The document is a circular from the National Institute of Technology Calicut providing guidance to staff on deductions and allowances for income tax purposes in the 2012-2013 financial year, including details on housing loans, medical reimbursements, transport allowances, and deductions available under Chapter VI-A of the Income Tax Act. It includes a pro forma for staff to provide details of their income, deductions claimed, and tax calculations, and notifies staff that income tax will be deducted from their salary on a monthly average basis.
This document discusses various types of deductions that can be claimed under section 80 of the Indian Income Tax Act. It provides details on deductions for certain payments like savings, health insurance, donations, house rent, and interest on loans. It also discusses deductions for certain incomes like royalty income, interest income from savings accounts and deposits held by senior citizens. The document includes examples and questions to calculate the total income and deductions under section 80G for donations made to various funds and institutions.
1. Deductions specified under sections 80C to 80U of the Income Tax Act will be allowed from an individual's or HUF's gross total income, subject to certain provisions and conditions.
2. The aggregate amount of deductions cannot exceed the gross total income of the assessee.
3. Certain deductions like under sections 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE will only be allowed if the return of income is filed by the due date.
The document discusses various tax deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It provides an overview of the basic rules for deductions, categories of deductions, and specifics on popular individual deductions such as those for savings and investments (80C), pension contributions (80CCC), medical insurance premiums (80D), medical expenditures (80DDB), education loans (80E), rent payments (80GG), and disability (80U). Deductions are intended to incentivize certain economic and social objectives and are subject to limits and eligibility conditions.
This document discusses various tax deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It provides an overview of the basic rules for deductions, categories of deductions including those for savings, personal expenditures, socially desirable activities and disabled persons. It then examines key deductions in further detail such as those under sections 80C for certain investments/payments, 80D for medical insurance premiums, 80DD for dependent relatives with disabilities, and 80U for individuals with disabilities. Deductions are permitted to incentivize certain economic activities and are subtracted from gross total income to arrive at total taxable income.
This document discusses various tax deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It provides an overview of the basic rules for claiming deductions and categorizes the deductions into encouraging savings, personal expenditures, socially desirable activities, and support for physically disabled persons. Several specific deductions are then described in more detail such as 80C for investments and savings, 80CCC for pension contributions, 80CCD for central government pension schemes, 80D for medical insurance premiums, and 80U for persons with disabilities. The conclusion reiterates that deductions are subtracted from gross total income to arrive at total income which is taxable.
This document provides an overview of various deductions that can be claimed under sections 80C to 80U of the Indian Income Tax Act of 1961. It explains key deductions such as those for approved savings and investments of up to Rs. 1.5 lakhs under section 80C, contributions to pension schemes under 80CCD, medical and education expenses under 80D, 80DD, 80E, and donations to certain funds under 80G. It also outlines eligibility criteria and limits for claiming these common tax deductions in India.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
This document discusses various types of deductions that can be claimed under section 80 of the Indian Income Tax Act. It provides details on deductions for certain payments like savings, health insurance, donations, house rent, and interest on loans. It also discusses deductions for certain incomes like royalty income, interest income from savings accounts and deposits held by senior citizens. The document includes examples and questions to calculate the total income and deductions under section 80G for donations made to various funds and institutions.
1. Deductions specified under sections 80C to 80U of the Income Tax Act will be allowed from an individual's or HUF's gross total income, subject to certain provisions and conditions.
2. The aggregate amount of deductions cannot exceed the gross total income of the assessee.
3. Certain deductions like under sections 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE will only be allowed if the return of income is filed by the due date.
The document discusses various tax deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It provides an overview of the basic rules for deductions, categories of deductions, and specifics on popular individual deductions such as those for savings and investments (80C), pension contributions (80CCC), medical insurance premiums (80D), medical expenditures (80DDB), education loans (80E), rent payments (80GG), and disability (80U). Deductions are intended to incentivize certain economic and social objectives and are subject to limits and eligibility conditions.
This document discusses various tax deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It provides an overview of the basic rules for deductions, categories of deductions including those for savings, personal expenditures, socially desirable activities and disabled persons. It then examines key deductions in further detail such as those under sections 80C for certain investments/payments, 80D for medical insurance premiums, 80DD for dependent relatives with disabilities, and 80U for individuals with disabilities. Deductions are permitted to incentivize certain economic activities and are subtracted from gross total income to arrive at total taxable income.
