Income Tax Benefits Available to Individuals and HUF - Part 4

Neethi V. Kannanth | Last updated: 22 November 2021

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This final part of the series covers remaining income tax deductions under Chapter VIA, including those for higher education interest (80E), home loans (80EEA), electric vehicles (80EEB), rent (80GG), author royalties (80QQB), patent royalties (80RRB), savings interest (80TTA, 80TTB), and disability (80U). It also details TDS provisions and exemptions, as well as conditions under which senior citizens aged 75 and above may be exempt from filing income tax returns.

This is the last part of the article series related to Income Tax Benefits Available to Individuals and HUF. We will now be discussing about the remaining deductions under Chapter VIA, TDS and advance tax provisions and about exemption from Filing of Income Tax Return Deductions under Chap

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FAQ :

Key deductions include interest on loans for higher education (80E), home loans (80EEA), electric vehicles (80EEB), rent paid for accommodation (80GG), royalty income for authors and patentees (80QQB, 80RRB), interest on savings accounts (80TTA), interest on deposits for senior citizens (80TTB), and deductions for individuals with disabilities (80U).

Yes, the article mentions several TDS exemptions, such as no TDS on interest from certain government bonds, interest on company debentures if it doesn't exceed Rs. 5,000, dividends not paid in cash up to Rs. 5,000, and payments to e-commerce participants or sellers below certain thresholds.

Individuals who take a loan from a financial institution between 01/04/2019 and 31/03/2023 to purchase an electric vehicle are eligible for a deduction of up to Rs. 1,50,000 on the interest paid.

An individual not receiving House Rent Allowance (HRA) can claim a deduction for rent paid. The exemption is the least of rent paid exceeding 10% of total income, 25% of total income, or Rs. 5,000 per month, subject to certain conditions.

Senior citizens aged 75 and above, who are residents and have only pension and interest income from the same specified bank where they receive their pension, may be exempt from filing. They must provide a declaration to their bank, and the bank will handle TDS after considering eligible deductions and rebates.

Yes, resident senior citizens aged 60 or above, who do not have any income from business or profession, are exempt from paying advance tax.