Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
Income Tax : Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to s...
Income Tax : Condition of releasing of annuity to a disabled person The existing provision of section 80DD, inter alia, provide for a deduction...
Income Tax : Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. ...
Income Tax : Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. El...
Income Tax : Section 80DD of the Income Tax Act, 1961, inter alia, provides for a deduction to an individual or HUF, who is a resident in India...
Income Tax : The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect clai...
Income Tax : Supreme Court denies retrospective application of amended Section 80DD in Ravi Agrawal vs Union of India, upholding the policy ori...
Income Tax : Supreme Court held that amendment to Section 80DD of the Income Tax Act by virtue of the Finance Act, 2022 is effective only from ...
Income Tax : Ravi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases whe...
Income Tax : Ravi Agrawal Vs Union of India (Supreme Court of India) The Legislature has provided the condition that amount/annuity under the p...
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 are to be reduced from the gross total income, the latter do not form part of the income at all.
The expectation from the Government was to reduce the tax burden for overall middle class, however there was no alteration in the income tax slabs, only some additional deductions are been introduced in the budget. The Finance Minister has said that individuals can now increase its non-taxable income close to Rs 450,000 a year if they plan well.
Raising the limit of deduction under section 80DD for persons with disability and severe disability The existing provisions of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, who has incurred— a) Expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, […]
The constitution of India has granted equal rights to every citizen of India. To provide a level playing field and to compensate for additional expenditure incurred by differently abled person and their family members certain benefits in form of additional deduction/tax concessions are granted.
DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] – SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu undivided family can claim deduction under section 80C. Eligible Amount -Any sums paid or deposited in the previous year by the assessee — 1. As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
