, the rebate is restricted to people having total income upto rs. Chapter vi a deductions and tax slab rates for fy 20152016 ay 2016 2017 for individuals. It deductions allowed under chapter via sec 80c, 80ccc. Deductions under chapter via will not be allowed from exempted incomes. Instructions for sugam income tax return ay 201617 general.

Deduction in respect of profit and gains from industrial undertaking or enterprises engaged in infrastructure development section 80ia all assessee. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. Every individual or huf whose total income before allowing deductions under chapter via. Income tax deductions fy 2016 17 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. The income tax act 1961 came into force on april 1, 1962. Hdfc life provides the latest income tax slab rates and deductions in. Further, a new subsection 1b is inserted to provide for additional deduction to the extent of rs. These deductions detailed in chapter via of the income tax act must be distinguished from the exemptions provides in section 10 of the act. Income tax slabs for financial year 201718 assessment year 17 18. Find out the deduction under section 80c for ay 201819. Under section 80c, the maximum tax exemption limit is rs 1. 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.

Deduction in respect of profits and gains by an undertaking or an enterprise engaged in development of special economic. Details of deductions which are available to an individual huf not carrying out any business or profession are as under. As per budget 201617, the following are the exemptions, deduction, rebates etc available for tax payees. Difference between section 10 and chapter via deductions. It is mandatory for every taxpayer to communicate the details of his income to the incometax department. Chapter vi a deductions for fy 201516 ay 2016 17 for individuals. Comparison of income tax slabs for fy 201718 and fy 201617. Deductions under any of the section of chapter via will not be allowed from this dividend income as it is an exempt income. Section 80dd deduction medical expense of disabled dependent. 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 current maximum deduction an individual is entitled to stands at rs 20,000 per year, for investments in infrastructure and other tax saving bonds. The act has, therefore, merged the first and second provisos given under section 215. Section 80dd allows a deduction of up to rs 75,000 a year and if the disability is severe, up to rs 1,25,000 a year. In section 6 of the incometax act, for clause 3, the following clause shall be. Provisions of chapter xvii c relating to advance payment of taxes will not apply to the eligible assessee in respect of eligible business.

With effect from assessment year 2016 17, subsection 1a of section 80ccd which laid down maximum deduction limit of rs. The various investment avenues or expenses that can be claimed as tax. Students should note a very important difference between exemptions under section 10 and the deductions under chapter vi a. But payment of stamp duty etc and possession of the house have to happen in the same financial year 201617. For details of deductions allowable, the provisions of the chapter vi a may kindly be referred to. Please click tap on the section number to view hide its content and hide content of other section. List of income tax deductions for individuals 201920 aubsp. Under this section deduction from total income in respect of various investments expenditurespayments in respect of which tax rebate us 88 was earlier available. Permissible deductions from gross total income chapter vi a. April, 1965, and any subsequent assessment year means income tax. Severe disability means a person with 80 per cent or more of the disability.

Apr 09, 2017 due date to file income tax return has been provided under section 9 of the income tax act. 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. List of income tax exemptions for fy 20172018 and ay 2018. 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. You shall learn about income tax act of 1961 and chapter vi a, various subsections.

Below given are several investments, expenses and payments allowed to be claimed under section 80c. Income tax deductions allowed under chapter vi a of income tax act. Available to resident individual subject to maximum of rs. For example, the assessee has received dividend income which is exempt under section 1034. 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. Income tax deduction us 80ddb ay 201718cbdt new circular. This section allows them to claim tax deductions up to rs. Income tax slab from assessment year 20012002 to a. Chapter vi a deductions and tax slab rates for fy 2015.

A person with disability also includes the one suffering from autism, cerebral palsy, mental retardation or a combination of any two or more. Union budget 2014 has amended the basic income tax slabs for financial year 201415, however there is no change in the income tax rates, surcharge and cess. Act from the gross total income of the assessees having income from salaries. 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 from all sources, in the enclosed performa to enable the salary section to regulate the recovery of income tax. Deductions under chapter via all applicable deductions under sections 80c, ccc, ccd, d, e, g aggregate of deductions all deductions are summed up and final amount to deduct arrived at total income the final income minus all the applicable tax deductions and exemptions is derived here. 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. This limit is likely to remain the same for the upcoming ay 201819.

