Tag: Deductions
Section 80TTB of Income Tax Act, 1961, inserted by Finance Act, 2018, provides for a higher deduction, in the case of Senior Citizens (i.e. resident Individuals of age 60 …
Section 80TTA of Income Tax Act, 1961 provides for a deduction of upto Rs. 10,000 in respect of interest income earned from savings deposits maintained with a Bank or Post …
Detailed Analysis of the Provisions of Section 80C under Income Tax Act, 1961 relating to Deduction for eligible Investments/ Savings, etc.
The CBDT has clarified about the eligibility for deduction u/s 80-IB/ 80-IC in respect of revenue receipts (i.e. Transport, Power and Interest subsidies) of an Industrial Undertaking/ eligible business.
The CBDT has clarified that expenditure incurred by a Firm on Keyman Insurance Policy in the case of a Partner is admissible under Section 37 of Income Tax Act, …
Section 80D of the Income Tax Act, 1961 provides for Mediclaim Deduction to Individual and HUF taxpayers, i.e. in respect of payment of Health/ Medial Insurance Premium for family, …
The CBDT has clarified that the deduction under Chapter Vl-A is admissible on the enhanced profits due to disallowance made under sections 32, 40(a)(ia), 40A(3), 43B, etc.
CBDT has notified the ‘Atal Pension Yojana (APY)’ as a pension scheme for the purposes of claiming deduction under S. 80CCD of the Income Tax Act.