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CATEGORIES OF DEDUCTIONS
They are intended to act as incentive to the assessee for
achieving certain economic objectives.
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To encourage savings
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Tocomputethenetincomeoftheassesses,firstofallwecomputetheincomeunderthefive
head.Theprovisionsforthesamehavebeenalreadydiscussedinthepreviousunits.The
aggregateofincomeundereachheadisknownasgrosstotalincome.Certaindeductions
whicharenotdeductibleunderanyparticularheadofincomeareallowedoutofgrosstotal
incometoarriveatthetotalincomeliabletotax.
Totalincomeisaccordinglycomputedasunder:
1.Incomefromsalaries______
2.IncomefromHouseproperty______
3.ProfitsandGainsofBusinessandProfession______
4.Incomefromcapitalgains______
5.Incomefromothersources______
GrossTotalIncome
=_________________
LessdeductionunderChapterVIA(80CTO80U)()
Totalincome_______________________
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AMOUNT OF DEDUCTION
We add the amounts invested / spent in above
mentioned schemes and this amount is known as
Gross qualifying amount. The amount deductible is
a) Gross qualifying amount; or
b) Rs 1,50,000
Whichever is less
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AMOUNT OF DEDUCTION
If the aforesaid conditions are satisfied, then
a) the amount deposited
b) or Rs. 1,00,000
whichever is lower, is deductible.
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DEDUCTION IN RESPECT OF
CONTRIBUTION TO PENSION SCHEME OF
CENTRAL GOVERNMENT (SEC. 80CCD)
This section is for allowing deduction to new
central Government employees, if the following
conditions are satisfied:
AMOUNT OF DEDUCTION
The amount deductible is
a) The total employees contribution and employers
contribution to the notified pension scheme during the
year.
b) Or 10% of salary of the employee, Whichever is less
The maximum amount of deduction u/s 80CCD is however
restricted to Rs. 1,00,000.
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Rs.1,50,000
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DEDUCTION IN RESPECT OF
MEDICAL INSURANCE PREMIA SEC
80D
If the following conditions are satisfied then an assessee may claim
deduction under this section.
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(a) Actual
amount paid
(b) 15,000
(a) Actual
amount paid
(b) 15,000
(a) Actual
amount paid
(b) 20,000
10
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Amount of Deduction
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Amount of Deduction
12