AN OVERVIEW OF DEDUCTIONS AVAILABLE UNDER CHAPTER VIA OF INCOME TAX ACT, 1961
India has a very well established tax structure with clear demarcation between Central Government and State Government. Generally Central Government levy various taxes on income except agricultural income of people of India. (State Government can levy tax on agricultural income). Among various direct taxes, income tax is calculated on the gross total income of the assesse. For the relief and incentive to the assesse for achieving some economic objectives, some permissible amount is deducted from the gross total income of the assesse. For this, certain deductions are allowed under Chapter VIA from Section 80C to 80U. This paper contains the list and calculations of such deductions.
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