Income Tax Deductions

Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Income Tax - Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or as per the rates prescribed under the DTAAs, whichever is more beneficial to such non-resident. ...

Read More

Deduction under section 80U of Income Tax Act

Income Tax - The individual resident taxpayer, being a person with a disability, is eligible to avail deduction under section 80U of the Income Tax Act and the provisions attached with the same are taken up and explained in the current article. Availability of Deduction under section 80U – Deduction under section 80U is available to a resident [&hel...

Read More

Deduction under section 80TTB of Income Tax Act

Income Tax - Deduction under section 80TTB was introduced for the first time in Budget 2018. Section 80TTB provides a deduction to senior citizens towards interest earned on deposits. The provisions of the same are explained hereunder – Persons eligible for claiming deduction under section 80TTB Deduction under section 80TTB is available only to a s...

Read More

Deduction under section 80TTA of Income Tax Act

Income Tax - Any interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction under section 80TTA of the Income Tax Act. The provisions relating to the same are explained in the current article. Provisions of section 80TTA – The […]...

Read More

Deduction under section 80RRB of Income Tax Act

Income Tax - The term ‘Royalty’ defines the income received by the innovator against the usage of the patented innovation. The individual receiving such income can claim deduction under section 80RRB if they satisfy all the requisite conditions. The present article explains all the provisions attached with deduction available under section 80RRB o...

Read More

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 (...

Read More

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...

Read More

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...

Read More

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...

Read More

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....

Read More

Supreme Court Requests Govt to amend Section 80DD

Ravi Agrawal Vs Union of India (Supreme Court) - Ravi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases where handicapped persons may need the payment on annuity or lumpsum basis even during the lifetime of their parents/guardians. For example, where guardian has become very o...

Read More

Allowability of Deduction U/s. 80-IB(10) on income from sale of Floor Space Index (FSI)

M/s Aarti Projects and Constructions Vs. DCIT (ITAT Mumbai) - AO declined assessee's claim of deduction on the plea that the profit claimed as deduction u/s 80-IB(10) of the Act was not derived from the housing project but from sale of unutilized FSI. ...

Read More

S. 80IC: 100% deduction allowed on every substantial expansion

M/s Tirupati LPG Industries Ltd. Vs JCIT (ITAT Delhi) - ITAT Delhi held in the case of M/s Tirupati LPG Industries Ltd. vs. JCIT that a plain reading of Sec.80-IC (8)(v) which defines the term initial assessment year read with Sec.80-IC(8)(ix) which defines the term substantial expansion makes it clear that there is no restriction on more than one substa...

Read More

Section 80P(4) not applies to assessee which is not a co-operative bank

ITO Vs Veerakeralam Primary Agricultural Co-operative Credit Society (ITAT Chennai) - From the provisions of sub-section 4 of section 80P and the Explanation to section 80P, it is evident that the benefit of section 80P is not available to co-operative banks whereas the Primary Agricultural Credit Societies are entitled for the same....

Read More

Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India) - So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee...

Read More

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?...

Read More

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...

Read More

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 Scheme...

Read More

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...

Read More

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-...

Read More

Recent Posts in "Income Tax Deductions"

Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or as per the rates prescribed under the DTAAs, whichever is more beneficial to such non-resident. ...

Read More
Posted Under: Income Tax |

Deduction under section 80U of Income Tax Act

The individual resident taxpayer, being a person with a disability, is eligible to avail deduction under section 80U of the Income Tax Act and the provisions attached with the same are taken up and explained in the current article. Availability of Deduction under section 80U – Deduction under section 80U is available to a resident [&hel...

Read More
Posted Under: Income Tax |

Deduction under section 80TTB of Income Tax Act

Deduction under section 80TTB was introduced for the first time in Budget 2018. Section 80TTB provides a deduction to senior citizens towards interest earned on deposits. The provisions of the same are explained hereunder – Persons eligible for claiming deduction under section 80TTB Deduction under section 80TTB is available only to a s...

Read More
Posted Under: Income Tax |

Deduction under section 80TTA of Income Tax Act

Any interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction under section 80TTA of the Income Tax Act. The provisions relating to the same are explained in the current article. Provisions of section 80TTA – The […]...

Read More
Posted Under: Income Tax |

Deduction under section 80RRB of Income Tax Act

The term ‘Royalty’ defines the income received by the innovator against the usage of the patented innovation. The individual receiving such income can claim deduction under section 80RRB if they satisfy all the requisite conditions. The present article explains all the provisions attached with deduction available under section 80RRB o...

Read More
Posted Under: Income Tax |

Deduction under section 80QQB of Income Tax Act

Deduction under section 80QQB is available to an author of certain books, being resident in India, who is receiving income by way of royalty or copyright fees. The current article explains all the provisions attached to the said deduction section 80QQB. Some of the essential terms – Following are some of the important terms which need ...

Read More
Posted Under: Income Tax |

Deduction under section 80GGC of Income Tax Act

Vide Finance Act 2009, deduction under section 80GGC was introduced mainly with an objective of achieving transparency into the electoral funding system and also reducing corruption to some extent. Section 80GGC provides deduction towards donations / contribution made to a political party or an electoral trust. It is worthwhile to note ...

Read More
Posted Under: Income Tax |

Deduction under section 80GGA of Income Tax Act

Deduction under section 80GGA of the Income Tax Act, 1961 is available to all the taxpayers in respect of donations made for specific scientific, social or statistical research or rural development. The present article covers the detailed explanation on deduction available under section 80GGA. Categories of persons eligible for claiming ...

Read More
Posted Under: Income Tax |

Deduction under section 80G of Income Tax Act

Overall, most of the assessee generally would have the basic know-how relating to deduction available under section 80G of the Income Tax Act. Broadly speaking, the deduction under section 80G is available in respect of the contribution / donations made to the specified charitable institutions or funds etc. The current article would try...

Read More
Posted Under: Income Tax |

Deduction under section 80GG of Income Tax Act

In general, the employee who is receiving ‘House Rent Allowance’ has a benefit of claiming an available exemption under section 10 (13A) of the Income Tax Act. However, there can be a situation, wherein, the individual (either self-employed or a salaried person) would not be receiving House Rent Allowance, but, is paying rent for his ...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,323)
Company Law (5,068)
Custom Duty (7,440)
DGFT (4,017)
Excise Duty (4,266)
Fema / RBI (3,862)
Finance (4,025)
Income Tax (30,975)
SEBI (3,212)
Service Tax (3,471)

Search Posts by Date

October 2019
M T W T F S S
« Sep    
 123456
78910111213
14151617181920
21222324252627
28293031