Section 80GG - Page 3

8 Changes in Personal Taxes by Union Budget 2016-17

There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers....

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Deduction Limit U/s. 80GG for Rent raised to Rs. 5000 Per Month

#Budget 2016- Rationalization of limit of deduction allowable in respect of rents paid under Section 80GG The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent of his total income towards payment of rent in respect of any furnished or unfurnished accommodatio...

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Income Tax Deductions for A.Y. 2014-15/ 2015-16 for Salaried

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 ar...

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Tax planning for financial year 2014-15

As the financial year draws to a close, we all start feeling the heat and realise that yes, now we have to invest in order to save tax. Whilst investing with tax saving and tax planning in mind is the key, these investments must be part of a larger financial plan - to achieve certain life goals and protect capital. Unfortunately, tax plan...

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Income Tax deductions for A.Y. 2013-14 / FY 2012-13

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...

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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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