Section 80GG

Section 80GG Deduction On Rent paid

Income Tax - Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions :- (a) the employee has not been in receipt of any House Rent Allowance specifically granted to him which qualifies for exemption under section 10(13A) of the Act; (...

Read More

Budget 2016 impact on deduction for rent paid (Section 80GG)

Income Tax - In order to provide relief to the individual tax payers, it is proposed to amend section 80GG so as to increase the maximum limit of deduction from existing Rs. 2000 per month to Rs. 5000 per month. This section allows an individual a deduction in respect of house rent paid for his own residence. Such […]...

Read More

Union Budget- Key Direct tax proposals

Income Tax - Union budget for the year 2016-17 has been presented by the finance minister, this budget facing basic challenges global slowdown and additional fiscal burden due to 7th Central pay Commission recommendation. This budget focusing on the agricultural, farmer’s welfare and infrastructure investment and financial sector reforms. ...

Read More

8 Changes in Personal Taxes by Union Budget 2016-17

Income Tax - There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers....

Read More

Deduction Limit U/s. 80GG for Rent raised to Rs. 5000 Per Month

Income Tax - #Budget 2016- Rationalization of limit of deduction allowable in respect of rents paid under Section 80GG The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent of his total income towards payment of rent in respect of any furnished or unfurnished accommodatio...

Read More
Sorry No Post Found
Sorry No Post Found
Sorry No Post Found

Recent Posts in "Section 80GG"

Section 80GG Deduction On Rent paid

Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions :- (a) the employee has not been in receipt of any House Rent Allowance specifically granted to him which qualifies for exemption under section 10(13A) of the Act; (...

Read More
Posted Under: Income Tax | ,

Budget 2016 impact on deduction for rent paid (Section 80GG)

In order to provide relief to the individual tax payers, it is proposed to amend section 80GG so as to increase the maximum limit of deduction from existing Rs. 2000 per month to Rs. 5000 per month. This section allows an individual a deduction in respect of house rent paid for his own residence. Such […]...

Read More
Posted Under: Income Tax | ,

Union Budget- Key Direct tax proposals

Union budget for the year 2016-17 has been presented by the finance minister, this budget facing basic challenges global slowdown and additional fiscal burden due to 7th Central pay Commission recommendation. This budget focusing on the agricultural, farmer’s welfare and infrastructure investment and financial sector reforms. ...

Read More
Posted Under: Income Tax | ,

8 Changes in Personal Taxes by Union Budget 2016-17

There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers....

Read More
Posted Under: Income Tax | ,

Deduction Limit U/s. 80GG for Rent raised to Rs. 5000 Per Month

#Budget 2016- Rationalization of limit of deduction allowable in respect of rents paid under Section 80GG The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent of his total income towards payment of rent in respect of any furnished or unfurnished accommodatio...

Read More
Posted Under: Income Tax | ,

Myths and misconceptions about Personal Income tax

Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

Read More
Posted Under: Income Tax |

10 lesser known Income Tax Deductions

We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while...

Read More
Posted Under: Income Tax | ,

Income Tax Deductions for A.Y. 2014-15/ 2015-16 for Salaried

The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the former ar...

Read More
Posted Under: Income Tax |

Tax planning for financial year 2014-15

As the financial year draws to a close, we all start feeling the heat and realise that yes, now we have to invest in order to save tax. Whilst investing with tax saving and tax planning in mind is the key, these investments must be part of a larger financial plan - to achieve certain life goals and protect capital. Unfortunately, tax plan...

Read More
Posted Under: Income Tax | ,

Lesser Known Tax Saving Tips / Deductions

For most of the people 'tax savings' brings to mind life insurance, PPF, NSC, Sukanya Samriddhi Account and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1.50 lakh (One Lakh Up to AY 2014-15) under 80C. ...

Read More
Posted Under: Income Tax | ,
Page 1 of 212

Browse All Categories

CA, CS, CMA (3,233)
Company Law (3,133)
Custom Duty (6,311)
DGFT (3,286)
Excise Duty (3,932)
Fema / RBI (3,013)
Finance (3,162)
Income Tax (23,509)
SEBI (2,603)
Service Tax (3,217)

Search Posts by Date

January 2017
M T W T F S S
« Dec    
 1
2345678
9101112131415
16171819202122
23242526272829
3031