The document outlines key aspects of India's Income Tax Act of 1961, as amended in 2015, including: 1) It describes the different chapters and sections covering definitions, residential status, exemptions, heads of income, clubbing provisions, setoff provisions, and deductions. 2) It provides details on the residential status criteria for being a non-resident, non-ordinary resident, or ordinary resident. 3) It summarizes various deductions that can be claimed under sections 80C to 80U, including for provident funds, life insurance, tuition fees, health insurance, disability, and donations. The maximum aggregate deduction is Rs. 1,50,000.

1. INCOME TAX, 1961
(As amended by Finance Act, 2015)

2. Chapte
r
Sections Description
I 1-3 Definitions
II 4-9A Residential Status
III 10-13B Exemptions
IV 14-59 Heads of Income
V 60-65 Clubbing Provisions
VI 66-80 Setoff Provisions
VI-A 80-80U Deductions

3. Individual
Hindu Undivided Family
Company
Firm
AOP or BOI
Local Authority
Every Artificial Judicial Person

4. Basic Conditions
1) Stay in India, in
relevant the Previous
Year, not less than
182 days.
2) Stay should be,
i. At least 60 days in
relevant previous year
&
ii. At least 365 days in
LAST 4 years
preceding the Previous
Additional Conditions
1) Should be Resident of
India, for at least 2
Year, in LAST 10
Years preceding the
Previous Year, &
2) Stay in India, at least
730 days in LAST 7
years, preceding the
Previous Year,

5. Sr.
No.
Residential
Status
Basic
Condition
(One or
More
Condition)
Additional
Condition
s
(Both 2
Condition
s)
1 Non- Resident
 
2
Non Ordinary
Resident  
3
Ordinary
Resident  

7. Heads of
income
(S/14)
Salary
Income from
House
Property
Profits and
Gains of
Business and
Profession
Capital Gain
Income from
Other source

8. Particulars Amount Amount
Income under different Heads of Income:
Salary XXX
Income from House Property XXX
Profits and Gains of Business &
Profession
XXX
Capital Gains XXX
Income from Other Sources XXX
Gross Income  XXX
Deductions under Chapter VI-A (Section 80C to
80U)
(XXX)
Total Taxable Income XXX
Total Tax Payable
XX

10.  Contribution to Provident Fund (except URPF)
 Life Insurance Premium
 Contribution to Post Office, Cumulative Time Deposit
 Subscription to notified Central Govt. Securities
 Subscription to notified Deposit Scheme
 Subscription to units of any Mutual Fund approved by CBDT
 Investment in units of Equity Linked Scheme of LIC, UTI
 Payment to Group Insurance Scheme
 Deposit in National Saving Scheme 1992
 Tuition Fees paid for children
 Subscription to Notified bonds of NABARD
MAXIMUM DEDUCTION ALLOWABLE IS Rs. 1,50,000.

11.  Any Amount paid or deposited in an Annuity
plan of LIC or other Insurer for receiving
pension.
DEDUCTION ALLOWABLE least of the following:
1. Actual Amount paid/deposited
2. 1,50,000

12.  Applicable for All type of Employees (i.e. Local
Authority, State Govt., Central Govt., Private
Employee & Self-Employed)
 For Self-Employed:
 Least of the following will qualify for deduction
1. Actual Contribution
2. 10% of GTI
 For Other Employees:
 Least of the following will qualify for deduction
1. Actual Contribution
2. 10% of Salary Section 80CCD(1) has been
deleted by Finance Act, 2015,
which earlier specified the

13. 80C
80C
CC
80C
CD

14.  This section is introduced by Finance Act,
2015 to provide additional deduction for New
Pension Scheme.
 Deduction Available: 50,000 Over and Above
the limits specified in 80CCE

15. Particulars Amount
(Rs.)
Amount
(Rs.)
Amount
(Rs.)
Deduction u/s 80C XXX
Deduction u/s 80CCC XXX
Deduction u/s 80CCD XXX XXX
Deduction u/s 80CCE
(Subject to Max. of
1,50,000)
1,50,000
 XXX
Deduction u/s 80CCE (1B) 50,000
Total Deduction XXX