This document discusses various tax deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It provides an overview of the basic rules for claiming deductions and categorizes the deductions into encouraging savings, personal expenditures, socially desirable activities, and support for physically disabled persons. Several specific deductions are then described in more detail such as 80C for investments and savings, 80CCC for pension contributions, 80CCD for central government pension schemes, 80D for medical insurance premiums, and 80U for persons with disabilities. The conclusion reiterates that deductions are subtracted from gross total income to arrive at total income which is taxable.
This document provides an overview of various deductions that can be claimed under sections 80C to 80U of the Indian Income Tax Act of 1961. It explains key deductions such as those for approved savings and investments of up to Rs. 1.5 lakhs under section 80C, contributions to pension schemes under 80CCD, medical and education expenses under 80D, 80DD, 80E, and donations to certain funds under 80G. It also outlines eligibility criteria and limits for claiming these common tax deductions in India.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
Deductions to be made under Income Tax Act, 1961Amandeepbal60
This document discusses various deductions that can be made under Chapter VI of the Income Tax Act of 1961 when computing total income in India. It explains the meaning of gross total income and how deductions are allowed from it. It then provides details on deductions that can be claimed under sections 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGB for investments made in specified savings instruments, insurance premiums paid, contributions to pension funds, medical expenditures, education loans, donations to charitable funds, house rent paid and contributions to political parties respectively. It discusses the eligibility criteria and limits or amounts that can be claimed as deductions under these
This document discusses various tax deductions provided under sections 80C to 80U of the Indian Income Tax Act of 1961. It provides an overview of the basic rules for deductions, categories of deductions including those for savings, personal expenditures, socially desirable activities and disabled persons. It then examines several specific deductions in more detail, including those for life insurance premiums (80C), pension contributions (80CCC, 80CCD), medical insurance/expenses (80D, 80DD, 80DDB), education loans (80E), rent paid (80GG), and disability (80U). Deductions aim to incentivize certain economic activities and are subtracted from gross total income to arrive at total taxable income. The total deductions
The document summarizes various tax deductions available under the Indian Income Tax Act, including:
1. Deductions for life insurance premiums, contributions to provident funds, pension schemes, National Savings Certificates, ELSS mutual funds, tuition fees, and investments in specified infrastructure projects (Section 80C).
2. Additional deductions for contributions to pension funds (Section 80CCC) and the pension scheme of the Central Government (Section 80CCD).
3. Deductions for medical insurance premiums (Section 80D), dependent relatives with disabilities (Section 80DD), medical treatment costs (Section 80DDB), loan interest for higher education (Section 80E), donations to certain funds and institutions (Section
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.
This document outlines various tax deductions that can be claimed by individuals under Section 80C-80U of the Income Tax Act of 1961 in India. Some key deductions include:
- Contributions to provident funds, life insurance premiums, tuition fees for up to two children, home loan principal repayment, and certain investments can be deducted from gross total income under Section 80C, up to Rs. 1.5 lakh.
- Medical insurance premiums paid for self, spouse, children and parents are deductible under Section 80D, up to certain limits based on age.
- Expenses incurred for medical treatment of specified diseases can be deducted under Section 80DDB, up to Rs.
The document summarizes various tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. It provides details of eligible investments and amounts for common deductions such as life insurance premiums (Section 80C), contribution to pension plans (Section 80CCC), medical insurance premiums (Section 80D), medical expenditures (Section 80DDB), education loans (Section 80E), and disability (Section 80U). The aggregate amount of deductions cannot exceed the taxpayer's gross total income.
Deductions section 80 d, 80-dd ,80-ddb 80-e and 80-gg of it act.boseShankar Bose Sbose1958
This document provides an overview of various deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It discusses deductions available for encouraging savings, certain personal expenditures, socially desirable activities, and persons with disabilities. Specifically, it outlines deductions for life insurance premiums (80C), pension funds (80CCC), contribution to central government pension schemes (80CCD), medical insurance/treatment (80D, 80DD, 80DDB), education loans (80E), and rent paid (80GG). The maximum aggregate deduction under sections 80C, 80CCC and 80CCD is Rs. 1,00,000.
This document summarizes various tax deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It discusses deductions available for investments, medical expenses, education loans, rent payments, and for persons with disabilities. Key deductions include up to Rs. 1,00,000 under section 80C for investments, Rs. 15,000/10,000 under section 80D for medical insurance, and a fixed deduction of Rs. 50,000/75,000 under section 80U for persons with/severe disabilities. The aggregate of deductions cannot exceed total gross income.
This document discusses various tax deductions available under Sections 80C, 80CCC, 80CCD, 80GG, 80EE, and 80TTA of the Indian Income Tax Act. It provides details on the maximum deductions allowed, eligible investments and expenses, requirements that must be met to claim the deductions, and changes to the deductions for the financial years 2014-15 and 2015-16.
