Income Tax Deductions - Page 30

S. 80D Deduction for expenditure on preventive health check-up not exceeding Rs. Five Thousand

It is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the proposed deduction on account of expenditure on...

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Senior Citizen Age Reduced to 60 years for S.80D, 80DDB, 197A & Form 15H

The Finance Act, 2011 amended the effective age of a senior citizen being an Indian resident from sixty-five years of age to sixty years for the purposes of application of various tax slabs and rates of tax under the Income Tax Act, 1961 for income earned during the financial year 2011-12 (assessment year 2012-13). There are certain othe...

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S. 80C No Deduction on life insurance Premiume if premium payable exceed 10% of sum assured

It is proposed to amend the provisions to provide that the deduction for life insurance premium as regards insurance policies issued on or after 1st April, 2012 shall be allowed for only so much of the premium payable as does not exceed 10% of the actual capital sum assured. ...

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Deduction for Donation not allowed for cash donations in excess of ten thousand rupees

Currently, there is no provision in either of the aforesaid sections specifying the mode of payment of money. Therefore, it is proposed to amend sections 80G and 80GGA so as specify therein that any payment exceeding a sum of ten thousand rupees shall only be allowed as a deduction if such sum is paid by any mode other than cash. ...

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Non-compete fees of capital nature entitled for depreciation as intangible asset

In thie case ITAT held that the non-compete fees was in the nature of capital expenditure and entitled for depreciation as intangible asset under Section 32(1 )(ii) of the Act. ITAT followed the in view of the Chennai Tribunal’s decision in the case of Real Image Tech. Export turnover of Export Oriented Unit can be included in export ...

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Expectations of Individuals from Budget 2012 on Direct tax

Increase in the Basic Income Tax Exemption Limits for Individuals - To compensate partially for rising inflation it would be right move if govt. increases basic exemption limit from the current Rs. 180,000 to Rs. 3,00,000/-. The education cess of 3% is expected to be abolished. Similarly, the basic exemption limits for women and senior...

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Panel suggest increase in exemption limit to 3 lakh and in 80C deduction to 2.50 lakh

A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh rupees from the present 1.8 lakhs. It has also suggested hiking of deduction on savings to 2.5 lakh rupees....

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S. 80HHC -Sale value less face value of the DEPB will represent profit on transfer of DEPB

Issue involved in the present case is no more res integra and is covered by the decision of the Hon’ble Apex Court in the case of Topman Exports V/s CIT (supra) wherein it has been held that not the entire amount received by the assessee on sale of DEPB, but the sale value less the face value of the DEPB will represent profit on transfe...

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Whether assessee entitled to deduction u/s 80HHC on sale made to UNICEF in India?

Hon’ble High Court held that provisions of Section 80-HHC required two conditions to be satisfied before an assessee could claim deduction there under. The two conditions being:- (i) the goods being export out of India and (ii) Sale proceeds of goods or merchandise exported out of India are receivable in convertible foreign exchange. Th...

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Section 80HHC – Face value of the DEPB will be ‘cash assistance’ against export and will fall under Section 28(iiib) of the Act -Supreme Court

We have today delivered judgment in Civil Appeal arising out SLP (C) No.26558 of 2010 (M/s Topman Exports v. Commissioner of Income Tax, Mumbai) and other connected appeals setting aside the judgment of the Bombay High Court in Commissioner of the Income Tax v. Kalpataru Colours and Chemicals. We have also delivered a separate judgment in...

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