Income Tax Deductions

Section 80EE: Income Tax Deduction for Interest on Home Loan

Income Tax - Article delve into the details of Section 80EE, its eligibility criteria, and how to claim the deduction while optimizing your income tax return....

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Section 80DD of Income Tax Act 1961 – Deduction for Dependent with Disability

Income Tax - Section 80DD of the Income Tax Act, 1961 offers tax deductions regarding the medical treatment and maintenance of a dependent with disability. Under this section, the taxpayer can claim a deduction in respect of expenses incurred for the medical treatment and maintenance of a dependant who is a person with disability....

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Comprehensive Guide on Deduction under Section 80GG of Income Tax Act 1961

Income Tax - Section 80GG allows Deduction of the rent paid by him even though he does not have any house property for self-occupation of occupier. ...

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DO anything for NATION i.e. DONATION under Income Tax Act, 1961

Income Tax - The meaning of DONATION is Do anything for Nation. So far Income Tax is concern the meaning of Donation means do anything for us. Recently we have seen that more than 8000 notices were issued by the Income Tax Department to the donors, who have given donations to political parties, which find to be a […]...

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Tax planning while setting up of a business with reference to location

Income Tax - Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024  and A.Y 2024-2025)...

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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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Section 80P deduction eligible to Co-op credit Society on interest from nationalised bank on deposit made to comply statutory requirement

Rifle Factory Cooperative Society Limited Vs ACIT (ITAT Kolkata) - Alleged interest income is from the Fixed Deposits, which were made by the assessee in the course of business and in order to comply the statutory requirements of the West Bengal Cooperative Societies Act, 2006. Therefore, the same should be treated as part of the business income and is eligible for...

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Section 80P(2)(a)(i) deduction eligible on Interest Income of Co-op Credit Societies from nationalised bank

Tirumala Tirupati Devasthanams Employees Co Op. Credit Society Vs ITO (ITAT Hyderabad) - Tirumala Tirupati Devasthanams Employees Co Op. Credit Society Vs ITO (ITAT Hyderabad) In the case on hand, undisputedly, the interest arose on the credit balances with reference to the regular course of business of the assessee. On this aspect, the Hon’ble jurisdiction High Court in Vavveru Co-op...

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Credit society eligible for section 80P(2)(a)(i) deduction on interest on surplus funds with Union Bank

Ghatkesar Farmers Service Cooperative Society Limited Vs ITO (ITAT Hyderabad) - Ghatkesar Farmers Service Cooperative Society Limited Vs ITO (ITAT Hyderabad) ITAT held that assessee being a primary agricultural co-operative society invested the own surplus funds with the Union Bank of India and, therefore, the assessee is entitled to claim the deduction under section 80P(2)(a)(...

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Section 80P(2)(d) Deduction eligible to co-op societies on interest from Co-op Banks

Manila Sahayak Gruh Udyogsaha Vs ACIT (ITAT Ahmedabad) - Provision of Section 80P(2)(d) of the Act does not make any distinction in regard to source of the investment because this Section envisages deduction in respect of any income derived by co-operative society from any investment with a co-operative society....

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Co-op Credit Society Eligible for Section 80(P)(2) Income Tax deduction: SC

CIT Vs Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Limited (Supreme Court of India) - CIT Vs. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Limited (Supreme Court) There are concurrent findings recorded by CITA, ITAT and the High Court that the respondent/Assessee cannot be termed as Banks/Cooperative Banks and that being a credit society, they are entitled to exemption under Sect...

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CBDT allows donations to PM cares fund through form 16

F. No. 178/7/2020-ITA-1 - (09/04/2020) - Submission of certificate for claiming deductions U/s. 80G of the Income-tax Act, 1961 in respect of donation made by an employee to Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)...

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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 Sche...

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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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Recent Posts in "Income Tax Deductions"

Section 80EE: Income Tax Deduction for Interest on Home Loan

Article delve into the details of Section 80EE, its eligibility criteria, and how to claim the deduction while optimizing your income tax return....

Read More
Posted Under: Income Tax |

Section 80DD of Income Tax Act 1961 – Deduction for Dependent with Disability

Section 80DD of the Income Tax Act, 1961 offers tax deductions regarding the medical treatment and maintenance of a dependent with disability. Under this section, the taxpayer can claim a deduction in respect of expenses incurred for the medical treatment and maintenance of a dependant who is a person with disability....

Read More
Posted Under: Income Tax |

Comprehensive Guide on Deduction under Section 80GG of Income Tax Act 1961

Section 80GG allows Deduction of the rent paid by him even though he does not have any house property for self-occupation of occupier. ...

Read More
Posted Under: Income Tax |

DO anything for NATION i.e. DONATION under Income Tax Act, 1961

The meaning of DONATION is Do anything for Nation. So far Income Tax is concern the meaning of Donation means do anything for us. Recently we have seen that more than 8000 notices were issued by the Income Tax Department to the donors, who have given donations to political parties, which find to be a […]...

Read More
Posted Under: Income Tax |

Tax planning while setting up of a business with reference to location

Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024  and A.Y 2024-2025)...

Read More
Posted Under: Income Tax |

Understanding Deduction under Section 80D of Income Tax Act, 1961

Section 80D, allows taxpayers to claim deductions for premiums paid towards health insurance. This article will provide a detailed overview of deduction available under Section 80D and related provisions....

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Posted Under: Income Tax |

Section 80P deduction eligible to Co-op credit Society on interest from nationalised bank on deposit made to comply statutory requirement

Rifle Factory Cooperative Society Limited Vs ACIT (ITAT Kolkata)

Alleged interest income is from the Fixed Deposits, which were made by the assessee in the course of business and in order to comply the statutory requirements of the West Bengal Cooperative Societies Act, 2006. Therefore, the same should be treated as part of the business income and is eligible for deduction under section 80P(2)(a)(i) of...

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Section 80P(2)(a)(i) deduction eligible on Interest Income of Co-op Credit Societies from nationalised bank

Tirumala Tirupati Devasthanams Employees Co Op. Credit Society Vs ITO (ITAT Hyderabad)

Tirumala Tirupati Devasthanams Employees Co Op. Credit Society Vs ITO (ITAT Hyderabad) In the case on hand, undisputedly, the interest arose on the credit balances with reference to the regular course of business of the assessee. On this aspect, the Hon’ble jurisdiction High Court in Vavveru Co-operative Rural Bank Ltd. (supra), held th...

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Most commonly utilized Income Tax deductions and eligibility criteria

Income tax filing is an essential task for all Indian citizens, whether they are salaried individuals or business owners. Each year, the finance minister outlines the dos and don’ts of claiming deductions and exemptions against taxable income. Individuals are always on the lookout for ways to save on taxes and maximize rebates. In t...

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Posted Under: Income Tax | ,

Early Bird missed the Flight while complying 80G Registration procedures

Early Bird missed the Flight while complying 80G Registration procedures under New Scheme of Exemption framework of Charitable Institutions. Provisional Registration to Regular Registration Finance Act 2020 has rationalized the provisions relating to charitable trusts or institutions wherein the concept of one-time registration was replac...

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Posted Under: Income Tax |

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