Section 80U – Deduction in case of Person with Disability

An individual suffering from disability himself gets tax benefit under section 80U while an individual gets tax benefits under section 80DDB if any dependent family member of the individual is differently abled. Eligible Assesse Resident individual with disability (may be ordinarily resident or not ordinarily resident) Amount of Deduction from Financial Year 2015-16 The amount of deduction under section […]

Section 80GG – Deduction in respect of rent paid

Only individual and HUF are allowed exemption under this section. Only rent paid for purpose of residence of asseessee himself is considered under this section. If individual is a salaried employee and receives House Rent Allowance (HRA) at any time during the previous year, he is not eligible for deduction. The individual, his spouse or […]

Deduction in respect handicapped dependant – Section 80DD

Eligible Assesse – Resident individual or resident HUF (may be ordinarily resident or not ordinarily resident) Deduction is available in respect of – Expenditure incurred for medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability. Amount paid or deposited under any scheme of Life Insurance Corporation or any other […]

Deduction for Donations – Section 80G

Eligible Assessee – All assessees including NRI’s Mode of Payment – If any donation is made for amount exceeding Rs. 10,000 in cash then deduction is not allowed for such donation.Donation made in kind is not eligible for any deduction. You can make donation to any fund by website http://80g.in Amount of Deduction Deduction under section […]

Income Tax Deduction for Interest on Education Loan – Section 80E

students loan

Deduction under Section 80E is allowed under Income Tax for interest paid on student loan taken for higher education. The deduction is allowed to encourage users to go for higher studies. Deduction is allowed even if the loan is taken for higher studies outside India. Who can claim the deduction? Only Individuals are allowed to […]

Extra Deduction of Rs. 50,000 on Home Loan Interest – Section 80EE

Finance Act, 2016 has introduced deduction of interest payable on housing loan for first time home buyers taken from any financial institution over and above the deduction allowed under section 24b. Section 80EE has been amended for this purpose. The deduction is allowed only to individuals, maximum limit of deduction is Rs. 50,000 and deduction […]

Rajiv Gandhi equity savings scheme – Section 80CCG

This section is inserted by Finance Act,2012 and is applicable from Assessment Year 2013-14. Eligible Assesee – Resident Individual who is a new retail investor  whose Gross Total Income does not exceed Rs. 12 lakhs Amount eligible for deduction – Amount invested in listed equity shares or listed units of an equity oriented mutual fund […]

Collection of Tax at Source (TCS) under section 206C

The provision of this section will not apply from Financial year 2017-18. However TCS is still applicable on sale of motor car of more than Rs. 10 lakh. The Finance Act 2016  had amended section 206C to cover more transactions. The amendments brought in section 206C by Finance Act, 2016 are applicable from 1 st […]

Who can verify and sign the ITR

The ITR is to be signed by the authorised person whether on paper or digitally signed by virtue of Section 140 of Income Tax Act. The person authorised are Individual individual himself by his guardian or any person competent to act on his behalf if he is mentally incapable In case the individual is absent from India […]

Form 61 – Statement containing details form No. 60

For  a number of transactions quoting of PAN is mandatory. However the persons who doesn’t have PAN can furnish details in form no. 60 along with address and identity proof. The person who is in receipt of form no. 60 is to furnish a statement in form no. 61. Filing of form no. 61 is […]