This itr is applicable for assessment year 201718 only, i. In this article we have discussed income tax deduction available to. Income tax exemptions for fy 201617 and list of deductions, rebates and benefits for ay 201718. Hdfc life provides the latest income tax slab rates in india for different age groups and tax benefits offered by various life insurance policies, for the financial year 201718. Jun 20, 2012 in this part we have described the part of form16 chapter vi a deductions which deals with deductions under chapter vi a of income tax act and how they appear in form 16. Comparison of income tax slabs for fy 2017 18 and fy 201617. 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.

Feb 19, 2017 permissible deductions from gross total income chapter vi a us 80c to 80u 1. Therefore for financial year 201516, total deduction under section 80c, 80ccc, 80ccd1 and 80 ccd1b cannot exceed rs 2,00,000. Chapter vi a deductions for fy 201516 ay 2016 17 for individuals section eligible assessee particulars remarks. The chart given below describes the deductions allowable.

Income tax slabs income tax rates and deductions for fy 2017. Amendment on direct tax as per finance act, 2015 icmai. There is no change in the basic tax rate and exemption limit for individual. India itr easy way to file income tax return in india. Deduction available is 100% of amount of such income subject to maximum of rs. Chapter vi a income tax deductions ay 201819 deduction in respect of investment made under any equity saving scheme. Income tax deduction 80c ay 201617 income tax deduction. New income tax rates are opted, only deduction under section 80ccd2 is available, if applicable. Instructions for sugam income tax return ay 2016 17 general instructions these instructions are guidelines for filling the particulars in this return form. Deductions allowable under various sections of chapter vi a. Following are the income tax slab rates and deductions for different. Sanjay p s dessai associate professor vvms shree damodar college margao goa. Deductions under chapter vi a section 80c, 80d, 80e. Income tax exemptions benefits rebates for fy 2016 17 ay 201718.

Deductions under chapter vi a of income tax act for fy. 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. In such an event it is mandatory for the assessee to maintain books us. Ppf public provident fund epf employees provident fund.

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 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. 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. A before his joining any employment with that person. Various deductions that are allowed to a taxpayer under section 80c, section 80d etc. April, 1965, and any subsequent assessment year means incometax. The chart given below describes the deductions allowable under chapter via of the i.

Apr, 2017 j schedule vi a, the total of the deductions allowable is limited to the amount of gross total income. For meaning of the term assessee, see taxmanns direct taxes manual, vol. Exemption in case foreign entity that is transferred directly owns. Deductions under section 80ccf of income tax act section 80ccf of the it act contains provisions for certain tax deductions, in a bid to attract investors and utilise funds efficiently. The provisions of section 61 provide the conditions under which an individual is held to be. Nov 16, 2009 16 november 2009 deductions allowable under various sections of chapter via of income tax act. Let us discuss briefly about all the sections with reference to the income tax act 201415. While the former are to be reduced from the gross total income, the latter do not form part of the income at all. Assessment year for which this return form is applicable. Adjusted total income is computed by increasing total income by any deduction claimed under chapter via. The various investments that can be claimed as tax deductions under section 80c are listed below. Feb 28, 2020 a complete guide on income tax deduction under section 80c, 80ccd1, 80ccd1b, 80ccc. Know income tax deductions for salaried employees 201819 and 201920 or income tax exemptions for salaried employees for assessment year 202021. Total income by any deduction claimed under chapter via sec.

Aug, 2019 latest income tax rates for fy 201516 ay 2016 17. Surcharge on total income in fy 2016 17 ay 17 18, the surcharge for individuals is applicable for those who have total. Section 80c limit,80ccd,80d,24b,80e,80g,80ee,87a,80tta. There is no change in the basic tax rate and exemption limit for. This deduction is allowed to an individual or a huf. Jun 11, 2016 chapter vi a deductions for fy 201516 ay 2016 17 for individuals section eligible assessee particulars remarks. Income tax slabs financial year 2015 2016 assessment year 2016 2017. Section 80ccf of income tax act eligible deductions. 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 many of you may be aware that investments can help you save tax, but what you may not be aware of is that income tax department gives tax benefits for incurring some personal expenses as.