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All about Under Section Chapter VIA:-
As per the Income Tax Rules all deduction Under Chapter VI A with the all current amended Section of Income Tax which was passed by the Central Finance Budget 2017 have also in this Chapter and showing the same is given below so you can guess the which Section you can get the Income Tax benefits.
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Deduction Under chapter VI A is given below:-
Section 80D: Deduction in respect of Medical Insurance
The deduction is available up to Rs. 30,000/- for senior citizens and up to Rs. 25,000/ in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 30,000/- if parents are senior Citizen and Rs. 25,000/- in other cases.
Therefore, the maximum deduction available under this section is to the extent of Rs. 55,000/-. From AY 2017-18, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available.
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Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative
Deduction of Rs. 60,000/- is available on:
1 . expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.
2 . Payment or deposit to specified scheme for maintenance of dependent handicapped relative.
Further, if the dependent is a person with severe disability, a deduction of Rs. 100,000/- is also available under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist.
Note: A person with ‘severe disability’ means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the ‘Persons with Disabilities (Equal opportunities, protection of rights and full participation)’ Act.
Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative
A deduction to the extent of Rs. 40,000/- or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.
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Section 80G: Deduction for donations towards Social Causes
The various donations specified in Sec. 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in Sec. 80G. 80G deduction not applicable in case donation is done in form of cash for the amount over Rs 10,000.
Donations with 100% deduction without any qualifying limit:
Prime Minister’s National Relief Fund
National Defence Fund
Prime Minister’s Armenia Earthquake Relief Fund
The Africa (Public Contribution – India) Fund
The National Foundation for Communal Harmony
Approved university or educational institution of national eminence
The Chief Minister’s Earthquake Relief Fund, Maharashtra
Donations made to Zila Saksharta Samitis.
The National Blood Transfusion Council or a State Blood Transfusion Council.
The Army Central Welfare Fund or the Indian Naval Benevolent Fund or The Air Force Central Welfare Fund.
Donations with 50% deduction without any qualifying limit.
Jawaharlal Nehru Memorial Fund
Prime Minister’s Drought Relief Fund
National Children’s Fund
Indira Gandhi Memorial Trust
The Rajiv Gandhi Foundation
Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income
Donations to the Government or a local authority for the purpose of promoting family planning.
Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income
Donation to the Government or any local authority to be utilized by them for any charitable purposes other than the purpose of promoting family planning.
Section 80U: Deduction in respect of Person suffering from Physical Disability
Deduction of Rs. 75,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 125,000/- shall be available u/s 80U. The certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.
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|INCOME TAX NEW SLAB RTE FOR F.Y.2017-18|
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In this Financial Year, the Finance Budget has reduced the Tax Rebate U/s 87A from Rs. 5,000/- to 2,500 who’s taxable income less than 3.5 Lakh.
Due to Demonetization and government drive against black money, a lot of Income Tax rules are either amended or changed with change in financial bills. Here are the list of major Income tax rules which are changed and implemented by next financial years are :
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Change in Income Tax Slabs for F.Y.2017-18 as per Finance Budget 2017