Income Tax : The Income Tax Act's Section 80, which gives taxpayers several deductions to lower their taxable income, is one of its most import...
Income Tax : Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed fo...
Income Tax : Explore Section 80U of the Income Tax Act for a comprehensive analysis of tax exemptions for individuals with disabilities. Unders...
Income Tax : SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to...
Income Tax : Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. ...
Income Tax : Kerala High Court held that provisions of section 64(1)(v) of Income Tax Act clearly states that income accruing or arising in the...
Income Tax : Batuk Vithalabhai Donga Vs ITO (ITAT Rajkot) If addition under section 80U is not made under section 68 or 69, then tax cannot be ...
The Income Tax Act’s Section 80, which gives taxpayers several deductions to lower their taxable income, is one of its most important parts. Since its enactment, Section 80 has undergone multiple amendments and additions.
Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed for seamless filing. Get expert insights.
Kerala High Court held that provisions of section 64(1)(v) of Income Tax Act clearly states that income accruing or arising in the hands of a minor child will be added to the parent’s total income.
Batuk Vithalabhai Donga Vs ITO (ITAT Rajkot) If addition under section 80U is not made under section 68 or 69, then tax cannot be imposed under section 115BBE Assessee has not challenged the additions made by the AO under section 80U and 80G of the Act, but has only challenged the computation of tax liability […]
Explore Section 80U of the Income Tax Act for a comprehensive analysis of tax exemptions for individuals with disabilities. Understand the definition of disabilities certified by medical authorities, tax exemptions based on income and treatment expenses, exemption limits, and other benefits such as relief from tuition fees and allowances. Be aware of the time limit for filing tax returns under Section 80U and ensure compliance with the Income Tax Act. Empower individuals with disabilities to navigate tax benefits and enhance financial well-being.
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 […]
Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions Before going to any Specific Deductions, […]
Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. Eligible Assessee: Resident Individual & HUF 2. Maximum amount of deduction: (Flat deduction irrespective of expenditure) 3. Rs. 75,000 in case of Normal disability*. 4. Rs. 1,25,000 in case of Severe disability**. 5. Conditions: i. Deduction is allowed when assessee should incur expenses on medical […]
Article explains Deduction under Section 80DD: Expenses for Dependent Relative or Provision for the Same (Depends On Expenses Incurred / Contribution Made) and under Section 80U: For Disability of the Assessee Herself or Himself (Does Not Depend On Expenses Incurred/ Contribution Made). 1. Section 80DD: Expenses for Dependent Relative or Provision for the Same (Depends […]
The individual resident taxpayer, being a person with a disability, is eligible to avail deduction under section 80U of the Income Tax Act and the provisions attached with the same are taken up and explained in the current article. Availability of Deduction under section 80U – Deduction under section 80U is available to a resident […]
