Income Tax Deductions

Interest on securities or house property income of co-op society – Section 80P(2)(f) deduction

Income Tax - Taxabililty of  Interest on securities or income from house property in case of a co-operative society [Deduction under Section 80P(2)(f)] As per Section 80P(2)(f), when the property is not under any housing society, then the income derived from that property – or any other income in the form of interest from any securities – is [&he...

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CSR Expenses – Deduction under 80G of Income Tax Act 1961

Income Tax - All Corporates are ready to file their Income Tax Return for the AY 22-23 on or before 30th September 2022 and claiming various deduction under Chapter VI A of the Income Tax Act 1961....

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Deductions in respect of rent paid under Section 80GG

Income Tax - Section 80GG of the Income Tax Act,1961 explain about the deduction in respect of rent paid, as under: Section 80GG: In computing the total income of an assessee, not being an assessee having any income falling within Section 10(13A) of the Act, there shall be deducted any expenditure incurred by him in excess of ten […]...

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Section 80JJAA Deduction on cost of new & incremental employees

Income Tax - Section 80JJAA of Income Tax Act,1961 – Deduction on cost of new and incremental employees – A simplified explanation. Section 80JJAA of the Income Tax Act, 1961 is a deduction which an assessee can claim on the emoluments paid to new and incremental employees during the previous year. Any assessee who has business income and ...

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Whether Interest income is eligible for deduction u/s 80IA of Income Tax Act, 1961

Income Tax - In Income Tax Act, deduction has been prescribed specifically for industrial undertakings or enterprises engaged in infrastructure development, etc. vide section 80-IA. Hundred percent of the profits and gains derived from eligible business shall be allowed as deduction for ten consecutive assessment years. Eligible business comprises bus...

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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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SC denies Section 80-IB deduction on manufacturing of polyurethane foam

Polyflex (India) Pvt. Ltd. Vs CIT (Supreme Court of India) - Polyflex (India) Pvt. Ltd. Vs CIT (Supreme Court) SC ruling denying 80IB claim to manufacturer of intermediary product for the end product falling under entry 25 of 11th schedule of Income Tax Act, 1961. Sub- Whether deduction u/s 80IB can be claimed by a manufacturer of an item which falls under en...

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Revenue Authority has no power to go beyond jurisdiction of order of ITAT

Malwa Coop. L & C Society Ltd. ITO (ITAT Amritsar) - Malwa Coop. L & C Society Ltd. ITO (ITAT Amritsar) In this case Hon’ble ITAT already determined the turnover, and the direction was made accordingly. Also related to deduction u/s 80P(2)(a)(vi) specific direction was made by the Hon’ble ITAT in its order dated 13.10.204 in ITA No. 483/Asr/20...

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Section 80P(2)(a)(i) deduction eligible to Co-operative Society on interest from members

ACIT Vs Visnagar Taluka Majoor Sahakari Mandli Limited (ITAT Ahmedabad) - Section 80P(2)(a)(i) Deduction is allowable when interest is derived from credit provided to its members by co-operative credit societies...

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ITAT allows section 80G Deduction as sufficient evidence produced by Assessee

JCIT Vs Shree Ganesh Construction (ITAT Ahmedabad) - JCIT Vs Shree Ganesh Construction (ITAT Ahmedabad) It is observed that even though the original receipt for payment of donation of Rs.50,000/- made to Chief Minister Kanya Kelvani Nidhi was not produced by the assessee as the same was lost or misplaced, sufficient evidence was produced by the assess...

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Section 80IC benefit ineligible to unit outsourcing most of production process

CIT Vs Usha Infrasystems (Himachal Pradesh High Court) - Himachal Pradesh High Court held that benefit u/s 80IC not available when only small part of entire process is carried out at unit and other process is outsourced....

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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"

Additional Deduction for interest on housing loan – Section 80EE & 80EEA

In this article I want to introduce tax planning hints for taxpayers having housing loans and what are additional benefits available to taxpayers for claiming interest on housing loan under section 80EE and 80EEA...

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Posted Under: Income Tax

SC denies Section 80-IB deduction on manufacturing of polyurethane foam

Polyflex (India) Pvt. Ltd. Vs CIT (Supreme Court of India)

Polyflex (India) Pvt. Ltd. Vs CIT (Supreme Court) SC ruling denying 80IB claim to manufacturer of intermediary product for the end product falling under entry 25 of 11th schedule of Income Tax Act, 1961. Sub- Whether deduction u/s 80IB can be claimed by a manufacturer of an item which falls under entry 25 of the […]...

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Revenue Authority has no power to go beyond jurisdiction of order of ITAT

Malwa Coop. L & C Society Ltd. ITO (ITAT Amritsar)

Malwa Coop. L & C Society Ltd. ITO (ITAT Amritsar) In this case Hon’ble ITAT already determined the turnover, and the direction was made accordingly. Also related to deduction u/s 80P(2)(a)(vi) specific direction was made by the Hon’ble ITAT in its order dated 13.10.204 in ITA No. 483/Asr/2014. ITAT heard the rival submissions and...

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Interest on securities or house property income of co-op society – Section 80P(2)(f) deduction

Taxabililty of  Interest on securities or income from house property in case of a co-operative society [Deduction under Section 80P(2)(f)] As per Section 80P(2)(f), when the property is not under any housing society, then the income derived from that property – or any other income in the form of interest from any securities – is [&he...

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Posted Under: Income Tax |

Section 80P(2)(a)(i) deduction eligible to Co-operative Society on interest from members

ACIT Vs Visnagar Taluka Majoor Sahakari Mandli Limited (ITAT Ahmedabad)

Section 80P(2)(a)(i) Deduction is allowable when interest is derived from credit provided to its members by co-operative credit societies...

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ITAT allows section 80G Deduction as sufficient evidence produced by Assessee

JCIT Vs Shree Ganesh Construction (ITAT Ahmedabad)

JCIT Vs Shree Ganesh Construction (ITAT Ahmedabad) It is observed that even though the original receipt for payment of donation of Rs.50,000/- made to Chief Minister Kanya Kelvani Nidhi was not produced by the assessee as the same was lost or misplaced, sufficient evidence was produced by the assessee to support and substantiate its claim...

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Section 80IC benefit ineligible to unit outsourcing most of production process

CIT Vs Usha Infrasystems (Himachal Pradesh High Court)

Himachal Pradesh High Court held that benefit u/s 80IC not available when only small part of entire process is carried out at unit and other process is outsourced....

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Section 80(I) deduction eligible on Interest on delayed payment from debtors

Kanakadurga Agro Oil Products Limited Vs ACIT (Andhra Pradesh High Court)

The controversy revolves around the word ‘derived’ and the word ‘industrial undertaking’. The question is whether the interest paid on delayed payments form part of profits and gains derived from an industrial undertaking?...

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Section 80P deduction eligible on Interest received by Co-Op society from Co-Op bank

Palm Court M Premises Cooperative Society Limited Vs PCIT (ITAT Mumbai)

Interest income earned by assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of Act....

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CSR Expenses – Deduction under 80G of Income Tax Act 1961

All Corporates are ready to file their Income Tax Return for the AY 22-23 on or before 30th September 2022 and claiming various deduction under Chapter VI A of the Income Tax Act 1961....

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Posted Under: Income Tax |

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