Deductions from Gross Total Income | CA Inter Taxation Chapter no 7 | ICAI Exams | Chandan Poddar

In This Video We Will Discuss Deductions from Gross Total Income all Concepts, Examples and Problems for CA Intermediate and CA Intermediate Taxation Chapter no 7 have been Discussed by Chandan Poddar Sir For CA Intermediate Grooming Education.

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Topics Covered:-
Deductions from total income
80E Interest on loan taken for higher education
80G Donations to certain funds charitable institutions
80GG Deduction in respect of rent paid
80TTA 80TTB Deduction in respect of interest income
80U Deductions in case of persons with disability
80JJAA Deduction for providing additional employment
80D Deduction in respect of health insurance premium
80C, 80CCC, 80CCD Deduction against specified contribution
Atal pension yojana notified for 80CCD
Deduction under section 80EE
Deduction under 80EEA and 80EEB
Deduction amendments
Section 80GGA Donations for scientific research and rural developement
Section 80GGB and 80GGC Donations to political parties
Section 80QQB and 80RRB Royalty incomes

Deductions from the Gross Total Income of Individuals and Hindu Undivided Family Chapter VI – A

Sections 80C to 80U of the Income Tax Act specifies the deductions to be made from the gross total income of an assesses. Gross total Income means the total income, under all the five heads of Income i.e.
Salary Income
Income from House Property
Profit and gain of Business or Profession Income
Capital Gains and
Income from Other Sources.

The gross total income is to be arrived at before allowing any deduction under Chapter VI A and after setting of unabsorbed losses, depreciation, etc of the earlier years. While deductions u/s 80C to 80GGC are in respect of certain payments made by the assessee, while the deductions u/s 80IA to 80RRB & 80TTA are in respect of certain incomes.

DEDUCTIONS IN RESPECT OF CERTAIN PAYMENTS:
Section 80C
Sections 80C(1) provides that the assessee being an individual or a HUF, will be allowed a deduction from the gross total income of an amount not exceeding RS.1,50,000, in respected of the amount paid or deposited in the previous year.

1. Life Insurance Premium Paid:
(a) Life Insurance Premium paid by an individual on his/her life or on life of his /her spouse or on life of any child (including adult child and a married daughter. Vide circular no 574 dated 22.08.1990 185ITR (St.) 31) of such individual; and

(b) by a Hindu undivided Family, on life of any member of the family
2. Payment for deferred annuity.
Payment made by and individual, on his her life or on life of his/her spouse or life of any child including adult children and a married daughter, of such individual, under contract for a deferred annuity.

3. Contribution made by an individual to any provident fund to which the Provident Fund Act, 1925 applies,

4. Contribution to Public Provident Fund Scheme,1968 in an account standing in the name of the individual, the wife or husband and any child of such individual.

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