Income Tax Deductions

Deduction u/s 80JJAA (Income Tax) – Additional employee cost

Income Tax - The deduction available under Section 80JJAA of the Income Tax Act, 1961 (‘Act’) incentivize the organizations for generating employment and allows an additional 30% deduction of the additional employee cost for 3 assessment years (‘AYs’) beginning with the AY in which additional employee cost is incurred. Eligibility If it satisf...

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Purchase of Electric Vehicle – Tax benefits (Section 80EEB)

Income Tax - Purchase of Electric Vehicle – Tax benefits (Section 80EEB) and many more advantages!! Planning to buy a car in the future? How about an Electric car or E-scooter, they are set to be the norm. Thinking about how is it going to benefit the average consumer? Read on… Most of us don’t own electric cars, […]...

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Taxation of Dividends -In The Hands of Shareholders

Income Tax - We know that before Finance Act, 2020 a dividend received from a domestic company is exempt in the hands of shareholders. Because company declaring dividend is required to pay Dividend Distribution Tax (DDT) under provisions of Section 115O of the Income Tax Act,1961 before crediting amount of dividend into account of shareholders. Many b...

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Deduction under 80IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961)

Income Tax - CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by th...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Income Tax - Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

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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 80IB deduction eligible on Sum Received as ‘On-Money’ on Flat Bookings

Surana Mutha Bhasali Developers Vs ACIT (ITAT Pune) - Surana Mutha Bhasali Developers Vs ACIT (ITAT Pune) The doctrine of approbate and reprobate does not allow the Department to blow hot and cold in the same breath, thereby accepting one consequence arising from the statement of the assessee while rejecting the other one. When the assessee made a surr...

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Co-Op Credit Societies are not Bank & eligible for Section 80P deduction

ITO Vs KEM Hospital & Sheth GSM College Employees Co-operative Credit Society Limited (ITAT Mumbai) - ITO Vs KEM Hospital & Sheth GSM College Employees Co-operative Credit Society Limited (ITAT Mumbai) Assessee which is a co-operative credit society is not a primary co-operative bank, hence, it would not be hit by the provisions of Sec. 80P(4) as had been made available on the statute vide the F...

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Section 80IC Deduction on interest earned from fixed deposits allowable

Havells India Ltd. Vs DCIT (LTU) (ITAT Delhi) - AO was not justified in denying the claim of deduction under section 80IC as interest income earned was inextricably linked to the main business activity of assessee as it was earned from fixed deposits which was required to be maintained as per the statutory requirements....

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AO cannot disallow interest in section 80IA deduction working when same already been disallowed by Assessee

GVK Jaipur Expressway Private Limited Vs. DCIT (ITAT Jaipur) - GVK Jaipur Expressway Private Limited Vs. DCIT (ITAT Jaipur) It was submitted that the assessee on review of the appeal documentation noticed that it has suo-moto disallowed the interest receipts while computing book profits for the purposes of deduction u/s 80IA of the Act and the said fact has ina...

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HC directs AO to verify claim of Section 80IB(10) deduction

DIT Exemptions Vs India Heritage Foundation Gokulam Complex (Karnataka High Court) - DIT Exemptions Vs India Heritage Foundation Gokulam Complex (Karnataka High Court) It is evident that the Assessing Officer has not made any enquiry with regard to the claim of the assessee for deduction under Section 80IB(10) of the Act. The Director of Income Tax (Exemption) in the order passed un...

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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"

Deduction u/s 80JJAA (Income Tax) – Additional employee cost

The deduction available under Section 80JJAA of the Income Tax Act, 1961 (‘Act’) incentivize the organizations for generating employment and allows an additional 30% deduction of the additional employee cost for 3 assessment years (‘AYs’) beginning with the AY in which additional employee cost is incurred. Eligibility If it satisf...

Read More
Posted Under: Income Tax |

Section 80IB deduction eligible on Sum Received as ‘On-Money’ on Flat Bookings

Surana Mutha Bhasali Developers Vs ACIT (ITAT Pune)

Surana Mutha Bhasali Developers Vs ACIT (ITAT Pune) The doctrine of approbate and reprobate does not allow the Department to blow hot and cold in the same breath, thereby accepting one consequence arising from the statement of the assessee while rejecting the other one. When the assessee made a surrender with the clear backdrop of [&helli...

Read More

Purchase of Electric Vehicle – Tax benefits (Section 80EEB)

Purchase of Electric Vehicle – Tax benefits (Section 80EEB) and many more advantages!! Planning to buy a car in the future? How about an Electric car or E-scooter, they are set to be the norm. Thinking about how is it going to benefit the average consumer? Read on… Most of us don’t own electric cars, […]...

Read More
Posted Under: Income Tax |

Taxation of Dividends -In The Hands of Shareholders

We know that before Finance Act, 2020 a dividend received from a domestic company is exempt in the hands of shareholders. Because company declaring dividend is required to pay Dividend Distribution Tax (DDT) under provisions of Section 115O of the Income Tax Act,1961 before crediting amount of dividend into account of shareholders. Many b...

Read More
Posted Under: Income Tax |

Deduction under 80IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961)

CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by th...

Read More
Posted Under: Income Tax |

Co-Op Credit Societies are not Bank & eligible for Section 80P deduction

ITO Vs KEM Hospital & Sheth GSM College Employees Co-operative Credit Society Limited (ITAT Mumbai)

ITO Vs KEM Hospital & Sheth GSM College Employees Co-operative Credit Society Limited (ITAT Mumbai) Assessee which is a co-operative credit society is not a primary co-operative bank, hence, it would not be hit by the provisions of Sec. 80P(4) as had been made available on the statute vide the Finance Act, 2006 w.e.f 01.04.2007. [&hel...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

Read More
Posted Under: Income Tax | ,

Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

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Posted Under: Income Tax | ,

Donate And Save Tax!!

Giving is not just about making a Donation. It is about making a Difference. Swipe Right to know how you can save up on your taxes by making a donation. Section 80G of the Income Tax Act, provides for Deduction in respect of donations to certain funds, charitable institutions, etc. All assesses are eligible to […]...

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Posted Under: Income Tax |

Section wise Income Tax Deductions for AY 2022-23/ FY 2021-22

In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2022-23 / F.Y. 2021-22 and subsequent Years. Deductions include deduction Against Salaries, Against ‘income from house properties‘, Against ‘profits and gains of business or profession‘ Against R...

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Posted Under: Income Tax |

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