This document outlines various tax deductions available under Section 80 of the Indian Income Tax Act. It lists the codes for different tax deductions (e.g. 80C, 80D, 80DD, etc.) and provides a brief description of eligibility requirements and calculation of deduction amounts for key deductions related to investments, medical expenses, disability, education loans, donations, business profits and income from patents/royalties.
This document provides an overview of various tax deductions available under sections 80C to 80U of the Indian Income Tax Act. It discusses deductions to encourage savings such as those for life insurance premiums, pension contributions, and provident funds. It also covers deductions for certain personal expenditures like medical insurance, treatment of dependent relatives with disabilities, and loan repayments for higher education. The document outlines eligibility criteria and limits for each deduction and provides examples to illustrate the calculations.
This document provides summaries of deductions that can be claimed under Chapter VI-A of the Income Tax Act, specifically Sections 80C to 80U.
It summarizes 20 deductions that can be claimed under Section 80C for amounts paid towards life insurance, contributions to provident funds, tuition fees for children, home loans, equity investments, and more. Sections 80CCC and 80CCD provide deductions for contributions to pension plans. Section 80D allows deductions for medical insurance premiums paid. Section 80DD allows deductions for maintenance of a handicapped dependent.
In Personal Services we have 4 services – Digital Signature Certificate, Director Identification Number, E-filings, ITR Filings. We serve in filing Income Tax Returns for Individuals and Companies, along with providing DSC and DIN. Get the complete information and process about Personal Services.
This document provides general rules for claiming deductions and tax rebates on Form C for the financial year 2015-2016. It outlines various exemptions for allowances like house rent allowance, medical allowance, and children's education allowance. It also summarizes various deductions that can be claimed under sections 80C, 80CCC, 80CCD, 80CCE, and 80CCG of the Income Tax Act for investments, pension contributions, tuition fees, and other qualifying expenditures, subject to an overall deduction limit of Rs. 150,000. Instructions are provided on eligibility and documentation required for claiming these exemptions and deductions.
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.
ICAI-WIRC - Taxability of Trusts-Domestic & International Tax Issues - 28.01....P P Shah & Associates
The document provides an overview of a presentation on the taxability of trusts, both domestic and international. It discusses key topics like the concept and types of trusts, how trusts are taxed in different jurisdictions, connecting factors that determine taxation, case studies of onshore and offshore trusts, anti-avoidance provisions, and issues related to trusts and tax treaties. The presentation aims to explain the taxation of trusts under domestic laws as well as address various international tax issues that may arise in cross-border contexts involving trusts.
Uses and gratifications theory suggests that media audiences actively engage with media to fulfill certain needs. The theory identifies four main needs that drive media use: diversion or escape, personal relationships through social interaction, personal identity through learning about oneself, and surveillance or staying informed. An example of how the theory applies is that a magazine's colorful layout, pictures, and listing of articles can fulfill readers' needs for diversion, relationships, identity, and surveillance.
Deductions to be made under Income Tax Act, 1961Amandeepbal60
This document discusses various deductions that can be made under Chapter VI of the Income Tax Act of 1961 when computing total income in India. It explains the meaning of gross total income and how deductions are allowed from it. It then provides details on deductions that can be claimed under sections 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGB for investments made in specified savings instruments, insurance premiums paid, contributions to pension funds, medical expenditures, education loans, donations to charitable funds, house rent paid and contributions to political parties respectively. It discusses the eligibility criteria and limits or amounts that can be claimed as deductions under these
This document discusses various tax deductions provided under sections 80C to 80U of the Indian Income Tax Act of 1961. It provides an overview of the basic rules for deductions, categories of deductions including those for savings, personal expenditures, socially desirable activities and disabled persons. It then examines several specific deductions in more detail, including those for life insurance premiums (80C), pension contributions (80CCC, 80CCD), medical insurance/expenses (80D, 80DD, 80DDB), education loans (80E), rent paid (80GG), and disability (80U). Deductions aim to incentivize certain economic activities and are subtracted from gross total income to arrive at total taxable income. The total deductions
The document summarizes various tax deductions available under the Indian Income Tax Act, including:
1. Deductions for life insurance premiums, contributions to provident funds, pension schemes, National Savings Certificates, ELSS mutual funds, tuition fees, and investments in specified infrastructure projects (Section 80C).
2. Additional deductions for contributions to pension funds (Section 80CCC) and the pension scheme of the Central Government (Section 80CCD).
3. Deductions for medical insurance premiums (Section 80D), dependent relatives with disabilities (Section 80DD), medical treatment costs (Section 80DDB), loan interest for higher education (Section 80E), donations to certain funds and institutions (Section
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.
