Income Tax Deductions

Section 80G No deduction if donation in cash exceeds Rs. 2000

Income Tax - A new clause has been added to sub-section (5C) of Section 80G vide Finance Bill 2012 where no deduction shall be allowed under this section in respect of donation of any sum exceeding ten thousand rupees, unless such sum is paid by any mode other than cash. As per the new sub-section (5D) to Section 80G any payment exceeding a sum of ten...

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Donation to PM CARES Fund -100% deduction- Section 80G

Income Tax - A special fund ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)’ has been set up for providing relief to the persons affected by the outbreak of Coronavirus. Contribution towards PM CARE Fund was eligible for 50% deduction in view of it being notified under section 80G(5), as again...

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Section 80D Deduction for health insurance premium

Income Tax - It is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the proposed deduction on account of expenditure on...

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Taxation of NPS & Return From the Scheme

Income Tax - NPS is entitled to get additional tax benefit up to Rs.50,000 in a financial year u/s 80CCD (IB) of Income Tax Act which is over and above the deduction of Rs. 1,50,000 available u/s 80C /80CCE of Income Tax Act. Earlier the tax-free withdrawal on retirement were allowed up to 40% of corpus, which has been increased to 60%. ...

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New Section 80JJAA Deduction for Salaries paid to New Employees

Income Tax - The Government of India, to promote employment generation activities, had introduced Section 80JJAA under Chp. VIA of Income Tax Act, 1961 which allows for deduction in respect of employment of new employees. Section 80JJAA enables an employer to enjoy tax sops or you can say – cashback for payment of salaries to new employees employed ...

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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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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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Section 80-IC deduction eligible on Additions for interest & bad debts

Pr. CIT Vs Pacific India (Punjab & Haryana High Court) - Since assessee was held entitled to claim deduction of its profits at the rate of 100% in terms of section 80-IC, therefore, additions made towards interest and bad debts so made were also entitled to deduction under section 80-IC resulting in no addition to the taxable income of assessee....

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No Netting of profit/loss of eligible units to calculate section 80-IC deduction

Alliance India Vs DCIT (ITAT Chandigarh) - No netting of profits and losses of the eligible units was to be done for the purpose of calculating the deduction under section 80-IC and each unit for the said purpose had to be treated separately....

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Section 80IC deduction allowable despite 01 day delay in return filing

M/s Shree Ganesh Concast Group of Industries Vs. DCIT (ITAT Chandigarh) - Where the delay of 1 day in on-line filing of return occurred not due to any negligence of the assessee, rather, the reason for the same was beyond the control of the assessee, therefore matter was remanded back to AO to examine the limited aspect as to whether the assessee, otherwise, was entitled ...

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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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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"

Section 80G No deduction if donation in cash exceeds Rs. 2000

A new clause has been added to sub-section (5C) of Section 80G vide Finance Bill 2012 where no deduction shall be allowed under this section in respect of donation of any sum exceeding ten thousand rupees, unless such sum is paid by any mode other than cash. As per the new sub-section (5D) to Section 80G any payment exceeding a sum of ten...

Read More
Posted Under: Income Tax |

Donation to PM CARES Fund -100% deduction- Section 80G

A special fund ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)’ has been set up for providing relief to the persons affected by the outbreak of Coronavirus. Contribution towards PM CARE Fund was eligible for 50% deduction in view of it being notified under section 80G(5), as again...

Read More
Posted Under: Income Tax |

Section 80D Deduction for health insurance premium

It is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the proposed deduction on account of expenditure on...

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Posted Under: Income Tax | ,

Taxation of NPS & Return From the Scheme

NPS is entitled to get additional tax benefit up to Rs.50,000 in a financial year u/s 80CCD (IB) of Income Tax Act which is over and above the deduction of Rs. 1,50,000 available u/s 80C /80CCE of Income Tax Act. Earlier the tax-free withdrawal on retirement were allowed up to 40% of corpus, which has been increased to 60%. ...

Read More
Posted Under: Income Tax |

New Section 80JJAA Deduction for Salaries paid to New Employees

The Government of India, to promote employment generation activities, had introduced Section 80JJAA under Chp. VIA of Income Tax Act, 1961 which allows for deduction in respect of employment of new employees. Section 80JJAA enables an employer to enjoy tax sops or you can say – cashback for payment of salaries to new employees employed ...

Read More
Posted Under: Income Tax |

Section 80JJAA: Tax incentive for employment generation

The existing provisions of Section 80JJAA provide for a deduction of thirty percent of additional wages paid to new regular workmen in a factory for three years. The provisions apply to the business of manufacture of goods in a factory where 'workmen' are employed for not less than three hundred days in a previous year. ...

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Posted Under: Income Tax |

Section 80D CGHS benefit extended to other similar schemes

The existing provisions of section 80D, inter alia, provide that the whole of the amount paid in the previous year out of the income chargeable to tax of the assessee, being an individual, to effect or to keep in force an insurance on his health or the health of the family or any contribution made towards ...

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Posted Under: Income Tax |

Section 80D deduction on GST on health insurance premium

Mr X has paid a health insurance premium amounting to INR 11,800 which included GST of INR 1800.Whether, Mr X be eligible for a deduction under section 80 D of the Income Tax Act,1961 of entire INR 10000/-(i.e., health insurance premium excluding GST) or for entire amount of INR 11800. Ans: Section 80 D of […]...

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Posted Under: Income Tax |

Get HRA rebate till you move into Your own house

If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, which allows a deduction in respect of interest on capital borrowed for purchase/construction of a house property, permits this deduction for the interest that relates to the previous year in which the property is ...

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Posted Under: Income Tax |

Tax Deduction for Contribution or Donation to Political Parties

Article explains What is the Political Party, What is the Electoral Trust, Who eligible to contribute or donate to the Electoral Trust or Political Parties, What is the Donation to Political Parties, What is Section 80GGC of Income Tax Act, 1961, What is the Eligibility Criteria for Claiming Tax Benefits under Section 80GGC, What is [&hel...

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Posted Under: Income Tax |

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