Tax Planning: Deductions under Chapter VI of Income Tax

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12 Questions

What is the maximum deduction allowed under Section 80CCC for payment of premium towards an annuity plan?

Rs. 1,50,000

Which of the following investments is eligible for deduction under Section 80C of the Income Tax Act?

Contribution to a recognized Provident Fund

Which of the following individuals can claim a deduction under Section 80CCD(1)?

Both employees and self-employed individuals contributing to a pension scheme

What is the maximum deduction allowed under Section 80CCD(1B) for contributions to the National Pension Scheme?

Rs. 50,000

Which of the following payments is NOT eligible for deduction under Section 80C?

Payment made for a vacation package

For what purpose must the premium be paid to qualify for a deduction under Section 80CCC?

Keeping in force an annuity plan contract

What is the maximum deduction available under 80C, 80CCC, and 80CCD(1)?

Rs. 1,50,000

For senior citizens, what is the maximum deduction available for Medical Insurance Premium for self and family members under 80D?

Rs. 50,000

What is the maximum deduction available for Medical Insurance Premium for parents (Senior Citizens) under 80D?

Rs. 50,000

What is the maximum deduction under 80DD for maintenance including medical treatment of a dependent with severe disability (more than 80%)?

Rs. 1,25,000

Under which section can a deduction be claimed for interest on a loan taken for higher education?

80E

What is the maximum deduction available under section 80DDB for medical treatment of specified disease or ailment?

$40,000

Learn about deductions available under Chapter VI of Income Tax for the Assessment Year 2023-24 and Financial Year 2022-23, including Section 80C. Explore deductions for life insurance, Provident Fund contributions, National Savings Certificates, tuition fees, and more.

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