Web13 Jan 2024 · Section 80C of the Income Tax Act, 1961 (Act) provides for a deduction of up to INR 1.5 lakh from the total taxable income of Individuals and Hindu Undivided Families … Web2 days ago · An individual can save income tax on the donations made. Section 80G of the Income-tax Act, 1961 allows individuals to save tax on the donations made to the specified institutions. Thus deduction can be claimed only if an individual opts for old tax regime for a particular financial year. Read on to know how this section can help individuals to save …
Deductions under Chapter VI A of Income Tax Act
Web18 Feb 2024 · The old tax regime allows an individual to save income tax via various deductions and tax exemptions such as sections 80C, 80D, 80CCD(1b), 80TTA, HRA, and LTA. Getty Images. 3 / 7. ... The only deduction that is allowed under the new income regime in FY 2024-23 is Section 80CCD(2). This deduction is linked to the employer's contribution … Web21 Feb 2024 · Section 80DDB is a very important section of the Income Tax Act under which tax benefit can be claimed of Rs 1,00,000 in case of senior citizens and Rs 40,000 for … spar listowel
Tax Saving Under Section 80C, 80D, and 80G: A Complete Guide
WebDeduction in respect of income of co-operative societies. 80P. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income … WebProvisions under this Section is: Section 80 I of Income Tax Act "Deduction in respect of profits and gains from industrial undertakings after a certain date, etc" 80-I. (1) Where the … Web16 May 2024 · This sub-section under Section 80 of the Income Tax Act offers tax deductions on pension plans offered by various public and private insurers. Individual … sparloft