Income Tax Deductions - Page 2

Conditions for claiming Income Tax deductions under chapter VIA

Important General conditions for claiming deductions under chapter VIA of The Income Tax Act, 1961 Chapter VIA of the Income Tax Act, 1961 contain the sections under which assessee can get deductions from his income to compute total income for income tax liability purpose. Though each sections has stated or provided its separate condition...

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Income Tax Deduction allowable on Housing Loan

Article explains three Deduction Claimed on the payment of principal and Interest amount of Housing Loan which are deduction under Section 24b for Interest on Home Loan, deduction under Section 80EEA which provides deduction on Interest on house loan over and above the eligibility mentioned in the section 24 and deduction under Section 80...

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Income Tax deductions under Chapter VIA

Deductions allowed under the income tax act help you reduce your taxable income. You can avail the deductions only if you have made tax-saving investments or incurred eligible expenses. There are a number of deductions available under various sections that will bring down your taxable income. The most popular one is section 80C of Chapter...

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Deduction under Section 80C

Deductions under section 80C to 80U are allowed from gross total income to compute total income however deduction is allowed only from normal income. Deductions are not allowed from- ♣ Long term capital gains, Section 112 ♣ Casual income, Section 58(4) ♣ Short term capital gains on sale of short term equity shares or short […...

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Section 80GG Deduction on Rent Paid

Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]...

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Additional Deduction For Home Loan Interest

Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000. ...

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Section 80EEA Deduction for Interest on Loan for residential property

Sec 80EEA- Deduction in respect of Interest Payable on Loan taken for residential property Assessee is an Individual and taken a loan for purchase of a residential property, here is the benefit on interest payable over and above deduction claimed u/s 24(b). The above Section 80EEA is inserted by Finance Act, 2019 w.e.f 01.04.2019. 1) [&he...

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Deduction under section 80DD, 80DDB, 80U

Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. Eligible Assessee: Resident Individual & HUF 2. Maximum amount of deduction: (Flat deduction irrespective of expenditure) 3. Rs. 75,000 in case of Normal disability*. 4. Rs. 1,25,000 in case of Severe...

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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 section 80-IE....

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Section 80IBA (Affordable Housing Scheme / House For All)

After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The section was inserted by Finance Act, 2016. Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to th...

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