tax benefit

Deduction under section 80C and Tax Planning

Income Tax - 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...

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Deduction u/s. 80C for tuition / school / education fees

Income Tax - Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

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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 ...

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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...

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

Income Tax - 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. The main features of tax benefit with...

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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....

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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....

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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...

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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....

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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"

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....

Read More
Posted Under: Income Tax |

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...

Read More
Posted Under: Income Tax | ,

Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

Read More
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 ...

Read More
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...

Read More
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. The main features of tax benefit with...

Read More
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 ...

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Posted Under: Income Tax | ,

Restructuring of businesses cannot be construed as an exercise for avoiding tax: AAR

In a ruling that will provide great relief to corporates planning to restructure their businesses, the Authority for Advance Ruling (AAR) held that restructuring of businesses cannot be construed as an exercise for avoiding tax in India. AAR, a quasi judicial body for settling tax disputes involving foreign entities, in an order last week...

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Posted Under: Income Tax |

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

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....

Read More
Posted Under: Income Tax |

Management in India not sufficient ground to deny exemption from tax to a company based outside India

Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT). The ITAT held that under the India-Mauritius double taxation avoidance agreement...

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Posted Under: Income Tax |
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