All articles, News. Notification, Judiciary related to Deduction Under Section 80C of Income Tax Act, 1961 at one place.
Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
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 ...
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 tribunal held that reassessment initiated through a jurisdictional officer instead of the mandatory faceless mechanism was inv...
Income Tax : Capital gains arose from land compulsorily acquired by a government authority. ITAT directed the AO to re-examine eligibility for ...
Income Tax : ITAT Pune held that disallowance of interest paid on housing loan is upheld since assessee has failed to provide documentary evide...
Income Tax : Jaipur Tribunal observed that the son had no independent income, and the purchase was made solely from the assessee’s funds. Con...
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 : 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...
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.
ITAT Pune held that addition towards unexplained cash deposits partly allowed considering the nature of business. However, since full details were not furnished, part addition towards unexplained cash deposits was upheld. Accordingly, appeal partly allowed.
ITAT Mumbai has ruled that Section 68 additions cannot be made if assessee does not maintain books of account. Court also allowed a deduction under Section 80C.
Pune ITAT deletes penalties under Sections 271(1)(c) and 270A for Sunil Chunilal Kumavat, citing non-specification of charges and reliance on Mohd. Farhan A. Shaikh.
The ITAT Surat has remanded an appeal by Pankajbhai Devrajbhai Soliya to the CIT(A) for merits-based adjudication, citing an inadvertent email oversight as the cause for delay, imposing a ₹15,000 cost on the assessee.
Understand tax relief for tuition fees, education loans, and allowances under Income Tax Act. Learn what parents can claim and how the new tax regime affects deductions.
