Income Tax : Discover the tax benefits available to senior and very senior citizens under the Income Tax Act in India, including lower tax rate...
Income Tax : The amount donated towards charity attracts deduction under section 80G of the Income Tax Act. Section 80G has been in the law boo...
Company Law : Producer company, overview, basic requirement, tax benefits and government schemes for Producer Company Introduction of Producer C...
Income Tax : If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, whic...
Income Tax : Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax bene...
Income Tax : Apex industry body ASSOCHAM has suggested the Union Government to link the India business process outsourcing promotion scheme (IB...
Income Tax : The Supreme Court today dismissed the Income Tax department's (I-T) plea challenging the decision of the Authority of Advanced Rul...
Income Tax : Having given tax holiday to builders, Finance Minister Pranab Mukherjee today warned that if the incentives are not passed on to t...
Service Tax : The recent notification of the Central Government to reduce service tax and excise duty by two per cent is not expected to come to...
Income Tax : 7. In the facts of the present case we find that the assessee undertook work on contract basis. The assessee took contract work of...
Discover the tax benefits available to senior and very senior citizens under the Income Tax Act in India, including lower tax rates and exemptions.
The amount donated towards charity attracts deduction under section 80G of the Income Tax Act. Section 80G has been in the law book since financial year 1967-68 and it seems it’s here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the axe. The main features of tax benefit with respect to charity are as follows:
Producer company, overview, basic requirement, tax benefits and government schemes for Producer Company Introduction of Producer Company A producer company can be defined as a legally recognized body of farmers/ agriculturists with the aim to improve the standard of their living, and ensure a good status of their available support, incomes and profitability. Under Companies […]
If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, which allows a deduction in respect of interest on capital borrowed for purchase/construction of a house property, permits this deduction for the interest that relates to the previous year in which the property is acquired or constructed.
Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax benefits for education expenses.
Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of providing the tax benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt.
Article discusses Expenses incurred by An Assessee for his Sibling for which he can claim Tax Benefit under Income Tax Act, 1961 and includes Tax Benefit in respect of Leave Travel Assistance (LTA), Interest on education loan, Medical expenses incurred for medical treatment of siblings with disability and Exemption of gifts received. Sibling relationships…outlast marriages, […]
The amount donated towards charity attracts deduction under section 80G of the Income Tax Act, 1961. Section 80G has been in the law book since financial year 1967-68 and it seems it’s here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the axe.
Articles deal with provisions of deduction Under Section 80C on Tuition Fees Paid for children’s education and Under Section 80E on Interest paid on Education loan. The deduction on payments made towards tuition fee can be claimed up to Rs. 1,50,000/- from A.Y. 2015-16, together with deduction in respect of insurance, provident fund and pension.
Apex industry body ASSOCHAM has suggested the Union Government to link the India business process outsourcing promotion scheme (IBPS) with direct tax benefit.
