This document summarizes various tax deductions available under the Indian Income Tax Act. It discusses deductions available under sections 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80U, and recently introduced sections 80TTA and 80CCG. Key deductions include those for life insurance premiums, PF contributions, home loan repayment, medical expenses, donations, tuition fees, and investments in specified savings instruments to encourage personal savings. The aggregate deduction under sections 80C, 80CCC and 80CCD cannot exceed Rs. 100,000.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
I came across general queries on Income taxation issues from employees and I tried to help them to understand basic taxation rules and better financial plan for middle level salaried employees.
The Aggregate income from all the heads of income is known as Gross Total Income.
In Computing the Total Taxable Income on an assessee, certain deductions under sections 80C to 80U are allowed from his Gross Total Income. It means , firstly, that the income of the assessee shall be calculated under 5 specific Heads of income and incomes from all heads are put together and then from this total, certain deductions are made and after making deductions whatever remains shall be the total income or total taxable income.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
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2. Categories of Deductions
• To encourage savings
• For certain personal expenditure
• For socially desirable activities
• For physically disabled persons
They are intended to act as incentive to the assessee for
achieving certain economic objectives.
3. Deduction u/s 80C
• From AY 2007-08 onwards.
• Applicable only to Individual & HUF.
• This section provides for deduction in respect of certain
expenditure/ investments paid or deposited by the assessee
in the previous year.
The gross qualifying amount under this section refer to the
payment/investment under some of the following schemes:-
Any sums paid or deposited by the assessee —
As Life Insurance premium to effect or keep in force
insurance on life of:-
(a) self, spouse and any child in case of individual. Insurance
premium should not exceed 20% of the actual capital sum assured.
4. Deduction under section 80C
and tax planning• From AY 2007-08 onwards.
• Applicable only to Individual & HUF.
• This section provides for deduction in respect of certain
expenditure/ investments paid or deposited by the
assessee in the previous year.
The gross qualifying amount under this section refer to the
payment/investment under some of the following schemes:-
Any sums paid or deposited by the assessee —
As Life Insurance premium to effect or keep in force
insurance on life of:-
(a) self, spouse and any child in case of individual. Insurance
premium should not exceed 20% of the actual capital sum assured.
5. Deduction u/s 80C
To effect or keep in force a Non Commutable deferred annuity
contract on life of self, spouse and any child in case of individual.
By way of deduction from salary payable by or on behalf of the
Government to any individual for the purpose of securing to him a
deferred annuity or making provision for his spouse or children.
(The sum so deducted does not exceed 1/5th of the salary. )
4.As contribution by an individual to Provident Fund
Recognized provident fund.
Statutory provident fund
Public Provident Fund
Super Annuation Fund
To effect or keep in force a Non Commutable deferred annuity
contract on life of self, spouse and any child in case of individual.
Subscription to the NSC
6. Deduction u/s 80C
Pension fund set up by any Mutual Fund notified u/s
10(23D).
As subscription to any such deposit scheme of National
Housing Bank (NHB), or as a contribution to any such
pension fund set up by NHB as notified by Central
Government.
As subscription to notified deposit schemes of (a) Public
sector company providing long term finance for
purchase/construction of residential houses in India or (b) any
authority constituted in India for the purposes of housing or
planning, development or improvement of cities, towns and
villages.
As subscription to any units of any Mutual Fund notified
u/s 10(23D) (Equity Linked Saving Schemes).
7. Deduction u/s 80C
As tuition fees (excluding any payment towards any
development fees or donation or payment of similar nature), to
any university, college, school or other educational institution
situated within India for the purpose of full-time education of
any two children of children of Individuals
Towards the cost of purchase or construction of a
residential house property (including the repayment of
loans taken from Government, Bank, LIC, NHB, assessee’s
employer etc., and also the stamp duty, registration fees and
other expenses for transfer of such house property to the
assessee.
Repayment of Housing Loan
8. Deduction u/s 80C
As subscription to equity shares or debentures forming part of any
eligible issue of capital of public company or any public financial institution
approved by Board.
18 Bank Fixed Deposit with 5 Years Lock in Period
19 Subscription to Notified Bonds of NABARD
20 Deposit with Senior Citizen Saving Scheme
21 Time Deposit with Post Office of 5 Years
9. Deduction u/s 80C
Provident Fund: SPF, PPF, RPF and VPF
Life Insurance Premiums
Equity Linked Savings Scheme (ELSS)-mutual fund (MF) schemes
Home Loan: Principal Repayment, Stamp Duty and Registration
Charges.
National Savings Certificate
Bank Fixed Deposits: (LIP-5Y)
Senior Citizens Savings Scheme
Post Office Time Deposit Account
Tuition Fees (2 children)
10. Deduction u/s 80CCC
• Contribution to Pension Fund u/s
80CCC
The following conditions are to be satisfied.
• Tax Payer is an individual
• He should have deposited a sum under annuity plan of Insurance Co
during the previous year.
• The amount should be paid of the income chargeable to tax.
• Maximum Investment is Rs 1,00,000
11. Deduction u/s 80CCD
Deduction in Respect of Contribution to
Pension Scheme of Central Government.
Section 80CCD (1): Deduction in respect of Contribution to Pension Account
(by Assessee}
Deduction available for the amount paid or deposited in a pension scheme
notified or as may be notified by the Central Government subject to a
maximum of :
(a) 10% of salary in the previous year in the case of an employee (b) 10% of
gross total income in any other case.
