Question

Bring out the deduction allowed while computing total income

Answer 1

The maximum amount of deduction that can be claimed under section 80C is Rs 1.5 lakh for the current financial year. The section offers various investment options to the taxpayer which not only generate returns for him but can also be claimed as deduction while calculating total taxable income.

Answer 2

As per section 80A, in computing the total income of an assessee, the deductions specified in sections 80C to 80U under Chapter VIA shall be allowed from his gross total income. You may download the complete list of all sections of Income-tax Act, 1961 as amended by the latest finance act i.e. Finance Act, 2019