Here is a basic overview of deductions in respect of certain incomes, with notes on 80QQB, 80RRB, 80TTA, and 80U:
- Deductions in respect of certain incomes: These are deductions that are allowed against certain types of income, such as interest on savings account, medical expenses, and donations to charitable organizations.
- 80QQB: This deduction is available to authors for royalty income earned from the sale of books. The deduction is limited to Rs. 3 lakh or the royalty income received, whichever is less.
- 80RRB: This deduction is available to patentees for royalty income earned from patents. The deduction is limited to Rs. 3 lakh or the royalty income received, whichever is less.
- 80TTA: This deduction is available to individuals for interest income earned on savings account. The deduction is limited to Rs. 10,000.
- 80U: This deduction is available to individuals with disabilities. The deduction is limited to Rs. 75,000 for persons with 40% or more disability, and Rs. 1.25 lakh for persons with severe disability.
Here are some additional notes on these deductions:
- 80QQB: The deduction under 80QQB is only available to authors who are resident in India. The royalty income must also be from the sale of books that are literary, artistic, or scientific in nature.
- 80RRB: The deduction under 80RRB is only available to patentees who are resident in India. The patent must also have been registered on or after April 1, 2003.
- 80TTA: The deduction under 80TTA is only available to individuals who are resident in India and who have a savings account in India. The interest income must also be from the savings account.
- 80U: The deduction under 80U is only available to individuals who have been certified as having a disability by a medical authority.