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
If a person is engaged in shares dealing then it can result either in Business Income/Loss (chargeable under section 28 as Profits & Gains of Business or Profession) or Capital Gain/Loss (chargeable under section 45 as Capital Gain). Classification of Income It depends on facts and circumstances of each case
Section 139A(5)(c) of Income tax act states that PAN is required to be quoted on transactions prescribed by CBDT. In such case, the seller of goods/services has to collect PAN from the buyer. Rule 114B of Income Tax Rules states the transactions in which quoting of PAN is compulsory. A
From financial year 2017-18 and onwards, maximum rate of depreciation is 40%. So depreciation on printers, scanner etc is also applicable at the rate of 40%. CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `B’: NEW DELHI In The case of: ACIT v Container Corporation of India Ltd. Appeal No.