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. …

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Deduction in respect of Interest on savings account. [80TTA]

Interest on savings account has income tax exemption up to Rs 10,000 from 01 April 2013. The new section 80TTA inserted by the Finance Act, 2012 makes this provision. Eligibility for 80TTA Individuals and HUFs who earn interest on their deposit in a savings account can claim tax exemption on such interest. Savings account can …

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Deduction in respect of LIP, contributions to PF, etc [Sec. 80C]

Deduction under Section 80C in respect of certain investments, contributions, subscriptions etc. Insertion of deduction under section 80C replacing rebates u/s 88, 88B, 88C, 88D deductions u/s 80CCC and u/s 80CCD With effect from the 1st day of April, 2006, a new deduction u/s 80C has been introduced. Amount of deduction under Section 80C(1) This …

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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 …

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Deduction in respect of Royalty on Patents [80RRB]

1 Eligible Assessee Any resident Individual 2 Condition He must be registered under the Patents Act, 1970 on or after 1.4.2003, as the true and first inventor in respect of an invention, including a co-owner of the patent. The deduction is not available to assignees or mortgagees in respect of all or any rights the …

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Deduction in respect of Royalty of Authors [80QQB]

Allowable to : Any resident individual, being an author/joint author, in respect of any income by way of Lump sum consideration or royalty or copyright fees for assignment or grant of any of his Interests in the copyright of any book. Amount of Deduction: 100% of the royalty income etc. subject to a maximum of …

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Deductions in respect of Co-operative Society. [80P]

The following amounts are allowed as deduction under this section – (i) 100% of the profits attributable to any or more of the following activities in the case of a cooperative society engaged in – (a) carrying on business of banking or providing credit facilities to its members; or (b) a cottage industry; or (c) …

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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 …

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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 …

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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 …

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