{"id":24464,"date":"2023-05-01T23:25:40","date_gmt":"2023-05-01T17:55:40","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=24464"},"modified":"2024-04-14T10:17:15","modified_gmt":"2024-04-14T04:47:15","slug":"deduction-under-chapter-vi-a","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/deduction-under-chapter-vi-a\/","title":{"rendered":"Summary of income tax deduction under Chapter VI-A"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d43a39e91af\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d43a39e91af\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/deduction-under-chapter-vi-a\/#Summary_of_income_tax_deduction_under_Chapter_VI-A\" title=\"Summary of income tax deduction under Chapter VI-A\">Summary of income tax deduction under Chapter VI-A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/deduction-under-chapter-vi-a\/#Income_Tax_Deductions_applicable_for_the_Financial_Year_2024-25\" title=\"Income Tax Deductions applicable for the Financial Year 2024-25\">Income Tax Deductions applicable for the Financial Year 2024-25<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/deduction-under-chapter-vi-a\/#All_the_Important_Income_Tax_Applicable_Due_Dates_Limits\" title=\"All the Important Income Tax Applicable Due Dates &amp; Limits\">All the Important Income Tax Applicable Due Dates &amp; Limits<\/a><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24465\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/DEDUCTION-UNDER-CHAPTER-VI-A.....jpg\" alt=\"DEDUCTION UNDER CHAPTER VI-A..\" width=\"1024\" height=\"870\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/DEDUCTION-UNDER-CHAPTER-VI-A.....jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/DEDUCTION-UNDER-CHAPTER-VI-A....-300x255.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/DEDUCTION-UNDER-CHAPTER-VI-A....-768x653.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/DEDUCTION-UNDER-CHAPTER-VI-A....-800x680.jpg 800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Summary_of_income_tax_deduction_under_Chapter_VI-A\"><\/span><span style=\"color: #000080;\"><strong>Summary of <\/strong>income tax deduction under Chapter VI-A<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"color: #000080;\"><strong>According to the Finance Act of 2023 :\u00a0<\/strong><\/span>Deductions and exemptions available under new and old tax regimes are compared. Based on all investments and payments made\/applicable to them, one may select between the Old Regime and the New Regime.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24469\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Deduction.jpg\" alt=\"Deductions under Old Regime and the New Regime.\" width=\"1080\" height=\"1211\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Deduction.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Deduction-268x300.jpg 268w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Deduction-913x1024.jpg 913w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Deduction-768x861.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Deduction-800x897.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26443\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Income-Tax-Deductions.jpeg\" alt=\"Income Tax Deductions.