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Section 80U

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Deductions under Section 80: A Pathway to Tax Savings for Individuals and Businesses

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...

April 15, 2024 12477 Views 0 comment Print

New Financial Year and New ITR Forms

Income Tax : Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed fo...

March 6, 2024 2238 Views 0 comment Print

Comprehensive analysis of Section 80U: Tax Exemptions for people with disabilities

Income Tax : Explore Section 80U of the Income Tax Act for a comprehensive analysis of tax exemptions for individuals with disabilities. Unders...

January 25, 2023 1815 Views 0 comment Print

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...

October 19, 2021 9255 Views 2 comments Print

Allowable Deductions from Income while Filing Return of Income

Income Tax : Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. ...

December 27, 2020 11646 Views 4 comments Print

Latest Judiciary

Income accruing or arising in the hands of minor is added to parent’s total income

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...

June 23, 2023 582 Views 0 comment Print

No section 69A addition for denial of section 80G deduction   

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 ...

February 16, 2023 879 Views 0 comment Print

Budget 2015- Section 80U deduction Limit Raised

March 1, 2015 59111 Views 18 comments Print

Raising the limit of deduction under Section 80U for persons with disability and severe disability The existing provisions of section 80U, inter alia, provide for a deduction to an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability (as defined […]

8 benefits FM must consider for differently abled persons

December 29, 2014 3662 Views 0 comment Print

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.

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

January 26, 2013 133542 Views 0 comment Print

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.