Section 80CCD (2): Deduction in respect of Contribution to Pension Account
(by Employer}
Deduction available for the amount paid or deposited by the employer of the
assessee in a pension scheme notified or as may be notified by the Central
Government subject to a maximum of 10% of salary in the previous year.
12. The aggregate amount of deductions
under 80C, 80CCC and 80CCD put
together cannot exceed
Rs.1,00,000
13. Deduction u/s 80D
Deduction in respect of Medical
Insurance Premium.
• Mediclaim Policy is to be taken on Health of following person : Individual -
on the health of taxpayer, spouse or dependent parents or children of
taxpayer.
• From AY-2013-14, payment on account of preventive health check up.
Deduction:
• Insurance Premium paid or Rs 15,000 which ever is less.
• The above limit is increased to Rs 20,000 in case any assessee, his spouse
or Parents is 65 years of age. (Form A.Y 2013-14-It is 60 years)
14. Deduction u/s 80DD
Maintenance or Medical Treatment
of Handicap dependent u/s 80DD
The assess shall have to furnish a certificate in the prescribed form.
Dependant means the spouse, children, parents and siblings in case of
individuals.
Person with severe disabilities means a person suffering from 80% or
more of one or more disabilities.
Amount of Deduction
Fixed Deduction of Rs 50,000 is allowed.
A higher deduction of Rs 1,00,000 shall be allowed, where such dependent is a
person with severe disability having any disability over 80%.
15. Deduction u/s 80DDB
Deduction in Respect of Medical Treatment
Following conditions has to be satisfied
1. Taxpayer is resident Individual or HUF
2. Taxpayer has actually incurred expenditure for the medical treatment of a specified
disease or ailment as prescribed by the Board.
3. The expenditure is actually incurred for medical treatment of the assessee himself or
dependent spouse, parents, children, brothers & sisters.
4. The assessee shall have to submit a certificate in the prescribed form
Amount of Deduction
1. Rs 40,000 or the expenditure actually incurred, whichever is less.
2. In case, where the expenditure is actually incurred for medical treatment of
the assessee himself or dependent spouse, parents, childrens, brothers &
sisters who is 65 years of age or more then limit is increased to Rs 60.000
Medical treatment of such diseases specified in Rule 11D
(e.g. Parkinson's disease, malignant cancers, full blown AIDS, chronic renal failure, etc)
for self or dependant individual.
16. Deduction u/s 80E
Interest on Loan for higher Education u/s 80E
Following conditions is to be satisfied.
1. The assessee is an individual.
2. He had taken a loan from any financial institution or approved charitable
institution
3. The Loan was taken for the purpose of pursing his higher education- i.e Full
time course or of his children
4. Amount is paid by the individual during the previous year by way of
payment of interest on such loan
5. Such amount is paid our of his income chargeable to tax
Amount of Deduction
• Amount paid during the year by way of repayment of interest thereon
• The deduction is available for a maximum period of 8 years or till the loan is repaid
whichever is earlier
17. Deduction u/s 80G
Donation to certain funds, institution u/s 80G
Deduction is available to any Taxpayer
Conditions:
1. Donation should not be in kind
2. Donation should be Rs 250 or more
3. Donation should be made to specified funds or institution
Amount of Deduction
• 100 % Deduction in some cases
• 50 % Deduction in other cases
18. Deduction u/s 80GG
Rent Paid u/s 80GG
Following conditions is to be satisfied
1. Tax payer is an individual
2. Tax payer is a self employed person or salaried person who is not receipt of
HRA
3. Tax payer/spouse/minor child does not own a residential accommodation at a
place of employment or business
Amount of Deduction
• Amount deductible is Least of the following:
• a) Rs 2000 per month
• b) 25 % of the Total Income
• c) Rent Paid Less 10 % of the Total Income.
19. Deduction u/s 80GGA
Donations for scientific research or rural development u/s 80GGA
Deduction is available to Any Assesee
Donations for Scientific Research or Rural Development or
Conservation of Natural Resources or to National Urban Poverty
Eradication Fund
Assessee should not have income under the Head “ Profits and Gains
of Business or Profession.
80GGC
Contribution given to any person to Political Parties
20. 80QQB
Royalty Income of Authors
• Actual Royalty received or Rs. 3,00,000 WEL.
80RRBRoyalty on Patents
80U SECTION 80U DEDUCTION IN CASE OF A PERSON WITH
DISABILITY
• Persons Covered Individual resident in India.
• Eligible Amount Flat deduction to a person with
disability.
• Extent of Deduction
• (a)Rs. 50,000/- in case of normal disability or
• (b) Rs. 1,00,000/- in case of severe disability.
21. 80U
SECTION 80U DEDUCTION IN CASE OF A PERSON WITH DISABILITY
• Persons Covered Individual resident in India.
• Eligible Amount Flat deduction to a person with disability.
• Extent of Deduction
• (a)Rs. 50,000/- in case of normal disability or
• (b) Rs. 1,00,000/- in case of severe disability.
22. Recently Introduced
Sections
• Section 80 TTA: Deduction from gross total income in
respect of any Income by way of Interest on Savings account
Deduction from gross total income of an individual or HUF, up to a maximum
of Rs. 10,000/-, in respect of interest on deposits in savings account (not
time deposits) with a bank, co-operative society or post office, is allowable
w.e.f. 01.04.2012 (Assessment Year 2013-14).
Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)
• As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving
Scheme (RGESS) will be launched.
• Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh
from A.Y. 2014-15) can invest in this scheme up to Rs. 50,000 and get a deduction of
50% of the investment.
• So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs.
50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000). View key
features of Rajiv Gandhi Equity Saving Scheme (RGESS).