tax benefit

Tax Benefits Not To Be Missed By Senior Citizens

Income Tax - Discover the tax benefits available to senior and very senior citizens under the Income Tax Act in India, including lower tax rates and exemptions....

Section 80G Deduction For Donation made

Income Tax - 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 respe...

Producer Company: Requirement, tax benefits & government schemes

Income Tax - 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, income...

Get HRA rebate till you move into Your own house

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, 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 ...

Section 80C Deduction for tuition / school / education fees

Income Tax - Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax benefits for education expenses....

Link BPO promotion scheme with direct tax benefit: ASSOCHAM

Income Tax - Apex industry body ASSOCHAM has suggested the Union Government to link the India business process outsourcing promotion scheme (IBPS) with direct tax benefit....

SC dismissed I-T dept’s plea to not allow French manufacturer capital gains tax benefit

Income Tax - The Supreme Court today dismissed the Income Tax department's (I-T) plea challenging the decision of the Authority of Advanced Rulings (AAR) that allowed French firm Timken France SAS to claim capital gains tax benefits....

Builders need to pass on Housing tax benefit to home buyers otherwise benefit may not be extended in future

Income Tax - Having given tax holiday to builders, Finance Minister Pranab Mukherjee today warned that if the incentives are not passed on to the consumers the same may not be extended in future. I expect the developers to pass on the benefit of the tax holiday to the home buyers. It should reflect in the prices. Unfortunately it happens in our countr...

Service tax and excise duty relief will not benefit much to hospitality industry

Income 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 the rescue of the hospitality industry in the current time of despair. The Government directive will only be applicable to the hotel rooms and the banquet and convention facilities....

Allowability of deduction under section 80-IA of IT Act, 1961 claimed by a works contractor

ACIT Vs Indwell Lianings Pvt. Ltd. (ITAT Chennai) - 7. In the facts of the present case we find that the assessee undertook work on contract basis. The assessee took contract work of insitu cement lining for water supply project of the Gujarat Water Supply and Sewerage Board (Gujarat Government Undertaking). 8. Vide Finance Act, 2007 an Explanation ...

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Recent Posts in "tax benefit"

Tax Benefits Not To Be Missed By Senior Citizens

Discover the tax benefits available to senior and very senior citizens under the Income Tax Act in India, including lower tax rates and exemptions....

Posted Under: Income Tax |

Section 80G Deduction For Donation made

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 respe...

Posted Under: Income Tax | ,

Producer Company: Requirement, tax benefits & government schemes

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, income...

Posted Under: Income Tax |

Get HRA rebate till you move into Your own house

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 ...

Posted Under: Income Tax |

Section 80C Deduction for tuition / school / education fees

Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax benefits for education expenses....

Deduction under section 80C and Tax Planning

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 prov...

Posted Under: Income Tax | ,

Tax laws recognise siblings relationship

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. Sibl...

Posted Under: Income Tax |

Deduction U/s. 80G of Income Tax Act, 1961 for donation

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. ...

Posted Under: Income Tax |

Deduction on children’s education u/s. 80C & 80E

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 ...

Posted Under: Income Tax | ,

Link BPO promotion scheme with direct tax benefit: ASSOCHAM

Apex industry body ASSOCHAM has suggested the Union Government to link the India business process outsourcing promotion scheme (IBPS) with direct tax benefit....

Posted Under: Income Tax |

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