INCOME TAX SECTIONS LIST IN INDIA EBOOK DOWNLOAD

All About income tax deductions under section 80C. The government of India offers tax exemptions for various expenses incurred in different Section 80C has an exhaustive list of deductions an individual is eligible for, which have led to. Chapter list for section BDO India adds new partner Niranjan Govindekar in Tax and Regulatory Services team · Senior Chartered Accountant Hinesh Doshi. For understanding the overall concept of Income Tax Law in India, one should have to know the title or contents/ topics covered under sections.


INCOME TAX SECTIONS LIST IN INDIA EBOOK DOWNLOAD

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INCOME TAX SECTIONS LIST IN INDIA EBOOK DOWNLOAD


Section 80 Deduction : Income Tax Deductions under Section 80C, 80CCD, 80CCC

The deduction that can be claimed is Rs 40, Such deduction, for an individual, is available in respect of any expenses incurred towards treatment of certain specified medical diseases or ailments for himself or any of his dependents.

For a HUF, such deduction is available in respect of medical expenses incurred towards these prescribed ailments, for any of the members of the HUF. In case the individual on behalf of whom such expenses are incurred is a senior citizen, a deduction income tax sections list in india Rs 1 lakh can be claimed by the individual or HUF income tax sections list in india.

This otherwise means, now it is a common deduction available upto Rs 1 lakh for all senior citizens including super senior citizens unlike earlier.

Any reimbursement of medical expenses by an insurer or employer shall be reduced from the quantum of deduction the taxpayer can claim under this section. Also remember that you need get a prescription for such medical treatment from the concerned specialist in order to be able to claim such deduction.

INCOME TAX SECTIONS LIST IN INDIA EBOOK DOWNLOAD

Read our detailed article on Section 80DDB. In case of severe disability, deduction of Rs. From FY any donations made in cash exceeding Rs 2, will not be allowed as deduction.

Section 80GGB Deduction on contributions given by income tax sections list in india to Political Parties Deduction is allowed to an Indian company for the amount contributed by it to any political party or an electoral trust. Deduction is allowed for contribution done by any way other than cash.

INCOME TAX SECTIONS LIST IN INDIA EBOOK DOWNLOAD

Section 80GGC Deduction on contributions given by any person to Political Parties Deduction under this section is allowed to a taxpayer except for a company, local authority and an artificial juridical person wholly or partly funded by the government, income tax sections list in india any amount contributed to any political party or an electoral trust.

The deduction is allowed for contribution done by any way other than cash. In case, the home Loan has been taken for the property which is not self-occupied, there is no maximum limit prescribed and the entire interest paid is fully exempted. If the taxpayer has availed a home loan for repair works or reconstruction, a maximum deduction of upto Rs 30, per financial year is permitted.

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Section 80EE In Budgeta new proposal has been made in which, first time home buyers are eligible for an additional tax deduction of up to Rs 50, on home loan interest payments under section 80EE. For claiming tax deductions under this new section 80EE, the following criteria have to be met The home loan income tax sections list in india have been availed or sanctioned in FY The Loan amount should be less than Rs 35 Lakhs.

This deduction cannot be claimed on income generated from interest on fixed deposits. The maximum tax deduction will be limited to the least of the following criteria; Rent paid minus 10 percent of the total income. Rs per month. This deduction can be claimed only when the contribution is made through cheque or draft.

List of Income Tax Exemptions for FY 2017-2018 and AY 2018-2019

In case of cash contribution, a maximum of Rs 10, is allowed as deduction. Contributions such as clothes, food material, medicines, etc are not eligible for deduction under section 80G.

Special provisions relating to voluntary contributions received by electoral trust Section — Heads of income Section — 14A:

INCOME TAX SECTIONS LIST IN INDIA EBOOK DOWNLOAD

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