Income Tax Tax Deductions related News, Article, Notification, Judgments covering all section Including Section 80C, 80D, 80TTA, 80HHC, 80JJA
Income Tax : The eligibility period for startup tax exemption has been extended to March 31, 2030. Startups must meet DPIIT and compliance cond...
Income Tax : Understand how Chapter VIII reshapes deductions with strict conditions, structured sections, and limits. Learn key compliance rule...
Income Tax : The issue concerned whether deductions under section 80GGC could be denied solely on investigation inputs alleging accommodation e...
Income Tax : The issue highlights that automated messages questioning donation deductions lack clarity on mismatches, forcing donors to revise ...
Income Tax : Know about TAN under Section 203A of the Income Tax Act—its purpose, applicability, application process, forms, penalties, and k...
Income Tax : This explainer breaks down how Section 80G deductions work and who can claim them. It highlights deduction categories, qualifying ...
Corporate Law : Finance Bill 2024 updates Section 80G to reflect "National Sports Development Fund" and changes approval procedures for charities....
Income Tax : Learn about the amended provisions allowing non-government employers to deduct up to 14% of employee salaries for pension scheme ...
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...
Income Tax : Press Information Bureau Government of India Ministry of Finance 26-November-2015 09:44 IST Date for sending comments by the stake...
Income Tax : The Tribunal upheld deletion of disallowance where the tax authority failed to produce direct evidence linking the taxpayer to any...
Income Tax : Bombay High Court granted interim relief to a co-operative credit society, restraining coercive tax recovery in a Section 80P dedu...
Income Tax : The High Court found no mistake apparent on record to warrant rectification under Section 254, holding that the Tribunal's decisio...
Income Tax : ITAT Panaji ruled that cooperative societies can claim a deduction under Section 80P even if they filed their return late, but onl...
Income Tax : The ITAT has denied a deduction under Section 80ID for Ramesh Bhatia HUF, ruling that a previously used hotel building doesn't qua...
Income Tax : CBDT corrigendum adds Sikkim to the list of eligible states for income tax deductions under Section 80-IE for North-Eastern undert...
Income Tax : CBDT issues corrigendum adding Sikkim to Schedule 80-IE for income tax deductions under Section 80-IE for North-Eastern undertakin...
Income Tax : TDS on agents commission reduced from 5% to 2% as per the Finance Bill 2024. New rate effective from October 1, 2024, under Sectio...
Company Law : NFRA issues order penalizing CA Pawan Jain and Mis Kumar Jain & Associates for lapses in issuing reports under Income Tax Act for ...
Income Tax : Check out Income Tax Notification 57/2023 issued by the Ministry of Finance, offering tax deduction relaxation for ship lease paym...
If you are the breadwinner of your family and willing to buy health insurance plans for your children, spouse, and parents, you can avail tax benefits under section 80D of income tax act, 1961. You can avail these benefits as an individual as well as when you buy it for your parents no matter whether they are dependent on you or not.
When it comes to buying health insurance, we Indian find another easy to save on taxes. Although investing in health insurance plans is one of the easiest ways to get a rebate on income tax under section 80D, it is not always recommended to invest in insurance plans to saves thousands on taxes.Needless to say, […]
Today health care services are the most expensive industry. It is nearly impossible to stay healthy and fit in the polluted environment that gives birth to the number of health problems in such case we need to live a safe and secure life. This is one of the major reasons for buying Health insurance, but […]
In View of pressure from all quarters Finance Mister Arun Jaitley has withdrawn the Proposal to Tax 60% of EPF/Superannuation Fund Proposed in Union Budget 2016 and which was to come into effect from 01.04.2016.
In order to bring greater parity in tax treatment of different types of pension plans, it is proposed to amend section 10 so as to provide that in respect of the contributions made on or after the 1 stday of April, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 % of the accumulated balance attributable to such contributions on withdrawal shall be exempt from tax.
#Budget 2016- Rationalization of limit of rebate in income-tax allowable under Section 87A The existing provisions of section 87A of Income-tax Act, provide for a rebate of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less, from the amount of income-tax to an individual […]
#Budget 2016- Rationalization of limit of deduction allowable in respect of rents paid under Section 80GG The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent of his total income towards payment of rent in respect of any furnished or unfurnished accommodation […]
One of the biggest tax saving bonanza by the Finance Act-2015 was insertion of sub-section 1B to section 80CCD in the Income Tax Act-1961 whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS).
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 substantial expansion being undertaken by an assessee.
In the Union Budget 2015 speech, the Hon’ble Finance Minister, Mr Arun Jaitley, has announced the intention to reduce the corporate tax rate from 30% to 25% over the period of next four years, accompanied by the removal of tax incentives and deductions. Following this, in November 2015, CBDT released the first roadmap of the phasing out plan to simplify tax administration and bring transparency.
