Income Tax Deductions

Tax Deductions – A Quick Summary

Income Tax - Every Person wants to SAVE TAXES..!! Isn’t it..?? But how could anyone do that?? How and where to Invest? What is the most tax efficient investment? Pretty much Confused. Right..?? These are some of the very common questions which can easily be seen floating around. To achieve that purpose we need to understand the concept […...

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Section 80CCD of income tax act 1961

Income Tax - Sec 80CCD of income tax act 1961 provide deduction on contribution to Pension Fund setup by Central Government. An individual person can get deduction up to 2, 00,000 under this particular section. The provisions of this particular section is as follows:-...

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Tax Deducted at Source (TDS): FAQs

Income Tax - 1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G and Form-15H? Difference between TDS and TCS? What is due date for remittance of TDS certificates? (Form-16 and Form-16A)...

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Section 80C deduction come with restrictions, look before you leap

Income Tax - Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to some restrictions with respect to the persons for whom you can claim these and the lock in period for which you need to hold the investments.  Let […]...

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Public Provident Fund (PPF) – Tax benefit and Returns

Income Tax - Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a minor by his/her legal guardian. However, each person is eligible for only one account under his/her name....

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Deduction U/s 35AC available only up to previous year ending 31-03-2017

Income Tax - Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (...

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Govt. Plan to phase out deductions under Income-tax Act, 1961

Income Tax - Press Information Bureau Government of India Ministry of Finance 26-November-2015 09:44 IST Date for sending comments by the stakeholders and general public regarding phasing-out plan of deductions under the Income-tax Act extended till 31st December, 2015 A phasing-out plan of deductions under Income-tax Act was placed in the public doma...

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CBDT makes Claiming of medical expenditure for tax purposes easy

Income Tax - ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of benefits to the middle class. In this process the Finance Minister announced extension of certain benefits in respect of medical treatment under section 80DDB. This section allows a deduction for expenditure i...

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RGESS – Period, Income Limit Liberalised, Allowed to Invest in MF

Income Tax -  Expanding the scope of deduction and its eligibility u/s. 80CCG The existing provisions of section 80CCG, inter-alia, provide that a resident individual who has acquired listed equity shares in accordance with the scheme notified by the Central Government, shall be allowed a deduction of fifty per cent of the amount invested in such equ...

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LIC Jeevan Sugam – New Single premium plan

Income Tax - LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you....

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Allowability of Deduction U/s. 80-IB(10) on income from sale of Floor Space Index (FSI)

M/s Aarti Projects and Constructions Vs. DCIT (ITAT Mumbai) - AO declined assessee's claim of deduction on the plea that the profit claimed as deduction u/s 80-IB(10) of the Act was not derived from the housing project but from sale of unutilized FSI. ...

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S. 80IC: 100% deduction allowed on every substantial expansion

M/s Tirupati LPG Industries Ltd. Vs JCIT (ITAT Delhi) - ITAT Delhi held in the case of M/s Tirupati LPG Industries Ltd. vs. JCIT that a plain reading of Sec.80-IC (8)(v) which defines the term initial assessment year read with Sec.80-IC(8)(ix) which defines the term substantial expansion makes it clear that there is no restriction on more than one substa...

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Section 80P(4) not applies to assessee which is not a co-operative bank

ITO Vs Veerakeralam Primary Agricultural Co-operative Credit Society (ITAT Chennai) - From the provisions of sub-section 4 of section 80P and the Explanation to section 80P, it is evident that the benefit of section 80P is not available to co-operative banks whereas the Primary Agricultural Credit Societies are entitled for the same....

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Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India) - So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee...

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S. 80-IB(10) – Limit on extent of commercial area applies only to projects approved after 01.04.2005

Income Tax Officer Vs M/s Yash Developers (ITAT Mumbai) - Condition of limiting commercial establishment/shops to 2000 sq.ft, which has come into force w.e.f. 1.4.2005 would be applicable for the project approved on or after 1.4.2005 and where the approval of the project was prior to 31.3.2005, the amended provision would have no application for those proj...

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FAQ on Rajiv Gandhi Equity Savings Scheme (RGESS) -Section 80CCG

F. No. 1/8/SM/2012 - (05/02/2014) - Frequently Asked Questions on Rajiv Gandhi Equity Savings Scheme (RGESS) 5 February 2014 Contents I. Objectives and legal aspects of RGESS 1. What is RGESS 2. What is the objective of the Scheme?...

