Limit for taxable deductions

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies the calculation of taxable income, particularly concerning deductions. The user inquired if their total deductions, exceeding taxable income, were correct. It's confirmed that while specific deductions like 80C have a limit of £1,50,000, other Chapter VI deductions (80E, 80DDB, 80D) can be claimed up to their individual limits, provided the total doesn't exceed the gross income minus standard deductions.

ntc pioneer

ntc pioneer (Querist)

14 February 2024 Dear Sir

Please clarify whether the following taxable income calculation is correct or not,as the total deductions are more than the taxable income

Gross income-1819876

Standard deduction-50000
Chapter vi deductions-601206
Hra exemption-120762
24 b-200000
-----------------------------
Total deductions 971968

Taxable income-847908

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 February 2024 Chapter vi deduction limited to 1,50,000 .

ntc pioneer

ntc pioneer (Querist)

14 February 2024 Thank you sir.

Sir,chapter vi deductions as in 80 c to 80u .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 February 2024 Welcome.
80c limit 1,50,000.
80TTA Interest Income Deductions Rs. 10,000
80TTB Interest Income Deductions for Senior Citizens Rs. 50,000
80U Deductions for Individuals with Disabilities Rs. 75,000

ntc pioneer

ntc pioneer (Querist)

14 February 2024 Sir

I meant that the amount of Rs 601206 pertains to chapter vi a deductions ie

80e-300000
80c-150000
80ddb-76206
80 d-75000 (self and senior citizen dependents)

Whether this amount can be claimed as deduction or only Rs 150000 can be claimed.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 February 2024 Yes, the above deduction allowed

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now