Section 80GG

Discouragement of Cash Transactions under Various Laws in India

Income Tax - In order to curb cash transactions and to move into the digital world, Government of India has introduced Demonetization of old notes of Rs. 500 & Rs. 1000 from 8th November 2016 in order to control the parallel world of black market. Further, Government has also initiated various steps through various laws in India including [&hellip...

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Deductions in respect of rent paid under Section 80GG

Income Tax - Section 80GG of the Income Tax Act,1961 explain about the deduction in respect of rent paid, as under: Section 80GG: In computing the total income of an assessee, not being an assessee having any income falling within Section 10(13A) of the Act, there shall be deducted any expenditure incurred by him in excess of ten […]...

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Sec 80GG – Deduction in respect of rent paid

Income Tax - This section has been introduced to provide relief to those individuals who do not receive any HRA but are paying rent for the stay. Thus, an individual (i.e. Deduction not available to any other taxpayer) can claim a deduction for rent paid even if he or she does not get house rent allowance (HRA). 1. […]...

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Section 80GG – Income Tax Deduction in respect of rent paid

Income Tax - Income-tax Department has provided taxpayers with several deductions availing which they can reduce the taxable income thereby reducing tax liabilities. But there are several deductions such as section 80C, section 80CCD, section 80D, section 80G, etc which taxpayers know and avail while filing the income tax return. There are many other ...

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Deduction Under Income Tax

Income Tax - SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to reduce the tax liability of the tax payer by making tax saving investment and collect eligible expenses. It allows a deduction of maximum Rs 1, 50, 000 every year from the total […]...

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Recent Posts in "Section 80GG"

Discouragement of Cash Transactions under Various Laws in India

In order to curb cash transactions and to move into the digital world, Government of India has introduced Demonetization of old notes of Rs. 500 & Rs. 1000 from 8th November 2016 in order to control the parallel world of black market. Further, Government has also initiated various steps through various laws in India including [&hellip...

Read More
Posted Under: Income Tax | ,

Deductions in respect of rent paid under Section 80GG

Section 80GG of the Income Tax Act,1961 explain about the deduction in respect of rent paid, as under: Section 80GG: In computing the total income of an assessee, not being an assessee having any income falling within Section 10(13A) of the Act, there shall be deducted any expenditure incurred by him in excess of ten […]...

Read More
Posted Under: Income Tax |

Sec 80GG – Deduction in respect of rent paid

This section has been introduced to provide relief to those individuals who do not receive any HRA but are paying rent for the stay. Thus, an individual (i.e. Deduction not available to any other taxpayer) can claim a deduction for rent paid even if he or she does not get house rent allowance (HRA). 1. […]...

Read More
Posted Under: Income Tax |

Section 80GG – Income Tax Deduction in respect of rent paid

Income-tax Department has provided taxpayers with several deductions availing which they can reduce the taxable income thereby reducing tax liabilities. But there are several deductions such as section 80C, section 80CCD, section 80D, section 80G, etc which taxpayers know and avail while filing the income tax return. There are many other ...

Read More
Posted Under: Income Tax | ,

Deduction Under Income Tax

SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to reduce the tax liability of the tax payer by making tax saving investment and collect eligible expenses. It allows a deduction of maximum Rs 1, 50, 000 every year from the total […]...

Read More
Posted Under: Income Tax |

Section 80GG Deduction on Rent Paid

Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]...

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Posted Under: Income Tax |

Section 80GG: Deduction in respect of Rent Paid

Section 80GG of Income Tax Act, 1961 (Deduction in respect of Rent Paid) According to Section 80GG an individual can claim deduction of expenditure incurred in respect of furnished or unfurnished accommodation occupied by such individual for the purpose of his/her own residence to the extent as allowed by income tax department subject to ...

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Posted Under: Income Tax |

Difference between HRA & Section 80GG & their calculations

Difference between House Rent Allowance(HRA) & Section 80GG for Rent Paid? & their calculations as per the Income-tax Act: An assessee who stays in a rented house can reduce tax liability by claiming exemption on HRA or deduction u/s 80GG. Let us understand the terms What is the House Rent Allowance (HRA)? House Rent Allowance [&h...

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Trust Registration under section 10(23C), 12A, 12AA, 12AB, 80G

Key Notes on Direct Taxation (Income Tax) For UNION BUDGET 2020 FOR APPLICATION AND VALIDITY OF REGISTRATION FOR TRUST/INSTITUTION U/S 10(23C), SECTION 12A, 12AA, 12AB, 80G of the Income Tax Act, 1961. The process of approval and registration of trusts, institutions, funds, university, hospital etc. proposed to be rationalised with effect...

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Posted Under: Income Tax |

House Rent And Its Impact on Income Tax Computation

House rent paid by a salaried person who is getting House Rent Allowance (HRA) Where expenditure is incurred by the assessee towards payment of house rent, he is allowed to get a deduction from his total income. Least of the following is exempt from tax u/s 10(13A) read with Rule 2A: (i) Actual amount of […]...

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Posted Under: Income Tax |

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