#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation The Site Restoration Fund Section 33ABA and Rule 5AD are applicable to all assessees or taxpayers engaged in the business of: prospecting for petroleum or natural gas; extraction or production of petroleum or natural gas; or both in India. The Central Government has entered into an agreement with the assessee for such business. Conditions led down: The Site Restoration Fund Section

#incometax #incometaxlaws #deduction #section33 #rebate #incometaxact1961 #taxation #taxlaws An amount deposited into a ‘Deposit Account’ or ‘Special Account’ for the utilization of the same for the specified purpose is allowed as a deduction under section 33AB. A deduction under section 33AB of the Income Tax Act is available to an assessee carrying on a business in India of growing and manufacturing tea, coffee, or rubber. An assessee engaged in growing and manufacturing te

#incometax #incometaxlaws #deduction #section33 #rebate #incometaxact1961 #taxation #taxlaws Development allowance, defined under section 33A, is allowed for a deduction in the manner specified under this section in given circumstances. In respect of the planting of tea bushes on any land in India owned by an assessee, a sum by way of development allowance equivalent to (i) where tea bushes have been planted on any land not planted at any time with tea bushes or on any land w

#incometax #incometaxlaws #deduction #section33 #rebate #incometaxact1961 #taxation #developmentrebate The development rebate is in respect of a new ship or new machinery or plant (other than office appliances or road transport vehicles) which is owned by the assessee. There shall be allowed a deduction for the previous year in which the ship or machinery was acquired or installed, in accordance with and subject to the provisions of this section and of section 34. The develop

#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation A legal foundation for investments in new plants and machinery in notified areas of specific states is provided by Section 32AD of the Income Tax Act. If an assessee establishes a manufacturing or production facility in any designated region in the states of Andhra Pradesh, Bihar, Telangana, or West Bengal, Section 32AD will be applicable. A taxpayer may claim deductions for startin

#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation Deduction under section 80CCF of the Income Tax Act is available to an individual and a HUF who has invested an Amount up to Rs. 20,000, paid or deposited, during the previous years relevant to assessment year 2011-12 or 2012-13, as subscription to notified long-term infrastructure bonds. Eligible Investment for Deduction under section 80CCF: In order to claim deduction under sectio

#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation The total of all deductions under sections 80C, 80CCC, and 80CCD [other than the deduction for employer contributions and the additional deduction under section 80CCD(1B)] shall not be greater than ₨ 1,50,000. Illustration: Mr. Vivek is a Govt. Employee with an annual basic salary of ₨ 6,00,000, ₨ 2,00,000 as DA and ₨ 120000 as taxable allowances. His other incomes are ₨1,00,000. Th

#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation Employees can contribute to Government notified Pension Schemes (like National Pension Scheme - NPS). The contributions can be up to 10% of the salary (salaried individuals) and 50,000 additional tax benefit u/s 80CCD (1b) was proposed in Budget 2015. Employee's contribution - Section 80CCD(1): As per Budget 2017-18, the self-employed (individual other than the salaried class) can n

#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation Individuals may claim tax deductions for payments made to specific pension plans under Section 80CCC of the Income Tax Act of 1961. This provision allows for a tax deduction of up to Rs. 1,50,000 per year on expenses related to purchasing a new policy or maintaining an existing one that pays a pension or periodic annuity (as defined in Section 10(23AAB)). The pension amount received

#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation Deduction against investment made under Equity Linked Savings Scheme is available under section 80CCB of Chapter VIA. The assessee can claim deductions from Gross Total in respect of payments. Eligible Assessee : Individual and HUF Exemption limit : Maximum deduction allowed ₹ 10,000. Conditions for exemption : Units of any Mutual Fund listed under clause (23D) of section 10 or of t

#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation Section 80CCA deals with provisions relating to deposits made in a deferred annuity plan or the National Savings Scheme. The assessee may deduct payments made under this part of Chapter VIA from their gross income. Eligible Assessee : Individual and HUF Maximum deduction : Total amount of deduction can be claimed under section 80CCA is restricted to the limit prescribed under sectio

#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation Savings in certain types of investments may be deducted from gross total income under Section 80C. Only an individual or HUF is eligible to claim the deduction under section 80C. Section 80C allows for a maximum deduction of Rs. 1,50,000. Examples: Assuming you earned a gross total income of 10,00,000/- as taxable income in PY 2015-16 (Assessment Year will be 2016-17 when you will e

#incometax #incometaxlaws #setoff #carryforwards #specialcompanies #incometaxact1961 #taxation A deduction is an expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation. The aggregate of income computed under each head, after giving effect to the provisions for clubbing of income and set off of losses, is known as "Gross Total Income". In computing the total income of an assessee, certain deductions are

#incometax #incometaxlaws #setoff #carryforwards #specialcompanies #incometaxact1961 #taxation A deduction is an expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation. The aggregate of income computed under each head, after giving effect to the provisions for clubbing of income and set off of losses, is known as "Gross Total Income". In computing the total income of an assessee, certain deductions are

#incometax #incometaxlaws #setoff #carryforwards #specialcompanies #incometaxact1961 #taxation A deduction is an expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation. The aggregate of income computed under each head, after giving effect to the provisions for clubbing of income and set off of losses, is known as "Gross Total Income". In computing the total income of an assessee, certain deductions are

#incometax #incometaxlaws #setoff #carryforwards #specialcompanies #incometaxact1961 #taxation A deduction is an expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation. The aggregate of income computed under each head, after giving effect to the provisions for clubbing of income and set off of losses, is known as "Gross Total Income". In computing the total income of an assessee, certain deductions are

#incometax #incometaxlaws #setoff #carryforwards #specialcompanies #incometaxact1961 #taxation The Income Tax Act of 1961's Section 80 enables taxpayers to claim tax exemptions and reduce their taxable income. Section 80 C allows for tax deductions of up to Rs 150,000 per fiscal year for taxpayers who invest in certain activities. Taxes have a significant role in a nation's governance. They enable the government to build essential amenities and infrastructure for the populace

#incometax #incometaxlaws #setoff #carryforwards #specialcompanies #incometaxact1961 #taxation The Income Tax Law does recognize that in order to determine the assesses "total revenue," on which tax is due, a loss from one year must be adjusted against income from another year. However, such losses are allowed to be carried forward and set off, provided that they comply with certain conditions and limitations outlined in the Act. Contrary to popular assumption, not all losses