80C, 80CCC, 80CD(1)Īnnuity plan of LIC or other Insurer towards Pension Schemeĭeduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings- 100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31st March 2000 but before 1st April 2007). These deductions will not be available to a taxpayer opting for the new tax regime u/s 115 BAC, except for deduction under Section 80CCD(2) and 80JJAA which will be allowable under new tax regime as well. Tax deductions specified under Chapter VI-A of the Income Tax Act Interest on Loan u/s 24(b) allowable is tabulated below: Nature of PropertyĬonstruction or Purchase of House PropertyĬonstruction or purchase of House Property However, this deduction is not available for persons opting for new tax regime. In case of self-occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakhs. Section 24 (b) – Deduction from Income from House Property on interest paid on housing loan and housing improvement loan. Investments / Payments / Incomes on which I can get tax benefit The option can be exercised for every previous year where the Individual or the HUF has no Business Income.įor a person having Business Income, once the option to be taxed under the new tax regime has been exercised for a previous year, shall be valid for that previous year and all subsequent years till the business continues to exist. The taxpayer opting for concessional rates in the new tax regime will not be allowed certain exemptions and deductions (like 80C, 80D, 80TTB, HRA) available in the old tax regime.
Individuals & HUFs can opt for the existing tax regime or the new tax regime (with lower rate of taxation) (u/s 115 BAC of the Income Tax Act). Report from a chartered accountant containing details of all international transaction(s) and specified domestic transaction(s) To be furnished atleast one month before the due date for furnishing the return of income under sub-section (1) of section 139. Taxpayer who enters into an international transaction or specified domestic transactions is required to obtain a report from a chartered accountant u/s 92E. Path to Access AIS: Go to e-filing portal>login>Services>AIS
Income Tax Department (It can be accessed in Services menu after logging on to Income Tax e-Filing portal) Note: Information (Advance tax/SAT, Details of refund, SFT Transaction, TDS u/s 194 IA,194 IB,194M,TDS defaults) which were available in 26AS now, will be available in AIS mentioned below.
Income Tax Department (It is available on e-Filing Portal: Login > e-File> Income Tax return > View form 26AS)
Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salaryįorm 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS Payments deposited with the Income Tax Department. Central & State Government Department/Approved Undertaking Agencyġ.Deductions on which I can get tax benefit.
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