UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Deductions Under Chapter VIA - 1
Deductions Under Chapter VIA - 1 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Deductions Under Chapter VIA - 1 Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are the deductions under Chapter VIA? |  |
Ans. Deductions under Chapter VIA of the Income Tax Act include sections such as 80C, 80D, 80E, 80G, etc., which allow taxpayers to reduce their taxable income by investing in specified avenues like life insurance premiums, health insurance premiums, education loans, donations, etc.
| 2. How does claiming deductions under Chapter VIA help in tax planning? | |
Ans. Claiming deductions under Chapter VIA helps in reducing the taxable income, thereby decreasing the tax liability of the taxpayer. By investing in specified avenues mentioned in Chapter VIA, individuals can plan their taxes efficiently.
| 3. Can a taxpayer claim multiple deductions under Chapter VIA? | |
Ans. Yes, a taxpayer can claim multiple deductions under different sections of Chapter VIA. For example, an individual can claim deductions under section 80C for investments in PPF and ELSS, and also claim deductions under section 80D for health insurance premiums.
| 4. Are there any limits on the deductions under Chapter VIA? | |
Ans. Yes, there are limits on deductions under various sections of Chapter VIA. For example, the maximum limit for deduction under section 80C is Rs. 1.5 lakh, while the limit for deduction under section 80D for health insurance premiums varies based on the age of the insured.
| 5. How can a taxpayer ensure they are claiming the correct deductions under Chapter VIA? | |
Ans. Taxpayers should carefully review the provisions of each section under Chapter VIA and ensure that they meet all the conditions specified for claiming deductions. Consulting a tax advisor or using online tax calculators can also help in ensuring accurate claim of deductions.
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Dec 18, 2024 Last updated |
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