Under Section 80 of the Income Tax Act, 1961 various deductions are available to individuals and Hindu Undivided Families (HUFs) in to specified investments, expenses, and payments. These deductions help in reducing the taxable income, thus lowering the tax liability. Some of the key available under Section 80 are:

1. Section 80C This section allows for deductions on investments in specified instruments such as Provident Fund (EPF), Public Provident Fund (PPF), National Savings Certificate (NSC), tax-saving mutual (ELSS), life insurance premiums, principal repayment of home loan, and tuition fees for children. The maximum deduction allowed under this section is ₹1.5 lakh.

2. Section 80D: Deduction for paid for health insurance policies for self, family, and parents. Additionally, deductions for preventive health check-up expenses are also available.

3. Section 80E: Deduction available for interest paid on education loans taken for higher studies for self, spouse, children, or a student for the individual is a legal guardian.

4. Section 80G: This allows deductions for donations made to specified funds and charitable institutions.

The new tax regime for individuals, effective from Financial Year 2020-21, concessional tax rates with lower tax slabs. However, in this new regime, certain deductions and exemptions available under the old regime are not allowed. Taxpayers have the option to choose between the old and new tax regimes on their individual financial situations and the availability of deductions. It's important carefully evaluate which regime is more beneficial based on the taxpayer's specific circumstances.

The tax structure under the new regime features lower tax rates for different slabs, with respective cess and surcharge. The tax structure differs for individuals under the age of 60, senior citizens, and super senior citizens.

Regarding provisions related to set off and carry forward of losses, the Income Tax Act allows for the set off of losses incurred under one head of income against from another head. For example, business losses can be set off against income from salary or other sources.

If the entire loss cannot be set in a particular year, the unadjusted loss can be carried forward to future years. The Act specifies the period for which various types of losses can be carried forward. The provisions for set off and carry forward of losses vary for different heads of income, such as business or profession, capital gains, and house property.

Taxpayers need to diligently assess and utilize these provisions in order to optimize their tax and comply with the law. It's advisable to consult a tax professional for personalized guidance based on individual financial circumstances

The set-off and carry forward provisions for losses specified under the Income Tax Act are as follows:

1. House Property Loss: Loss from house property can be set off against income from other heads in the same year, and any unadjusted loss can be carried forward for up to 8 assessment years to be set off against house property income.

2. Business or Profession Loss: Business or profession losses can be set off against income from other heads in the same year, and any unadjusted loss can be carried forward for up to 8 assessment years to be set off against profits from the same business or profession.

3. Capital Gains Loss: Capital losses can be set off against capital gains in the same year, and any unadjusted loss can be carried forward for up to 8 assessment years to be set off against capital gains.

4. Speculation Business Loss: Loss from speculation business can only be set off against profit from speculation business. It cannot be set off against any other income. However, unadjusted loss from speculation business can be carried forward for up to 4 assessment years.

It's important for taxpayers to keep track of their losses and utilize these provisions effectively to minimize their tax liability. Consulting with a tax professional can provide valuable insights on managing and optimizing the utilization of these provisions.

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