Income Tax Deductions

Date of incorporation extension for start up for section 80-IAC exemption

Income Tax - Proposed Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up under Finance Bill 2021 The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business [&he...

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Section 80EEA: Extension of date of sanction of loan for affordable residential house property

Income Tax - Extension of date of sanction of loan for affordable residential house property under Union Budget 2021 The existing provision of the section 80EEA of the Act, inter alia, provides a deduction in respect of interest on loan taken for a residential house property from any financial institution up to one lakh fifty-thousand rupees subject t...

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Incentives for affordable rental housing under section 80IBA

Income Tax - It is proposed to insert sub-section (1A) in the said section so as to provide for hundred per cent. deductions of the profits and gains derived from the business of developing and building affordable rental housing project....

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Income Tax Deduction Vs. Exemption

Income Tax - Deduction VS Exemption Deduction & Exemption are two Synonyms words in first appearance but has vital difference at length in Income Tax Act. Deduction means subtraction of an amount from the SUM of Income which is already have under different  heads  of  Income. Whereas Exemption means the whole income itself is exempt from tax. I...

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Allowable Deductions from Income while Filing Return of Income

Income Tax - Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions ...

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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 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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Section 80P Deduction eligible on Bonus in the nature of dividend by KMF to Co-op Society

The Mysore District Co-operative Milk Producers Society Union Ltd. Vs ACIT (ITAT Bangalore) - The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producers’ Federation (KMF)?...

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Section 80IE deduction allowable on Substantial expansion/modernization of existing industrial unit despite deduction claim U/s. section 80-IB & 10C in earlier periods

Lakshmi Ram Thakuria Vs ITO (ITAT Guwahati) - Assessee was entitled to claim deduction under section 80-IE from Financial year 2008-09 and onwards due to modernization of its plant & machinery by infusing additional capital investment by more than 25 % of initial investment in plant & machinery as envisaged in clause (iii) of sub-section 7 of s...

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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"

Date of incorporation extension for start up for section 80-IAC exemption

Proposed Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up under Finance Bill 2021 The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business [&he...

Read More
Posted Under: Income Tax |

Section 80EEA: Extension of date of sanction of loan for affordable residential house property

Extension of date of sanction of loan for affordable residential house property under Union Budget 2021 The existing provision of the section 80EEA of the Act, inter alia, provides a deduction in respect of interest on loan taken for a residential house property from any financial institution up to one lakh fifty-thousand rupees subject t...

Read More
Posted Under: Income Tax |

Incentives for affordable rental housing under section 80IBA

It is proposed to insert sub-section (1A) in the said section so as to provide for hundred per cent. deductions of the profits and gains derived from the business of developing and building affordable rental housing project....

Read More
Posted Under: Income Tax |

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....

Read More

Income Tax Deduction Vs. Exemption

Deduction VS Exemption Deduction & Exemption are two Synonyms words in first appearance but has vital difference at length in Income Tax Act. Deduction means subtraction of an amount from the SUM of Income which is already have under different  heads  of  Income. Whereas Exemption means the whole income itself is exempt from tax. I...

Read More
Posted Under: Income Tax |

Allowable Deductions from Income while Filing Return of Income

Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions ...

Read More
Posted Under: Income Tax |

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 inadvertently escaped its attention at the ...

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Section 80EEA Deduction for interest paid on home loan for affordable housing

Analysis of Sec-80EEA – Deduction for interest paid on home loan for affordable housing (w.e.f A.Y 2020-21) √ Eligibility criteria √ The deduction under this section is available only to individuals, not to HUF, AOP, Partnership firm, a company, or any other kind of taxpayer. √ Applies to both Resident and Non-Residents. √Amount...

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Posted Under: Income Tax |

Deduction in respect of health insurance premia under Section 80D of Income Tax Act, 1961

Deduction under section 80D of the Income Tax Act, 1961 (‘IT Act’) is available in addition to the deduction of Rs. 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1) of IT Act. The individual can claim a tax deduction for the health insurance premium paid for self, parents, children, and spouse....

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Posted Under: Income Tax |

How to claim Section 80IAC Exemption under Income Tax Act, 1961

Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovat...

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Posted Under: Income Tax |

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