\" width=\"1138\" height=\"1548\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Income-Tax-Deductions.jpeg 1138w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Income-Tax-Deductions-221x300.jpeg 221w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Income-Tax-Deductions-753x1024.jpeg 753w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Income-Tax-Deductions-768x1045.jpeg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Income-Tax-Deductions-1129x1536.jpeg 1129w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/05\/Income-Tax-Deductions-800x1088.jpeg 800w\" sizes=\"(max-width: 1138px) 100vw, 1138px\" \/><\/p>\n<table style=\"height: 3033px;\" width=\"1057\">\n<tbody>\n<tr>\n<td colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td>SECTION<\/td>\n<td>DEDUCTION ON<\/td>\n<td>ALLOWED LIMIT (MAXIMUM) FY 2018-19<\/td>\n<\/tr>\n<tr>\n<td>80C<\/td>\n<td>INVESTMENT IN PPF<br \/>\n\u2013 EMPLOYEE\u2019S SHARE OF PF CONTRIBUTION<br \/>\n\u2013 NSCS<br \/>\n\u2013 LIFE INSURANCE PREMIUM PAYMENT<br \/>\n\u2013 CHILDREN\u2019S TUITION FEE<br \/>\n\u2013 PRINCIPAL REPAYMENT OF HOME LOAN<br \/>\n\u2013 INVESTMENT IN SUKANYA SAMRIDHI ACCOUNT<br \/>\n\u2013 ULIPS<br \/>\n\u2013 ELSS<br \/>\n\u2013 SUM PAID TO PURCHASE DEFERRED ANNUITY<br \/>\n\u2013 FIVE YEAR DEPOSIT SCHEME<br \/>\n\u2013 SENIOR CITIZENS SAVINGS SCHEME<br \/>\n\u2013 SUBSCRIPTION TO NOTIFIED SECURITIES\/NOTIFIED DEPOSITS SCHEME<br \/>\n\u2013 CONTRIBUTION TO NOTIFIED PENSION FUND SET UP BY MUTUAL FUND OR UTI.<br \/>\n\u2013 SUBSCRIPTION TO THE SCHEME OF HOME LOAN ACCOUNT, AS PROVIDED BY THE NATIONAL HOUSING BANK<br \/>\n\u2013 SUBSCRIPTION TO DEPOSIT SCHEME OF A PUBLIC SECTOR OR COMPANY ENGAGED IN PROVIDING HOUSING FINANCE<br \/>\n\u2013 CONTRIBUTION TO NOTIFIED ANNUITY PLAN OF LIC<br \/>\n\u2013 SUBSCRIPTION TO EQUITY SHARES\/ DEBENTURES OF AN APPROVED ELIGIBLE ISSUE<br \/>\n\u2013 SUBSCRIPTION TO NOTIFIED BONDS OF NABARD<\/td>\n<td>RS. 1,50,000<\/td>\n<\/tr>\n<tr>\n<td>80CCC<\/td>\n<td>FOR AMOUNT DEPOSITED IN ANNUITY PLAN OF LIC OR ANY OTHER INSURER FOR A PENSION FROM A FUND REFERRED TO IN SECTION 10(23AAB)<\/td>\n<td>\u2013<\/td>\n<\/tr>\n<tr>\n<td>80CCD (1)<\/td>\n<td>EMPLOYEE\u2019S CONTRIBUTION TO NPS ACCOUNT (MAXIMUM UP TO RS 1,50,000)<\/td>\n<td>\u2013<\/td>\n<\/tr>\n<tr>\n<td>80CCD (2)<\/td>\n<td>EMPLOYER\u2019S CONTRIBUTION TO NPS ACCOUNT<\/td>\n<td>MAXIMUM UP TO 10% OF SALARY<\/td>\n<\/tr>\n<tr>\n<td>80CCD(1B)<\/td>\n<td>ADDITIONAL CONTRIBUTION TO NPS<\/td>\n<td>RS. 50,000<\/td>\n<\/tr>\n<tr>\n<td>80TTA (1)<\/td>\n<td>INTEREST INCOME FROM SAVINGS ACCOUNT<\/td>\n<td>MAXIMUM UP TO 10,000<\/td>\n<\/tr>\n<tr>\n<td>80TTB<\/td>\n<td>EXEMPTION OF INTEREST FROM BANKS, POST OFFICE, ETC. APPLICABLE ONLY TO SENIOR CITIZENS<\/td>\n<td>MAXIMUM UP TO 50,000<\/td>\n<\/tr>\n<tr>\n<td>80GG<\/td>\n<td>RENT PAID FOR RESIDENTIAL PURPOSE, AND NO HRA IS RECEIVED FROM EMPLOYER<\/td>\n<td>LOWER OF THE FOLLOWING &#8211;<br \/>\n\u2013 RENT PAID MINUS 10% OF TOTAL INCOME<br \/>\n\u2013 RS. 5000\/- PER MONTH<br \/>\n\u2013 25% OF TOTAL INCOME<\/td>\n<\/tr>\n<tr>\n<td>80E<\/td>\n<td>INTEREST PAID ON THE LOAN TAKEN FOR EDUCATION PURPOSE<\/td>\n<td>REPAYMENT OF INTEREST FOR A PERIOD OF MAXIMUM\u00a0 8 YEARS<\/td>\n<\/tr>\n<tr>\n<td>80EE<\/td>\n<td>INTEREST ON HOME LOAN FOR FIRST TIME HOME OWNERS<\/td>\n<td>RS 50,000<\/td>\n<\/tr>\n<tr>\n<td>80D<\/td>\n<td>MEDICAL INSURANCE \u2013 SELF, SPOUSE, CHILDREN<br \/>\nMEDICAL INSURANCE \u2013 PARENTS MORE THAN 60 YEARS OLD OR (FROM FY 2015-16) UNINSURED PARENTS MORE THAN 80 YEARS OLD<\/td>\n<td>\u2013 RS. 25,000<br \/>\n\u2013 RS. 50,000<\/td>\n<\/tr>\n<tr>\n<td>80DD<\/td>\n<td>MEDICAL TREATMENT FOR HANDICAPPED DEPENDENT OR PAYMENT TO SPECIFIED SCHEME FOR MAINTENANCE OF HANDICAPPED DEPENDENT<br \/>\n\u2013 DISABILITY IS 40% OR MORE BUT LESS THAN 80%<br \/>\n\u2013 DISABILITY IS 80% OR MORE<\/td>\n<td>\u2013 RS. 75,000<br \/>\n\u2013 RS. 1,25,000<\/td>\n<\/tr>\n<tr>\n<td>80DDB<\/td>\n<td>MEDICAL EXPENDITURE ON SELF OR DEPENDENT RELATIVE FOR DISEASES SPECIFIED IN RULE 11DD<br \/>\n\u2013 FOR LESS THAN 60 YEARS OLD<br \/>\n\u2013 FOR MORE THAN 60 YEARS OLD<\/td>\n<td>\u2013 LOWER OF RS 40,000 OR THE AMOUNT ACTUALLY PAID<br \/>\n\u2013 LOWER OF RS 1,00,000 OR THE AMOUNT ACTUALLY PAID<\/td>\n<\/tr>\n<tr>\n<td>80U<\/td>\n<td>SELF-SUFFERING FROM DISABILITY:<br \/>\n\u2013 AN INDIVIDUAL SUFFERING FROM A PHYSICAL DISABILITY (INCLUDING BLINDNESS) OR MENTAL RETARDATION.