Income Tax Tax Deductions related News, Article, Notification, Judgments covering all section Including Section 80C, 80D, 80TTA, 80HHC, 80JJA
Income Tax : Income-tax Act, 2025 reorganises Chapter VI-A deductions into Chapter VIII from 1 April 2026 while largely retaining existing bene...
Income Tax : Explore all major deductions available under the Income-tax Act for AY 2026-27. The guide covers salary, business, house property,...
Income Tax : Tax on dividends, interest, royalties and FTS earned by non-residents is governed by the more beneficial rate under the Income-tax...
Income Tax : This comprehensive FAQ explains the TDS provisions applicable for AY 2026-27, including rates, thresholds, compliance obligations,...
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
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 : ITAT Ahmedabad upheld disallowance of Section 80GGC deduction, holding the Revenue's investigation established the donation formed...
Income Tax : Supreme Court held that services rendered by marine product procurement agents did not qualify for deduction under Section 80-O as...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
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 : 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...
CA Sandeep Kanoi Union Finance Minister Arun Jaitley is expected to present his budget either in last week of June 2014 or in First week of July 2014. With Budget around the corner the Taxpayers are very enthused about expected tax reliefs from Mr. Arun Jaitley and started thinking that good days are around the […]
So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee
Balwant Jain From the phrase “Roti, Kapda aur Makan”, it is evident that Makaan is one of the three basic needs of a person. A person puts in a significant portion of his present and future savings in order to have a roof over his head. Earlier people used to get the house constructed with […]
Plan your income and taxes for the 2014-15 financial year. Discover tax-saving instruments and strategies to reduce your tax liability with Section 80C.
The government provides tax deduction benefit of upto INR 5,000 under Section 80D on account of preventive health check-up for self, spouse, dependent children and parents. However, this deduction benefit is inclusive of the overall deduction under Section 80 D (INR 15,000 per annum) for payment of health insurance premium. If one of your parents is a senior citizen, then the limit is enhanced to INR 20,000 per annum.
Condition of limiting commercial establishment/shops to 2000 sq.ft, which has come into force w.e.f. 1.4.2005 would be applicable for the project approved on or after 1.4.2005 and where the approval of the project was prior to 31.3.2005, the amended provision would have no application for those projects.
Requirement of filing audit report alongwith return of income is procedural in nature and audit report filed at the assessment stage shall be construed as sufficient compliance of the same for claiming deduction u/s 80IB.
From the provisions of sub-section 4 of section 80P and the Explanation to section 80P, it is evident that the benefit of section 80P is not available to co-operative banks whereas the Primary Agricultural Credit Societies are entitled for the same.
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?
Medical insurance plan or a health insurance plan of general insurance company works on the principle of reimbursement of your hospitalization expenses. If you invested in any of such policy then you can claim income tax deduction under section 80D of income tax act, 1961.