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S. 80D Contributory Health Service Scheme of Department of Space notified

Notification No. 6/2014-Income Tax - (15/01/2014) - Notification No. 6/2014-Income Tax In exercise of thy powers conferred by clause (a) of sub-section (2) of section 80D of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Contributory Health Service Scheme of the Department of Space for the purposes of the said claus...

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Section 80CCG Govt notifies Rajiv Gandhi Equity Savings Scheme, 2013

Notification No. 94/2013 - Income Tax - (18/12/2013) - Notification No. 94/2013 - Income Tax S.O. 3693 (E).- In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:- 1. Short title, commencement and application. - (1) This Scheme...

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Sebi notifies Rajiv Gandhi Equity Savings Scheme norms

Circular No. MRD/DP/32/2012 - (07/12/2012) - Under the scheme, announced in the 2012-13 Union Budget, new investors can avail tax benefits who invest up to Rs. 50,000 in the stock market and whose gross total annual income is less than or equal to Rs. 10 lakh. The scheme was notified by the Department of Revenue, Finance Ministry on November 2...

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Rajiv Gandhi Equity Savings Scheme, 2012 -Section 80CCG – Notification

Notification No. 51/2012-Income Tax - (23/11/2012) - Notification No. 51/2012-Income Tax Rajiv Gandhi Equity Savings Scheme, 2012 shall apply for claiming deduction in the computation of total income of the assessment year relevant to a previous year on account of investment in eligible securities under sub-section (1) of section 80CCG of the Income-...

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Recent Posts in "Income Tax Deductions"

Tax Deductions – A Quick Summary

Every Person wants to SAVE TAXES..!! Isn’t it..?? But how could anyone do that?? How and where to Invest? What is the most tax efficient investment? Pretty much Confused. Right..?? These are some of the very common questions which can easily be seen floating around. To achieve that purpose we need to understand the concept […...

Read More
Posted Under: Income Tax |

Section 80CCD of income tax act 1961

Sec 80CCD of income tax act 1961 provide deduction on contribution to Pension Fund setup by Central Government. An individual person can get deduction up to 2, 00,000 under this particular section. The provisions of this particular section is as follows:-...

Read More
Posted Under: Income Tax |

Tax Deducted at Source (TDS): FAQs

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G and Form-15H? Difference between TDS and TCS? What is due date for remittance of TDS certificates? (Form-16 and Form-16A)...

Read More

Section 80C deduction come with restrictions, look before you leap

Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to some restrictions with respect to the persons for whom you can claim these and the lock in period for which you need to hold the investments.  Let […]...

Read More
Posted Under: Income Tax |

Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a minor by his/her legal guardian. However, each person is eligible for only one account under his/her name....

Read More
Posted Under: Income Tax |

Tax Deduction U/s. 80G for Donations towards Social Causes

Have you donated money for charity, social or philanthropic purposes, or, have made contributions towards a National Relief Fund? If yes, then you could use these donations to reduce your tax outgo. The Income Tax Act encourages charitable deeds towards the poor and needy, and offers donors tax benefits under Section 80G. Read on to find...

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Posted Under: Income Tax |

Section 80EE : Deduction for interest on loan for residential house property

Deduction in respect of interest on loan taken for residential house property(Section 80EE): Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000 being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04-2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) fo...

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Posted Under: Income Tax |

Deduction Under Section 80IA/80IB – Case Laws – Assessment

Deduction in respect of profits and gains from certain industrial undertakings - Sections 80IA/80IB.The phrase “Derived from” has been a very contentious issue while applying the provisions of Sections 80IA and 80IB of the Act and other similar provisions contain same phrase. The issue revolves around the contention whether deduction ...

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Posted Under: Income Tax |

Section 80P Deduction – Co-operative Societies – Analysis & Case Laws

80P. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee....

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Posted Under: Income Tax |

Income Tax Deductions under section 80C to 80U

Deductions are the exemptions on the amount taxable as per Income Tax Act. They are the Investments made by the persons for them, their Family & their parents. Article explains Income Tax Deduction Available to Individual and HUF under Section 80C, Section 80CCG, Section 80D, Section 80DD, Section 80DDB, Section 80E,Section 80EE, Sect...

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Posted Under: Income Tax |

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