<br \/>\n\u2013 AN INDIVIDUAL SUFFERING FROM SEVERE DISABILITY<\/td>\n<td>\u2013 RS. 75,000<br \/>\n\u2013 RS. 1,25,000<\/td>\n<\/tr>\n<tr>\n<td>80GGB<\/td>\n<td>CONTRIBUTION MADE BY COMPANIES TO POLITICAL PARTIES<\/td>\n<td>AMOUNT CONTRIBUTED, OTHER THAN IN CASH<\/td>\n<\/tr>\n<tr>\n<td>80GGC<\/td>\n<td>CONTRIBUTION MADE BY INDIVIDUALS TO POLITICAL PARTIES<\/td>\n<td>AMOUNT CONTRIBUTED, OTHER THAN IN CASH<\/td>\n<\/tr>\n<tr>\n<td>80RRB<\/td>\n<td>DEDUCTIONS ON INCOME BY WAY OF ROYALTY OF A PATENT<\/td>\n<td>LOWER OF RS 3,00,000 OR INCOME RECEIVED<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24462\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Deduction.-..jpg\" alt=\"DEDUCTION UNDER CHAPTER VI-A\" width=\"956\" height=\"840\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Deduction.-..jpg 956w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Deduction.-.-300x264.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Deduction.-.-768x675.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Deduction.-.-800x703.jpg 800w\" sizes=\"(max-width: 956px) 100vw, 956px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Income_Tax_Deductions_applicable_for_the_Financial_Year_2024-25\"><\/span><span style=\"color: #000080;\"><strong><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/publications\/income-tax-deductions-applicable-for-the-financial-year-2024-25.pdf\">Income Tax Deductions applicable for the Financial Year 2024-25<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"All_the_Important_Income_Tax_Applicable_Due_Dates_Limits\"><\/span><a href=\"https:\/\/carajput.com\/publications\/latest-direct-tax-income-tax-slab-and-income-tax-rates-in-india.pdf\"><span style=\"color: #000080;\"><strong>All the Important Income Tax Applicable Due Dates &amp; Limits<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6398\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/10\/Compiled-All-the-Important-Due-Dates-and-Limits-applicable_page-0001..jpg\" alt=\"All the Important Due Dates and Limits applicable\" width=\"2481\" height=\"1712\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6400\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2021\/10\/Compiled-All-the-Important-Due-Dates-and-Limits-applicable_page-0002..jpg\" alt=\"All the Important Due Dates and Limits applicable\" width=\"2481\" height=\"1711\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary of income tax deduction under Chapter VI-A According to the Finance Act of 2023 :\u00a0Deductions and exemptions available under new and old tax regimes are compared. Based on all investments and payments made\/applicable to them, one may select between the Old Regime and the New Regime. SECTION DEDUCTION ON ALLOWED LIMIT (MAXIMUM) FY 2018-19 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10094],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24464"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=24464"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24464\/revisions"}],"predecessor-version":[{"id":26445,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24464\/revisions\/26445"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=24464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=24464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=24464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}