Chapter ViA Deductions

Question 0

Section 80C

Answer 0

Deduction in respect of certain investment , deposits e.t.c

Maximum 1,50,000

Question 1

Section 80CCC

Answer 1

Deduction in respect of contribution to the pension fund of LIC or any other insurance company

Actual premium made or 1,00,000
Wel

Question 2

Section 80CCD

Answer 2

Deduction in respect of contribution to new pension scheme(NPS) setup by the central government

Question 3

Section 80CCD(1)

Answer 3

Contribution by the employee is allowed as deduction

Question 4

Section 80CCD(2)

Answer 4

Contribution made by the employer is fully included in salary and such contribution is separately allowed as deduction. But not exceeding 10%

Question 5

Section 80CCE

Answer 5

Aggregate of section 80C,80CCC,80CCD(1) cannot exceed ₹1,50,000

Note: 80CCD(2) is not included

Question 6

Section 80CCG

Answer 6

Deduction for investment by a resident individual In listed equity shares as per notified scheme

50%of amount invested or 25,000 w.e.l
3 consecutive years

Condition

1. GTI of assesse should not exceed ₹12,00,000
2. Assesse should be NEW RETAIL INVESTOR as per notified scheme
3. 3years lock in from the date of acquisition

Question 7

Section 80D

Answer 7

Medical insurance premium paid to the insurance company or under central government health scheme or such other scheme notified by central government

Question 8

Section 80DD

Answer 8

Deduction in respect of maintenance including medical treatment of dependant disable

Question 9

Section 80DDB

Answer 9

Deduction in respect of expenditure incurred on medical treatment of specified disease or ailments

Question 10

Section 80E

Answer 10

Deduction in respect of loan taken for higher education

Note:
Payment should be made out of taxable income

Question 11

Section 80EE

Answer 11

Deduction in respect of interest on housing loan

Question 12

Section 80U

Answer 12

Deduction in case of person with disability(Assesse)

Question 13

Section 80TTA

Answer 13

Deduction in respect of interest on deposits in savings account

Question 14

Section 80RRB

Answer 14

Deduction in respect of royalty income on patents

Question 15

Section 80G

Answer 15

Deduction in respect of donation

1. 100%
2. 50%
3. 100% of Qualifying amount
4. 50% of Qualifying amount

QA=actual donation made or 10% of adjusted GTI
Adjusted Gross Total Income =GTI- LTCG-STCG(111A)-Casual income-80 deduction except 80G

Question 16

Section 80GG

Answer 16

Deduction in respect of house rent paid

25% of adjusted GTI
2000p.m
Rent paid-10%adjusted GTI w.e.l

Condition

1. Assesse or his spouse or his minor children should not own any house in the place where assesse is employed or carrying his business
2. Assesse should not own any self occupied property

Question 17

Section 80GGA

Answer 17

Deduction in respect of donation to scientific research and rural development

100%

Question 18

Section 80GGB

Answer 18

Deduction in respect of contribution given by company to any political party or an electoral trust

100%

Question 19

Section 80GGC

Answer 19

Deduction in respect of contribution given by any person to any political party or an electoral trust

100%

Question 20

Section 80JJA

Answer 20

Deduction in respect of income from business of collecting an processing of bio degradable waste

100% of profits earned
Period-5years

Question 21

Section 80JJAA

Answer 21

T with 37(1) general expenses

Deduction in respect of employment of new workmen

Manufacturing company

Question 22

Section 80QQB

Answer 22

Deduction in respect of royalty income of authors of certain books other than textbooks

Tag with rule 8 of service tax

1. lump sum
2. not lump sum

In India , outside India remitted within 6 months