Sponsored
    Follow Us:

Income Tax Deductions

Income Tax Tax Deductions related News, Article, Notification, Judgments covering all section Including Section 80C, 80D, 80TTA, 80HHC, 80JJA

Latest Articles


Deduction in case of New Employment – Section 80JJAA of Income Tax Act

Income Tax : Explore Section 80JJAA of Income Tax Act, encouraging job creation in India. Learn about conditions, deductions, and benefits for ...

July 6, 2024 1992 Views 0 comment Print

TDS on Purchase of Property: Section 194IA of Income Tax Act, 1961

Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...

June 21, 2024 8313 Views 0 comment Print

Income Tax Deduction Under Section 80C

Income Tax : Discover everything about Income Tax Deduction under Section 80C - eligibility, qualifying investments, maximum deduction, and mor...

June 12, 2024 6039 Views 0 comment Print

Deduction under section 80JJAA

Income Tax : Learn about Deduction u/s 80JJAA: Who's eligible, how much is allowed, and what it means for additional employee costs. Expert ins...

May 9, 2024 3552 Views 0 comment Print

Is NPS Investment Under Section 80CCD Worth it for Salaried Individuals/HUFs?

Income Tax : Explore the worthiness of investing in NPS under Section 80CCD deduction for salary individuals/HUFs. Learn about tax benefits, re...

April 16, 2024 1521 Views 0 comment Print


Latest News


Section 80G Amendment: National Sports Fund Update

Corporate Law : Finance Bill 2024 updates Section 80G to reflect "National Sports Development Fund" and changes approval procedures for charities....

July 24, 2024 192 Views 0 comment Print

Increased Employer Pension Contribution Deduction under Section 36 & 80CCD

Income Tax : Learn about the amended provisions allowing non-government employers to deduct up to 14% of employee salaries for pension scheme ...

July 23, 2024 264 Views 0 comment Print

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 al...

August 19, 2016 14494 Views 9 comments Print

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 stake...

November 26, 2015 4001 Views 0 comment Print

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...

October 14, 2015 7282 Views 1 comment Print


Latest Judiciary


Gujarat HC on allowability of expenses incurred for clearing mortgage debts

Income Tax : Gujarat High Court allows income tax deduction for payment clearing mortgage, dismissing Revenue’s appeal under section 263. Ful...

July 14, 2024 375 Views 0 comment Print

Section 80P(2)(d) deduction not eligible on Interest Income from KDCC Bank

Income Tax : Read the detailed analysis of Laxminarayana Suvarna Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) on the eligibility of...

June 16, 2024 663 Views 0 comment Print

Assessee entitled to Section 80G Deduction on CSR Expenditure: ITAT Mumbai

Income Tax : Detailed analysis of Alubound Dacs India Private Limited vs. DCIT case before ITAT Mumbai regarding the allowance of Section 80G d...

June 13, 2024 756 Views 0 comment Print

Section 80M deduction allowed for dividend ‘distributed’ on or before due date

Income Tax : In Purnasons Pvt. Ltd vs. ITO, ITAT Kolkata rules on the allowance of deductions under Section 80M of the Income Tax Act when divi...

June 9, 2024 654 Views 0 comment Print

Section 80-O: Mere Newspaper Cuttings not proves Commercial Expertise sharing  

Income Tax : Bombay HC in Hindustan Export & Import Corporation Private Limited Vs DCIT held that sharing newspaper cuttings alone did not meet...

May 14, 2024 333 Views 0 comment Print


Latest Notifications


NFRA Penalizes CA Rs 50 Lakhs for Misconduct in Section 80JJA Report

Company Law : NFRA issues order penalizing CA Pawan Jain and Mis Kumar Jain & Associates for lapses in issuing reports under Income Tax Act for ...

January 3, 2024 51666 Views 0 comment Print

Tax Deduction Relaxation for Ship Lease in IFSC: Income Tax Notification 57/2023

Income Tax : Check out Income Tax Notification 57/2023 issued by the Ministry of Finance, offering tax deduction relaxation for ship lease paym...

August 1, 2023 1500 Views 0 comment Print

Income Tax Circular: Condonation of Delay for Deduction u/s 80P

Income Tax : Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80...

July 26, 2023 5700 Views 0 comment Print

CBDT amends Income-tax Rules for Provisional Approval under Section 80G

Income Tax : CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, ...

