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.
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
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
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?
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
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
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
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
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
Eligible Assessee – Individual and HUF Maximum amount of Deduction – A maximum of Rs. 1,50,000 is allowed as deduction under sections 80C, 80CCC, 80CCD(1) aggregately. Deduction is allowed whether the payment is made out of income chargeable to tax or not. Deductions allowed – Life insurance premium Contribution by