All articles, News. Notification, Judiciary related to Deduction Under Section 80C of Income Tax Act, 1961 at one place.
Income Tax : Learn Indian Income Tax payment methods (TDS, Advance Tax), the five heads of income, and how to calculate Total Income (taxable i...
Income Tax : Understand the difference between Section 87A rebate and 80C deductions under the Income Tax Act. Learn how these provisions lower...
Income Tax : Understand tax relief for tuition fees, education loans, and allowances under Income Tax Act. Learn what parents can claim and how...
Income Tax : Overview of Income Tax Returns (ITR) in India, detailing different forms (ITR-1 to ITR-7) based on taxpayer categories and income ...
Finance : #AD Equity-Linked Savings Schemes (ELSS) are among the best tax-saving investment options available in India. These funds offer th...
Income Tax : If a trader makes his transactions in cash on a turnover of Rs.Two Crore, then his income under the presumptive scheme will then b...
Income Tax : Senior Citizen Savings Schemes deposits are eligible for deduction under section 80C of Income Tax Act but interest earned on depo...
Income Tax : In Mumbai on Wednesday RBI Governor Raghuram Rajan said that there is a need for increase in tax exemption limit under section 80C...
Finance : LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity ...
Income Tax : A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh...
Income Tax : The ITAT Pune condoned a 100-day delay in filing the tax appeal, citing reasonable cause due to the taxpayer's reliance on profess...
Income Tax : The Tribunal partly allowed the assessee’s appeal, remanding the Section 69C addition for verification and deleting the Section ...
Income Tax : The ITAT held that alleged on-money based on an unverified photocopy of a sale agreement could not be added to income, emphasizing...
Income Tax : ITAT upheld the deletion of a 25% bogus purchase addition, ruling that the AO cannot disallow purchases based merely on suspicio...
Income Tax : Cochin ITAT rules that only essential expenses like plumbing and electrical works qualify for deduction under Section 54F, while l...
Income Tax : CBDT notifies vide Notification No. 134/2021- Income Tax, Dated: 06.12.2021 that Jeevan Akshay-VII Plan of the Life Insurance Corp...
Income Tax : Proof of savings/documents viz. insurance premium receipt, NSC, Infrastructure Bond, PPF Bank Statement, Housing Loan Certificate ...
Income Tax : CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to ...
Income Tax : Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last...
Finance : The Public Provident Fund (PPF) account/ Sukanya Sarnriddhi Account (SSA) holders will be eligible to make a single deposit each i...
Learn Indian Income Tax payment methods (TDS, Advance Tax), the five heads of income, and how to calculate Total Income (taxable income) from Gross Total Income. Covers basic exemption limits, Section 87A rebate, and surcharge with marginal relief.
The ITAT Pune condoned a 100-day delay in filing the tax appeal, citing reasonable cause due to the taxpayer’s reliance on professional advice and relocation. Adopting a justice-oriented approach, the Tribunal allowed the appeal to be heard on its merits, reinforcing the principle that substantive justice prevails over procedural lapses.
The Tribunal partly allowed the assessee’s appeal, remanding the Section 69C addition for verification and deleting the Section 80C disallowance, emphasizing submission of proper evidence and opportunity of hearing.
The ITAT held that alleged on-money based on an unverified photocopy of a sale agreement could not be added to income, emphasizing that a registered sale deed is the primary document. Furthermore, payments made in the next financial year cannot be taxed in the current Assessment Year, leading to a significant deletion of the unexplained investment addition.
ITAT upheld the deletion of a 25% bogus purchase addition, ruling that the AO cannot disallow purchases based merely on suspicion and circumstantial evidence when the audited books of account were not rejected. The key takeaway is that without finding defects or rejecting the books, and while accepting sales, disallowance of purchases is impermissible.
Cochin ITAT rules that only essential expenses like plumbing and electrical works qualify for deduction under Section 54F, while luxury interiors such as modular kitchens, wardrobes, and ACs are not eligible. Partial relief granted.
ITAT Hyderabad held that rejection of books during assessment proceedings does not retrospectively nullify the obligation to comply with section 44AB of the Income Tax Act within the prescribed time. Accordingly, penalty under section 271B upheld.
The ITAT Delhi allows a taxpayer to claim a Section 80C deduction even though it was initially omitted from their tax return, citing a lack of a bar in the law for that year.
Understand the difference between Section 87A rebate and 80C deductions under the Income Tax Act. Learn how these provisions lower your tax liability and which savings qualify.
Subsequently asserted that the twin conditions under Section 263 were absent as the AO had conducted due inquiry. Revenue contended that Section 37(1) disallowed CSR expenses which were not wholly and exclusively for the purpose of business.
