Income Tax Sections List PDF Free Download

Income Tax Sections List PDF Download Info

Income Tax Sections List In PDF Free Download, Income Tax Deductions List – FY 2022-23 (AY 2023-24) PDF Free Download.

Income Tax Sections List In PDF

Income Tax Department With A View To Encourage Savings And Investments Amongst The Taxpayers Have Provided Various Deductions From The Taxable Income Under Chapter Vi A Deductions. 80c Being The Most Famous, There Are Other Deductions Which Are Beneficial For The Taxpayers To Reduce Their Tax Liability. Let Us Understand These Deductions In Detail:

Section 80C – Deductions on Investments 

Section 80C is one of the most popular and favorite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments or incurring eligible expenses. 

• Who can claim Section 80C deduction?: Section 80C deduction can be claimed by Individuals and HUFs
• Maximum deduction allowed under section 80C?: Rs 1.5 lakh every year from the taxpayer’s total income. Companies, partnership firms, and LLPs cannot avail the benefit of this deduction.   
  Note: The maximum  deduction under Section 80C, 80CCC and 80CCD (1) put together is Rs 1.5 lakhs. However, you may claim an additional deduction of Rs 50,000 allowed u/s 80CCD(1B)

Deduction limits under Section 80C, 80CCC, 80CCD(1), 80CCE, 80CCD(1B)

Section 80C Deductions List

Section 80TTA – Interest on Savings Accounts

• Who can claim Section 80TTA deduction?: Section 80TTA deduction can be claimed by Individuals and HUFs.
  Resident Senior Citizens cannot claim deduction under 80TTA but they can claim the deduction under 80TTB.
• Maximum deduction allowed under section 80TTA?: Rs 10,000
  Note: Section 80TTA does not include interest from from fixed deposits, recurring deposits, or interest income from corporate bonds.

Section 80TTB – Interest From Deposits Held by Senior Citizens

• Who can claim Section 80TTB deduction?: Section 80TTA deduction can be claimed by Resident Senior Citizens (age 60 or more)
  Resident Senior Citizens cannot claim deduction under 80TTA but they can claim the deduction under 80TTB.
• Maximum deduction allowed under section 80TTB?: Rs 50,000 against interest income from banks, post office, or a co-operative society engaged in banking business.
  Note: Interest from banks can be either savings, fixed deposits or recurring
  
  As a result, the threshold limit for TDS deduction under Section 194A for senior citizens has been enhanced to Rs. 50,000. Therefore, if their interest income is below Rs 50,000, TDS will not be deducted.  

Section 80GG – Income Tax Deduction on House Rent Paid

• Who is eligible to claim deduction under Section 80GG? Those who do not receive HRA in their salary structure but live in rented accommodations. 
• Conditions for claiming Section 80GG: 
  • Taxpayer must be an individual
  • Taxpayer must be living on rent and paying rent
  • The taxpayer should not have self-occupied residential property in any other place. Also, the taxpayer, their spouse or minor child or their HUF should not own any residential accommodation in the place where they currently reside.
  • File Form 10BA
• How much deduction is available Under Section 80GG?
  The least of the following is available as deduction:
  • Rent paid (-) 10% of adjusted total income*
  • Rs 5,000/- per month
  • 25% of adjusted total income*
    
    *Adjusted Gross Total Income = 
    Gross Total Income 
    Less:
    – LTCG, if any, included in total gross income
    – STCG u/s 111A
    – Deductions u/s 80C to 80U except deduction under section 80GG
    – Incomes of NRIs and foreign companies are taxed at a special tax rate, such as incomes u/s 115A, 115AB, 115AC, or 115AD.

An online ITR e-filing software like that of ClearTax can be extremely easy as the limits are auto-calculated. So, you do not have to worry about making complex calculations.

Section 80E – Interest on Education Loan

• Who is eligible to claim deduction under Section 80E? An individual can claim deduction of interest paid on education loan taken for pursuing higher education. 
• The education loan can be taken for the taxpayer, their spouse or children or for a student for whom the taxpayer is a legal guardian.
• 80E deduction is available for a maximum of 8 years (beginning the year in which the interest starts getting paid) or till the entire interest is paid, whichever is earlier. There is no ceiling limit on the amount of interest that can be claimed.