Introduction to Public Provident Fund account (PPF) Account: Public Provident Fund (PPF) scheme is a long term investment option that offers an attractive rate of interest and returns on the amount invested….
Category: Deductions 80C to 80U
Section 80U: Tax Saving Guide For handicapped Assessee[Latest]
Section 80U Deduction for handicapped Assessee: Eligible Assessee This Section is applicable for Only Individual assessee. Eligible Amount of Deduction For normal disability- Flat deduction of Rs: 75,000 For severe disability- Flat…
Section 80DDB: Medical Treatment of Specified Diseases[Latest]
Eligible Assessee This section is applicable to only resident individual and HUF. Eligible Amount of Deduction Particulars Amount Actual amount of expenses xxx Maximum amount allowed Rs:40,000/1,00,000 xxx (Whichever is lower) Less:…
Section 80DD:Medical Treatment of Disabled Dependent[Amended]
Eligible Assessee This section is applicable to both Resident individual and HUF. Eligible Amount of Deduction For normal disability flat deduction of Rs:75,000 For Severe disability flat deduction of Rs: 1,25,000 Note…
Section 80CCD: Special Tax saving On National Pension Scheme
Section 80CCD:Contribution to Pension Scheme of Cental Govt./New Pension Scheme/Atal Pension Yojana Eligible Assessee: It is applicable to only Individual assessee Eligible Amount of Deduction For salaried Employee Employee Contribution xxx 10%…
Section 80C: Specified Investment For Tax Saving
Eligible assessee This Section is applicable to both Individual and HUF. Eligible Amount Of deduction Under this section maximum amount of deduction is Rs:1,50,000. Eligible Investment Life Insurance Premium It is…
Section 80QQB & 80RRB Deduction Of Income Tax Act [Latest]
Section 80QQB- Royalty from books of Literacy, Artistic, Scientific nature Eligible Assessee This section is applicable to all resident individual Eligible Amount of Deduction Eligible Royalty Received xxxx Maximum Rs: …
Section 80PA : Deduction for Producer Companies [Amended]
Eligible Assessee Farm producer companies (FPC) engaged in the business of Marketing of agriculture produce grown by its members, Purchase of agricultural Implements, seeds, livestock or other articles agriculture or supplying to…
Section 80IBA: Developing and Building Housing Projects [New]
Eligible Assessee This section is applicable to all Assessee. Eligible Amount of Deduction 100% of profit of housing project or rental housing project. Conditions Fulfilled Project shall be Approved by competent authority…
Section 80 IAC: Tax Incentives for Newly Start ups [Amended]
Eligible Assessee Company or Limited Lability Partner engaged in a business carried our by an eligible start up engaged in Innovation, development or improvement of product or processes or services or a…
Section 80LA- Deduction of Offshore Banking Unit(OBU) [Updated]
Section 80LA- Deduction of Offshore Banking Unit(OBU)/ International Financial Services Centre (IFSC) Eligible Assessee Scheduled bank or Foreign bank having an Offshore Banking Unit in SEZ or Unit of International Financial…
Section 80JJA-Inserted New Section In Income Tax Act
Income From Collecting and Processing Bio-Degradable waste Eligible Assessee This section is applicable for all assessee. Eligible Income Profit or gain derived from the business of collecting and processing or treating of…
Sec 80GGB: Deduction On Contributions Made to Political Parties
Section- 80GGA Donation to political party by Indian Company Under this section deduction is applicable donation made by Indian Company Amount of deduction is 100% of donation. The deduction is applicable if…
Section 80EE- Deduction in respect of interest on housing loan
80EE Deduction in respect of interest on housing loan Eligible Assessee: This section applicable to only individuals. Under this section amount of deduction is maximum 50,000. Conditions Home loan should be taken…
Sec-80JJAA: Special Deduction of Additional Employee Cost[Latest]
Section 80JJAA Deduction Section 80JJAA is a facility for claiming a deduction for the recruitment of new or additional employees. The section has been made available in the Income Tax Act to…
