Income Tax Tax Deductions related News, Article, Notification, Judgments covering all section Including Section 80C, 80D, 80TTA, 80HHC, 80JJA
Income Tax : Explore Section 80JJAA of Income Tax Act, encouraging job creation in India. Learn about conditions, deductions, and benefits for ...
Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...
Income Tax : Discover everything about Income Tax Deduction under Section 80C - eligibility, qualifying investments, maximum deduction, and mor...
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...
Income Tax : Explore the worthiness of investing in NPS under Section 80CCD deduction for salary individuals/HUFs. Learn about tax benefits, re...
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 : ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of...
Income Tax : Gujarat High Court allows income tax deduction for payment clearing mortgage, dismissing Revenue’s appeal under section 263. Ful...
Income Tax : Read the detailed analysis of Laxminarayana Suvarna Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) on the eligibility of...
Income Tax : Detailed analysis of Alubound Dacs India Private Limited vs. DCIT case before ITAT Mumbai regarding the allowance of Section 80G d...
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...
Income Tax : Bombay HC in Hindustan Export & Import Corporation Private Limited Vs DCIT held that sharing newspaper cuttings alone did not meet...
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...
Income Tax : Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80...
Income Tax : CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, ...
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 ...
Extension of the sunset date under section 80IA for the power sector Under the existing provisions contained in the clause (iv) of subsection (4) of section 80IA, a deduction of profits and gains is allowed to an undertaking which, – (a) is set up in any part of India for the generation or generation and […]
Raising limit of % of eligible premium for life insurance policies of persons with disability or disease Under the existing provisions contained in clause (10D) of section 10, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, is exempt, subject to the condition that the premium paid for such policy does not exceed ten per cent of the ‘actual capital sum assured’. Similarly as per the existing provisions contained in sub-section (3A) of section 80C, the deduction under the said section is available in respect of any premium or other payment made on an insurance policy of up to ten per cent of the ‘actual capital sum assured’.
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 equity shares […]
One hundred per cent deduction for donation to National Children’s Fund Under the existing provisions of section 80G an assessee is allowed a deduction from his total income in respect of donations made by him to certain funds and institutions. The deduction is allowed at the rate of fifty per cent of the amount of […]
Insofar as the other assessment years are concerned where the issue of limitation of four years does not arise, the position would not be any different. This would be so because on a reasonable interpretation of the provisions of section 80-IC(2) read with serial No. 20 of the 13th schedule of the said Act read with the first schedule to the Central Excise Tariff Act, 1985
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.
While working out the profits and gains which qualify for deduction under Section 80HH, one has to necessarily restrict the income which is derived from the industrial undertaking and nothing beyond. Thus, for the purpose of Section 80HH, the income of that industrial undertaking which got into the reckoning of the book profit for the purposes of Section 32AB has to be identified and that alone would be included in the profits and gains of the industrial undertaking for the purpose of working out the relief under Chapter VIA.
We observe that the assessee can either captively consume the electricity generated or can sell the same to the Tamil Nadu Electricity Board at Rs. 2.70 per unit. The assessee is refrained from directly selling generated electricity to the consumers. The assessee has no other option but to sell the electricity generated to the Tamil Nadu Electricity Board at the predetermined rates.
List of Eligible Shares / Mutual Funds (MFs) & Exchange Traded Funds (ETFs) under Rajiv Gandhi Equity Saving Scheme (RGESS) The investment options under the scheme will be limited to the following categories of equities?*: Listed equity shares a. The top 100 stocks at NSE and BSE i.e., CNX-100 / BSE -100 (This does not mean […]
A new section 80CCG under the Income Tax Act, 1961 on ‘Deduction in respect of investment under an equity savings scheme’ has been introduced to give tax benefits to ‘New Retail Investors’ who invest up to Rs. 50,000 in ‘Eligible Securities’ and have gross total annual income less than or equal to Rs.10 Lakhs.
