Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Deduction from GTI (Section 80C to 80U) - Part -2
Deduction from GTI (Section 80C to 80U) - Part -2 | Fast Track Quick Revision Income Tax - Taxation PDF Download
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Part A fund added by FA 2015
| 1. | The National Fund for Control of Drug Abuse | 100% |
| 2. | Swachh Bharat Kosh. स्वच्छ भारत कोष | 100% |
| 3. | Clean Ganga Fund (Deduction allowed only to domestic donors) | 100% |
| Section | Assesee | Condition | Amount of Deduction (Least is deductible) | ||||||
| 80GG Rent |
Ind (R/ NR / IC/ FC) |
Deduction for rent paid. |
AGTI = GTI – SI – All deductions |
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| Rent is paid to third person or to the ER. |
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| He is not in receipt of HRA | |||||||||
| Rent is not paid to HUF, spouse or his minor child. |
| Section | Assesee | Title | Donation is made to | Other Points |
| 80GGA Dona tion for SR |
All assessee not having business income |
Donation for scientific research / rural develop ment |
1. Approved research association for research. |
Cash donation |
| 2. PSU / Local authority for eligible project or scheme |
upto Rs. 10,000 allowed | |||
| 3. Institution for Rural development programme |
Corresponding section of PGBP is S 35, 35AC, 35CCA |
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| 4. National Urban Poverty Eradication Fund / National Fund for Rural Development |
| 80GGB | 80GGC | |
| Applicable to | Indian Company | All assessee |
| Not Applicable to | Others | Local authority & every artificial juridical person wholly or partly funded by the Govt |
| Contribution to | Political party or Electoral Trusts |
Political party or Electoral Trusts |
| Amount of deduction | 100% of contribution | 100% of contribution |
| Cash donation any amount |
not allowed | not allowed |
| Section | Assessee | Title | Amount of Deduction | Nature of income |
| 80JJA | All assessee | Profit from bio degradable wastes |
100% of profits for consecutive 5 years from the year of start of business. |
Collecting & processing or treating of biodegradable wastes for generating power or producing bio-fertilizer, bio-pesticides or bio-gas, for fuel or organic manure. |
| Section | Assessee | Title | Amount of Deduction | Nature of income | |
| 80QQB / 80RRB |
Resident Ind / HUF |
Royalty from books / Patents |
Amount of royalty or Rs. 3,00,000 whichever is lower |
Books : Literary, Artistic or Scientific nature | |
| Annual Royalty : cannot exceeds 15% of sales. Lumpsum royalty : Any amount. |
If royalty is earned outside India then it should be brought into India within 6 months from the end of FY (by 30th Sept.) |
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| Section | Assessee | Title | Nature of income | Amount of Deduction |
| 80TTA | Resident Ind / HUF |
Interest on saving a/c. |
Banks | Max Rs. 10,000. Deduction is not available on interest on fixed deposits. It is only on interest on saving. |
| Co-operative Banks | ||||
| Land Co-operative Banks | ||||
| Post office |
The document Deduction from GTI (Section 80C to 80U) - Part -2 | Fast Track Quick Revision Income Tax - Taxation is a part of the Taxation Course Fast Track Quick Revision Income Tax.
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FAQs on Deduction from GTI (Section 80C to 80U) - Part -2 - Fast Track Quick Revision Income Tax - Taxation
| 1. What is Section 80C in income tax? |  |
Ans. Section 80C of the income tax act allows taxpayers to claim deductions for certain investments and expenses. Under this section, individuals can claim deductions up to a maximum of Rs. 1.5 lakh for investments in specified instruments such as life insurance premiums, employee provident fund, public provident fund, and equity-linked saving schemes, among others.
| 2. Can I claim deductions under both Section 80C and Section 80D? | |
Ans. Yes, taxpayers can claim deductions under both Section 80C and Section 80D. Section 80D allows individuals to claim deductions for premiums paid towards health insurance policies for themselves, their spouse, children, and parents. The maximum deduction for health insurance premiums is Rs. 25,000 for individuals up to the age of 60 and Rs. 50,000 for senior citizens.
| 3. Are investments in a National Savings Certificate (NSC) eligible for deduction under Section 80C? | |
Ans. Yes, investments made in National Savings Certificates (NSC) are eligible for deduction under Section 80C. NSC is a fixed income investment scheme offered by the Indian government. The interest earned on NSC investments is taxable, but the principal amount invested can be claimed as a deduction under Section 80C.
| 4. Can I claim deductions for the tuition fees paid for my child's education under Section 80C? | |
Ans. Yes, deductions can be claimed for the tuition fees paid for a child's education under Section 80C. This deduction is available for up to two children and covers the tuition fees paid to any school, college, university, or educational institution in India. However, it is important to note that this deduction does not cover any other expenses such as hostel fees or transportation costs.
| 5. Can I claim deductions for the interest paid on a housing loan under Section 80C? | |
Ans. No, deductions for the interest paid on a housing loan cannot be claimed under Section 80C. However, taxpayers can claim deductions for the interest paid on a housing loan under a separate section, which is Section 24(b). Under Section 24(b), individuals can claim deductions for the interest paid on a home loan up to a maximum of Rs. 2 lakh per year, subject to certain conditions.
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Nov 16, 2024 Last updated |
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