16. Particulars Amount
(Rs.)
Amount
(Rs.)
Amount
(Rs.)
Deduction u/s 80C 90,000
Deduction u/s 80CCC 20,000
Deduction u/s 80CCD
(1,40,000-50,000)
60,000 1,70,000
Deduction u/s 80CCE
(Subject to Max. of 1,50,000)
1,50,000
 1,50,000
Deduction u/s 80CCE (1B) 50,000
Total Deduction 2,00,000

17. 1. Any premium paid, other than by way of cash, to keep
in force an insurance on the health of-
a) In case of
Individual
-
Self, Spouse and
Dependent Children
b) In case of HUF - Family Member
2. Contribution to CGHS of such other scheme as notified
by Govt.
3. Any payment, including cash payment, for
PREVENTIVE HEALTH CHECKUP for himself, spouse,
dependent children.
Maximum Deduction Allowable Rs. 25,000
Rs. 30,000 if individual or spouse is a
senior citizen

18. 1. Any premium paid, other than by way of cash, to keep in
force an insurance on the health of parents, whether or
not dependent on individual.
2. Any payment, including cash payment, for PREVENTIVE
HEALTH CHECKUP of parents.
Maximum Deduction Allowable Rs. 25,000
Rs. 30,000 in case either or both parents are
senior citizenMaximum Rs. 5,000 for Preventive Health Checkup
(in aggregate, i.e. for himself, spouse,
children, parents) Subject to overall limit of
25,000 or 30,000

19. Deduction u/s 80D
1
.
a. Medical Insurance for
self/spouse/children
22,000
b. Preventive Health Checkup for
self/spouse/children Rs. 5000
(but restricted to 3000) (25000-
22000, since Max Allowable
Deduction is 25000)
3,000
25,000
2
.
a. Health Insurance for Parents 26,000
b. Preventive Health Checkup for
Parents Rs. 7000 (but restricted
to 2000) (5000-3000, since Max
Allowable Deduction for
Preventive Health Checkup is
2,000

20.  Any amount incurred for the medical treatment,
training and rehabilitation of dependent disabled
and/or
 Any amount paid or deposited under the
scheme framed in this behalf by the LIC or any
other insurer or administrator or specified
company.
 Flat Deduction Allowed is Rs. 75,000
 In case of Severe Disability the Flat
Deduction shall be Rs. 1,25,000

21. In Case of
individual
For Himself, &
DEPENDENT Spouse, Child, Parents,
Brothers & Sisters
In case of
HUF
For any Family MemberA. Actual Sum Paid XXX
B. Less:
(XXX) XXX
Below 60 years 40,000
Senior Citizen 60,000
SUPER SENIOR
CITIZEN
80,000
C. Amount reimbursed from Insurance
Co. or Employer (XXX)
Total Deduction u/s 80DDB  XXX

22.  Deduction is available for interest payment
in the Initial A.Y. and 7 A.Y. immediately
succeeding the Initial A.Y.
or
 until the interest is paid in full
No limit for deduction

23.  Prime Minister’s National Relief Fund
 Prime Minister’s Drought Relief Fund
 National Children’s Fund
 Rajiv Gandhi Foundation
 Govt. or any approved Local Authority, Institution for
promotion of Family Planning Programme
 Donation to certain Funds, Charitable Funds, Charitable
Institution.
Deduction Available: 50% or 100% of
Donated Amount
NO Deduction shall be allowed for donation in excess
of 10,000, if paid in cash

24. Conditions:
 Assessee is not receiving HRA
 Assessee, spouse or minor children do not own
house in the place of business/profession
 if Assessee has house at any other place than
business/profession, he should not claim benefit
of self-occupancy.
 In case of Employee, Rent Free
Accommodation is not provided by his employer
 He is paying Rent for house

25. Least of the following is allowable as deduction
A. Rent Paid (-) 10% of Adjusted GTI
B. 25% of Adjusted GTI
C. 2,000 p.m.
Adjusted GTI = GTI
(–) Long Term Capital Gain
(–) Deduction u/c VI-A[except
u/s 80GG]

26.  This section applicable to a resident
individual who at any time during the
previous year certified by the medical
authority to be a person with disability.
Deduction Available
Normal Disability Severe Disability
(less than 80% Disability) (more than 80% Disability)
Flat Deduction of 75,000 Flat Deduction of 1,25,000