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DEDUCTIONS [Section 80A to 80U Chapter VIA]- Direct Taxes


1-Deduction Under Section 80A to 80U (Chapter VIA) from Gross Total Income

The aggregate of income computed under each head, after giving effect to the provisions for clubbing of income and set off of losses, is known as "Gross Total Income". In computing the total income of an assessee, certain deductions are permissible under sections 80C to 80U from Gross Total Income.
 

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2- Deduction in respect of Life Insurance Premium, Deferred Annuity, Contribution to Provident Fund, Subscription to certain Equity Shares or Debenture, etc. [Section 80C]

Which assessees are allowed Deduction U/s 80C, Deduction allowed on account of the following Savings / Investment cannot exceed Rs. 1,50,000
 

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3. Deduction in respect of Donations to Certain Funds, Charitable Institutions, etc. [Section 80G]

Essential conditions for claiming deduction under this section: Donations made to following are eligible for 100% & 50% Deduction without any Qualifying Limit

 

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4. Deductions in respect of Rent Paid [Section 80GG]

Essential conditions for claiming deduction under this section with Quantum of Deduction U/s 80GG
 

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5. Deduction in respect of Profits and Gains from Undertakings or Enterprises engaged in Infrastructure Development, etc. [Section 80-IA]

The deduction under this section is available to an assessee whose Gross Total Income includes any profits and gains derived by:
 

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6. Deduction in respect of Profits and Gains from Certain Industrial Undertakings other than Infrastructure Development Undertakings [Section 80-1B]

The deduction under this section is available to an assessee whose Gross Total Income includes any profits and gains derived from the business of: (1) commercial production and refining of mineral oil; (2) processing, preservation and packaging of fruits or vegetables, meat and meat products or poultry or marine or dairy products; (3) integrated business of handling, storage and transportation of food grains; (4) operating and maintaining a hospital located anywhere in India other than the excluded area.

 

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7. Deduction in respect of Profits and Gains from Housing Projects [Section 80-IBA]

100% Deduction of Profit from Housing Projects [Section 80-IBA(1)]; Conditions to be Fulfilled [Section 80-lBA(2)]; Consequences if the Project is not completed within a period of 5 years from the date of approval; Deduction under any other provisions of the Act not allowed if the same is claimed under this section [Section 80-IBA(5)].
 

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8. Deduction in respect of income of Co-operative Societies [Section 80P]

Where the assessee is a co-operative society and its gross total income includes the following incomes, a deduction shall be allowed in accordance with and subject to the provisions of this section:
 

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9. Some Important Deductions from Gross Total Income for computing Taxable Income

Deduction in respect of Contribution to certain Pension Fund [Section 80CCC]; Deduction in respect of contribution to Pension Scheme of Central Government by Central Government or any other employer [Section 80CCD]; Deduction in respect of Medical Insurance Premia [Section 80D] & MORE…
 

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