Tag: Deduction under Income Tax Act

Income Tax Return 2017

From 1st April 2017 onward, the Income Tax department has made easier for taxpayers to file Income Tax Return for salaried individuals. This year the Income Tax department had simplified the form filling process and for the Assessment Year 2017-18, there will be fewer columns, simplifying the tax filing process for people with salary and interest income.

Deduction in respect of Totally Blind or Mentally Retarded or Physically Handicapped Peson [80U]

A resident individual suffering from permanent physical disability or total blindness or partial blindness or mental retardation reducing his capacity substantially for gainful employment is allowed a deduction of Rs. 50,000 or Rs. 1,00,000 in case of severe disability. The extent of blindness or other physical disability has to be certified by a Registered Medical

Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre [Sec. 80LA]

(1) Where the gross total income of an assessee,— (i) being a scheduled bank, or, any bank incorporated by or under the laws of a country outside India; and having an Offshore Banking Unit in a Special Economic Zone; or (ii) being a Unit of an International Financial Services Centre, includes any income referred to

Deduction in respect of Employment of New Workmen [80 JJAA]

With effect from assessment year 1999-2000, an Indian company is alongwith for deduction provided the following conditions are satisfied : (i) The gross total income of the assessee includes profits and gains derived from any industrial undertaking (ii) Such industrial undertaking is engaged in the manufacture or production of article or thing. (iii) Such industrial

Deduction in respect of Profit and Gains from business of Collecting and Processing of Bio – Degradable waste [Sec. 80JJA]

With effect from assessment year 1999-2000, where the gross total income of an assessee include profits and gains derived from the business of collecting and processing or treatment of bio-degradable waste for generating power, or producing bio-fertilizers, bio-pesticides or other biological agents or for producing bio-gas or making patents these shall be allowed in computing