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Students Corner / UP Board Result
« on: June 10, 2017, 06:29:35 AM »
UP Board exam result 2017: 10वीं  और 12वीं

Teachers News / Osho on Teachers
« on: March 30, 2017, 06:30:49 AM »

India Talks / 10 RS
« on: March 18, 2017, 07:10:09 PM »

India Talks / 2000 RS
« on: March 18, 2017, 07:09:00 PM »

Income Tax Sections / 10 (13A)
« on: March 01, 2017, 05:42:36 PM »
House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a rented house and get a HRA from your employer.

Income Tax / Tax Benefit on Home Loan
« on: February 26, 2017, 06:18:17 PM »

Income Tax Sections / 24
« on: February 26, 2017, 05:59:37 PM »
Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.

The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs).

Income Tax Sections / 80RRB
« on: February 24, 2017, 07:23:38 AM »

Deductions on Income by way of Royalty of a Patent
Section 80RRB: Deduction with respect to any Income by way of Royalty of a Patent

Deduction for any income by way of royalty for a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available up to Rs. 3 lakhs or the income received, whichever is less. The taxpayer must be an individual resident of India who is a patentee. The taxpayer must furnish a certificate in the prescribed form duly signed by the prescribed authority.

Income Tax Sections / 80G
« on: February 24, 2017, 07:22:53 AM »

Deduction for donations towards Social Causes
Section 80G: Deduction for donations towards Social Causes

The various donations specified in Sec. 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in Sec. 80G. 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000.
Donations with 100% deduction without any qualifying limit:

    National Defence Fund set up by the Central Government
    Prime Minister's National Relief Fund
    National Foundation for Communal Harmony
    An approved university/educational institution of National eminence
    Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district
    Fund set up by a State Government for the medical relief to the poor
    National Illness Assistance Fund
    National Blood Transfusion Council or to any State Blood Transfusion Council
    National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
    National Sports Fund
    National Cultural Fund
    Fund for Technology Development and Application
    National Children's Fund
    Chief Minister's Relief Fund or Lieutenant Governor's Relief Fund with respect to any State or Union Territory
    The Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister's Cyclone Relief Fund, 1996
    The Maharashtra Chief Minister's Relief Fund during October 1, 1993 and October 6,1993
    Chief Minister's Earthquake Relief Fund, Maharashtra
    Any fund set up by the State Government of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat
    Any trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of earthquake in Gujarat (contribution made during January 26, 2001 and September 30, 2001) or
    Prime Minister's Armenia Earthquake Relief Fund
    Africa (Public Contributions India) Fund
    Swachh Bharat Kosh (applicable from financial year 2014-15)
    Clean Ganga Fund (applicable from financial year 2014-15)
    National Fund for Control of Drug Abuse (applicable from financial year 2015-16)

Donations with 50% deduction without any qualifying limit.

    Jawaharlal Nehru Memorial Fund
    Prime Minister's Drought Relief Fund
    Indira Gandhi Memorial Trust
    The Rajiv Gandhi Foundation

Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income

    Government or any approved local authority, institution or association to be utilised for the purpose of promoting family planning
    Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India.

Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

    Any other fund or any institution which satisfies conditions mentioned in Section 80G(5)
    Government or any local authority to be utilised for any charitable purpose other than the purpose of promoting family planning
    Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns, villages or both
    Any corporation referred in Section 10(26BB) for promoting interest of minority community
    For repairs or renovation of any notified temple, mosque, gurudwara, church or other place.

Income Tax Sections / 80U
« on: February 24, 2017, 07:22:19 AM »

Deductions for Person suffering from Physical Disability
Section 80U: Deduction for Person suffering from Physical Disability

Deduction of Rs. 50,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation. In case of severe disability, deduction of Rs. 100,000 can be claimed. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D. This is a fixed deduction and not based on bills or expenses.

For financial year 2015-16 The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00,000 has been raised to Rs 1,25,000.

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