Chapter VI-A Deduction available to a Salaried Individual

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Chapter VI-A Deduction available to a Salaried Individual
Category: Income Tax, Posted on: 08/01/2024 , Posted By: Sumit Bihani

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Chapter VI-A Deduction available to a Salaried Individual

Introduction

Chapter VI-A of the Income Tax Act 1961 in India provides various deductions that can be claimed by salaried individuals to reduce their taxable income. These deductions play a crucial role in optimizing tax liabilities and encouraging certain financial behaviours. Below is an overview of key deductions available to salaried individuals under Chapter VI-A of The Income tax Act 1961:-

Section	Deduction	Maximum Deduction	Examples
80C	Investment in Specified Instruments	Rs. 1.5 lakh	EPF, PPF, NSC, ELSS, etc.
80CCC	Premium Paid for Annuity Plan of LIC or Other Insurer	Within 80C limit	Annuity plans
80CCD	Contribution to Pension Account (NPS)	Additional Rs. 50,000	NPS contributions
80D	Medical Insurance Premium	Up to Rs. 25,000 (Rs. 50,000 for senior citizens)	Health insurance premiums
80DD	Maintenance, Including Medical Treatment, of a Handicapped Dependent	Rs. 75,000 (Rs. 1,25,000 for severe disability)	Maintenance of handicapped dependents
80DDB	Medical Expenditure on Self or Dependent Relative	Rs. 40,000 (Rs. 1,00,000 for senior citizens)	Medical expenses for specified diseases
80E	Interest on Education Loan	Actual interest paid	Interest on loans for higher education
80G	Donations to Approved Charitable Funds and Institutions	Deduction for donated amount	Donations to specified funds and institutions
80GG	House Rent Paid	Lower of actual HRA received, 50% of salary (for specified cities), or excess of rent paid over 10% of salary	Rent paid for accommodation
80TTA	Interest on Savings Account	Rs. 10,000	Interest earned on savings account deposits
80U	Person with a Disability	Rs. 75,000 (Rs. 1,25,000 for severe disability)	Deduction for the individual or a dependent with a disability

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