Income Tax Deductions

Section 80CCD- Deduction for National Pension Scheme Contribution

Income Tax - Deduction under Section 80CCD for National Pension Scheme Contribution is one of the most popular deduction. Many users take advantages of this deduction at the time of filing of their Income tax Return....

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Myths and misconceptions about Personal Income tax

Income Tax - Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

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Section 80D Deduction & Tips for buying Health Insurance Plan

Income Tax - Deduction Under Section 80D In Relation To Health Insurance Premium/Medical Expenditure & A Few Important Points To Be Kept In Mind Before Investing In A Health Insurance Policy! Medical or Health Insurance is gaining popularity in India these days. After the spread of COVID-19 pandemic, having a health insurance policy has become...

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Comparison of Deduction under section 80TTA & 80TTB

Income Tax - Extract of Section – 80TTA – Deduction in respect of interest on deposits in savings account 80TTA. (1) Where the gross total income of an assessee (other than the assessee referred to in section 80TTB), being an individual or a Hindu undivided family, includes any income by way of interest on deposits (not being time [&hellip...

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All about NPS (National Pension Scheme) of Section 80CCD(1B)

Income Tax - All about NPS (National Pension Scheme) of Section 80CCD(1B) of the Income Tax Act, 1961 With this article, I am going to answer a few questions which come in your mind before making a proactive investment in NPS (National Pension Scheme) along with the deduction under section 80CCD(1B). Q 1. What does Section 80CCD talk […]...

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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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No Section 80O deduction for income received from foreign enterprise for rendering services in India

Ramnath & Co. Vs CIT (Supreme Court) - Service charges received by assessees from the foreign enterprises did not qualify for deduction in view of clause (iii) of the Explanation to Section 80O as the services rendered by respective assessees were the ‘services rendered in India’ and not the ‘services rendered from India’ and mer...

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Section 80IB deduction allowable only on Income having direct nexus with developing a housing project

Satern Griha Nirman Pvt. Limited Vs ITO (ITAT Kolkata) - The issue under consideration is that whether the disallowance made by the Assessing Officer on account of assessee’s claim for deduction under section 80IB(10) of the Income Tax Act, 1961 in respect of interest received amounting to Rs.11,10,810/- and other income amounting to Rs. 6,36,746/- is c...

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Section 80IC deduction allowed for service charges based on direct nexus between service rendered & product

Xalted Information Systems Pvt. Ltd. Vs ITO (ITAT Banglore) - The issue under consideration is that whether deduction u/s 80-IC will be allowed against service charges since services rendered were part of business and also involved manufacturing activity?...

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Interest on FDR of co-op society with co-op bank eligible for Section 80P(2)(d) deduction

Jaipur Zila Dugdh Utpadak Sahakari Sangh Ltd. Vs DCIT (ITAT Jaipur) - Interest income derived by assessee, co-operative society from its investments held with a co-operative bank, was entitled for claim of deduction under section 80P(2)(d) as for the purposes of section 80P(2)(d) of the Act, Cooperative Bank Ltd shall be treated as a co-operative society....

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Interest earned by Co-op Society on Investment with Co-op Bank eligible for Deduction

Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) - Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) We are of the considered view that though the co-operative bank pursuant to the insertion of sub-section (4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, however, as a co-operative bank...

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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 80CCD- Deduction for National Pension Scheme Contribution

Deduction under Section 80CCD for National Pension Scheme Contribution is one of the most popular deduction. Many users take advantages of this deduction at the time of filing of their Income tax Return....

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Posted Under: Income Tax | ,

Utility for computation of Deduction of Rent for Non-Salaried Individuals – 80GG

Rent Deduction U/s 80GG Utility Section 80GG, of Income Tax Act 1961-2020 An assessee  not being person claiming deduction of House Rent Allowance (HRA) or by whatever name its called u/s 10(13A) is eligible to claim deduction under this section. Conditions to be met for this deduction : Assessee or his spouse or minor child […]...

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Posted Under: Income Tax |

Myths and misconceptions about Personal Income tax

Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

Read More
Posted Under: Income Tax |

No Section 80O deduction for income received from foreign enterprise for rendering services in India

Ramnath & Co. Vs CIT (Supreme Court)

Service charges received by assessees from the foreign enterprises did not qualify for deduction in view of clause (iii) of the Explanation to Section 80O as the services rendered by respective assessees were the ‘services rendered in India’ and not the ‘services rendered from India’ and merely having a contract with a foreign ent...

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Section 80D Deduction & Tips for buying Health Insurance Plan

Deduction Under Section 80D In Relation To Health Insurance Premium/Medical Expenditure & A Few Important Points To Be Kept In Mind Before Investing In A Health Insurance Policy! Medical or Health Insurance is gaining popularity in India these days. After the spread of COVID-19 pandemic, having a health insurance policy has become...

Read More
Posted Under: Income Tax |

Comparison of Deduction under section 80TTA & 80TTB

Extract of Section – 80TTA – Deduction in respect of interest on deposits in savings account 80TTA. (1) Where the gross total income of an assessee (other than the assessee referred to in section 80TTB), being an individual or a Hindu undivided family, includes any income by way of interest on deposits (not being time [&hellip...

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Posted Under: Income Tax |

All about NPS (National Pension Scheme) of Section 80CCD(1B)

All about NPS (National Pension Scheme) of Section 80CCD(1B) of the Income Tax Act, 1961 With this article, I am going to answer a few questions which come in your mind before making a proactive investment in NPS (National Pension Scheme) along with the deduction under section 80CCD(1B). Q 1. What does Section 80CCD talk […]...

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Posted Under: Income Tax |

All about form 15CA & Form 15CB

What stand customer can take if Bank demand Form 15CA but service is not taxable? In such cases, the possible recourse is to submit a declaration in form of a note to Bank stating the nature of remittance and reason as to why it is not chargeable to tax and consequently exempted from the submission of Form 15CA. ...

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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...

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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 | ,

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