Deduction U/s 80C to 80U

Start Exam

When income of asseessee is calculated under all five heads it is known as Gross Total Income. From this Gross Total income deductions under section 80C to 80U are allowed if Gross Total Income is positive. Once deductions are applied it become taxable income. 

Rules of deductions Section 80A

1. In computing the total income of an assessee, the deductions specified in sections 80C to 80U, shall be allowed from his gross total income subject to the provisions of this Chapter,
2. The aggregate amount of the deductions under section 80C to 80U shall not, in any case, exceed the gross total income of the assessee.
3. As per section 112, such deductions are not allowed from long term capital gains. 
4. As per section 58(4), such deductions are not allowed from casual income. 
5. As per section 111A, deduction are not allowed from STCG on the sale of short term equity shares or short term units of equity oriented mutual funds provided securities transaction tax has been paid. 

DEDUCTION IN RESPECT OF PAYMENT OF LIFE INSURANCE PREMIUM, ANNUITY, PF ETC. SECTION 80C
Deduction under this section is available to an individual or a huf only.
Amount of deduction: The deduction under this section will be the lower of 
(a) Amount of qualifying savings/investments, or 
(ii) Rs. 1,50,000.

DEDUCTION IN RESPECT OF CONTRIBUTION TO CERTAIN PENSION FUNDS    SECTION 80CCC
Deduction is allowed only to an individual.

DEDUCTION IN RESPECT OF CONTRIBUTION TO PENSION SCHEME OF CG OR OTHER EMPLOYER SECTION 80CCD

DEDUCTION IN RESPECT OF MEDICAL INSURANCE PREMIUM I.E. “MEDICLAIM” SECTION 80D
The assessee should be individual, or HUF only.

DEDUCTION IN RESPECT OF MEDICAL TREATMENT SECTION 80DDB
Deduction is allowed only to assessee who is an individual or HUF, who is a resident of India.

DEDUCTION IN CASE OF PAYMENT OF INTEREST ON LOAN TAKEN FOR PURSUING HIGHER EDUCATION   SECTION 80E
Deduction is allowed only to an individual.

DEDUCTION IN RESPECT OF DONATIONS TO CERTAIN FUNDS, CHARITABLE INSTITUTIONS, ETC.    SECTION 80G
Deduction is allowed to all the assessees if they have given any donation or contribution to any of the below mentioned institutions or funds and deduction allowed shall be either 100% or 50% of the donation given.

DEDUCTION IN CASE OF PAYMENT OF RENT    SECTION 80GG
Deduction is allowed only to an individual.

DEDUCTION IN RESPECT OF CERTAIN DONATIONS FOR SCIENTIFIC RESEARCH OR RURAL DEVELOPMENT SECTION 80GGA

DEDUCTION IN RESPECT OF CONTRIBUTION TO POLITICAL PARTIES BY A COMPANY SECTION 80GGB

DEDUCTION IN RESPECT OF CONTRIBUTION TO POLITICAL PARTIES BY ANY OTHER PERSON SECTION 80GGC

DEDUCTION IN RESPECT OF ROYALTY INCOME, ETC., OF AUTHORS OF CERTAIN BOOKS OTHER THAN TEXT BOOKS      SECTION 80QQB 

DEDUCTION IN RESPECT OF ROYALTY ON PATENTS    SECTION 80RRB

DEDUCTION IN RESPECT OF PROFITS AND GAINS FROM BUSINESS OF HOTELS AND CONVENTION CENTRES IN SPECIFIED AREA   SECTION 80-ID

SPECIAL PROVISIONS IN RESPECT OF CERTAIN UNDERTAKINGS IN NORTH-EASTERN STATES   SECTION 80-IE

DEDUCTION IN RESPECT OF PERSON WITH DISABILITY SECTION 80U

These online MCQ Mock tests and MCQ questions includes all main concepts of the chapter (Deduction U/s 80C to 80U) in CS Executive Module I Tax Laws & Practice

Start Exam

 
English
   
Accountancy
   
Economics
   
Law