May 30, 2023 12771 Views 0 comment Print

CBDT allows donations to PM cares fund through form 16

Income Tax : Submission of certificate for claiming deductions U/s. 80G of the Income-tax Act, 1961 in respect of donation made by an employee ...

April 9, 2020 9018 Views 0 comment Print


Section 80JJAA deduction eligible on salary to software engineers not employed in supervisory role

May 2, 2022 2535 Views 0 comment Print

OnMobile Global Ltd. Vs ACIT (ITAT Bangalore) Section 80JJAA of the Act allows for deduction of additional wages paid to new workmen for an industrial undertaking. While the term “industrial undertaking” has not been defined in section 80JJAA of the Act, it has been defined in other provisions of the Act; like section 10(15) and […]

Section 80EEB – Deduction in respect of purchase of electric vehicle

April 1, 2022 82653 Views 0 comment Print

An Individual who has taken a loan for purchase of E-Vehicle from any Financial Institution and who has never owned an E-vehicle can avail such tax relief. Further, Interest payable on such loan would qualify for deduction under Section 80EEB.

Section 80P deduction eligible on Interest on Security Deposit & commission for collection of MSEDCL bills

March 16, 2022 2910 Views 0 comment Print

Bhagyalaxmi Nagri Sahakari Patsanstha Meryadit Vs ITO (ITAT Pune) The first item is the commission income from MSEDCL amounting to Rs.60,363/-. The assessee has contended in its written submissions that similar issue came up for consideration before the Pune Tribunal in Banganga Nagri Sah. Patsanstha Ltd. (ITA No.873/PUN/2014) and the Tribunal, vide its order dated […]

Section 80-IA deduction eligible on interest on Bond having direct nexus with business

March 15, 2022 1989 Views 0 comment Print

Odisha Power Generation Corporation Ltd. Vs ACIT (Orissa High Court) In the instant case, the Assessee has no other source of income except through generation and sale of power. All its receipts and expenditure relate to a single activity of power generation. There is no dispute that it is an industrial undertaking covered under Section […]

Transformation of articles to bring new articles into existence amounts to manufacturing

March 14, 2022 495 Views 0 comment Print

The two-member bench held that transformation of articles to bring new articles into existence amounts to manufacturing and allowed deduction under section 80IC of the Income Tax Act, 1961.

Section 80CCD(1B) deduction – Contribution to National Pension System (NPS)

March 11, 2022 20796 Views 1 comment Print

Income Tax deduction Under Section 80C allows deduction in respect of investment LIC, Housing loan principal repayment, Children education fee etc.) and Under Section 80CCC allows deduction in respect of contribution for contract of annuity for receiving pension offered by LIC or other insurers). Total deuction under both Section 80C and Section 80CCC However, if […]

Save Taxes the Right Way (Invest+Tax Savings)

March 6, 2022 8226 Views 0 comment Print

It’s that time of the year when you need to invest in different investment products to enable tax savings for FY 2021-22 OR else regret after March that you did not utilize the benefit of various deductions available for you Now a days, nobody wants to invest just for Tax savings, everybody wants such investment […]

No section 80P deduction on Interest earned from investments made with Co-op Bank

February 28, 2022 5145 Views 0 comment Print

Interest earned from investments made with Co-operative Bank, not being Co-operative Bank was not deductible either under section 80P(2)(d) or under section 80P(2)(a)(i). Such interest income was to be assessed as income from other sources, however, deduction under section 57 was to be given in respect of expenditure for earning interest income.

ITAT allows Section 80IC Deduction on Interest on Electricity Deposit, Recovery from Transporters & Sundry Balances of Vendors written off

February 25, 2022 942 Views 0 comment Print

ACIT Vs Gujarat Ambuja Exports Ltd. (ITAT Ahmedabad) The ld.counsel for the assessee at the very outset submitted that as far as amounts mentioned under the head interest on NSC and interest on staff loan is concerned they are not in dispute. The deduction claimed under section 80IC with regard to both these items have […]

Income Tax Exemption on Educational Loan for higher education abroad?

February 24, 2022 4833 Views 1 comment Print

Whether Income Tax Exemption is available in respect of Educational Loan taken for the purposes of higher education abroad? All salaried persons and pensioners should submit their Income Tax Final Statement (with respect to the A.Y 2022-203, Previous Year 2021-2022) before February 28, 2022. Income Tax Final Statement should be submitted before the relevant Drawing […]

Sponsored
Sponsored
Search Post by Date
August 2024
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031