This document outlines various tax deductions that can be claimed by individuals under Section 80C-80U of the Income Tax Act of 1961 in India. Some key deductions include:
- Contributions to provident funds, life insurance premiums, tuition fees for up to two children, home loan principal repayment, and certain investments can be deducted from gross total income under Section 80C, up to Rs. 1.5 lakh.
- Medical insurance premiums paid for self, spouse, children and parents are deductible under Section 80D, up to certain limits based on age.
- Expenses incurred for medical treatment of specified diseases can be deducted under Section 80DDB, up to Rs.
The document summarizes various tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. It provides details of eligible investments and amounts for common deductions such as life insurance premiums (Section 80C), contribution to pension plans (Section 80CCC), medical insurance premiums (Section 80D), medical expenditures (Section 80DDB), education loans (Section 80E), and disability (Section 80U). The aggregate amount of deductions cannot exceed the taxpayer's gross total income.
Deductions section 80 d, 80-dd ,80-ddb 80-e and 80-gg of it act.boseShankar Bose Sbose1958
This document provides an overview of various deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It discusses deductions available for encouraging savings, certain personal expenditures, socially desirable activities, and persons with disabilities. Specifically, it outlines deductions for life insurance premiums (80C), pension funds (80CCC), contribution to central government pension schemes (80CCD), medical insurance/treatment (80D, 80DD, 80DDB), education loans (80E), and rent paid (80GG). The maximum aggregate deduction under sections 80C, 80CCC and 80CCD is Rs. 1,00,000.
This document summarizes various tax deductions available under sections 80C to 80U of the Indian Income Tax Act of 1961. It discusses deductions available for investments, medical expenses, education loans, rent payments, and for persons with disabilities. Key deductions include up to Rs. 1,00,000 under section 80C for investments, Rs. 15,000/10,000 under section 80D for medical insurance, and a fixed deduction of Rs. 50,000/75,000 under section 80U for persons with/severe disabilities. The aggregate of deductions cannot exceed total gross income.
This document discusses various tax deductions available under Sections 80C, 80CCC, 80CCD, 80GG, 80EE, and 80TTA of the Indian Income Tax Act. It provides details on the maximum deductions allowed, eligible investments and expenses, requirements that must be met to claim the deductions, and changes to the deductions for the financial years 2014-15 and 2015-16.
This document outlines various tax deductions available under Section 80 of the Indian Income Tax Act. It lists the codes for different tax deductions (e.g. 80C, 80D, 80DD, etc.) and provides a brief description of eligibility requirements and calculation of deduction amounts for key deductions related to investments, medical expenses, disability, education loans, donations, business profits and income from patents/royalties.
This document provides an overview of various tax deductions available under sections 80C to 80U of the Indian Income Tax Act. It discusses deductions to encourage savings such as those for life insurance premiums, pension contributions, and provident funds. It also covers deductions for certain personal expenditures like medical insurance, treatment of dependent relatives with disabilities, and loan repayments for higher education. The document outlines eligibility criteria and limits for each deduction and provides examples to illustrate the calculations.
This document provides summaries of deductions that can be claimed under Chapter VI-A of the Income Tax Act, specifically Sections 80C to 80U.
It summarizes 20 deductions that can be claimed under Section 80C for amounts paid towards life insurance, contributions to provident funds, tuition fees for children, home loans, equity investments, and more. Sections 80CCC and 80CCD provide deductions for contributions to pension plans. Section 80D allows deductions for medical insurance premiums paid. Section 80DD allows deductions for maintenance of a handicapped dependent.
In Personal Services we have 4 services – Digital Signature Certificate, Director Identification Number, E-filings, ITR Filings. We serve in filing Income Tax Returns for Individuals and Companies, along with providing DSC and DIN. Get the complete information and process about Personal Services.
This document provides general rules for claiming deductions and tax rebates on Form C for the financial year 2015-2016. It outlines various exemptions for allowances like house rent allowance, medical allowance, and children's education allowance. It also summarizes various deductions that can be claimed under sections 80C, 80CCC, 80CCD, 80CCE, and 80CCG of the Income Tax Act for investments, pension contributions, tuition fees, and other qualifying expenditures, subject to an overall deduction limit of Rs. 150,000. Instructions are provided on eligibility and documentation required for claiming these exemptions and deductions.
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.
ICAI-WIRC - Taxability of Trusts-Domestic & International Tax Issues - 28.01....P P Shah & Associates
The document provides an overview of a presentation on the taxability of trusts, both domestic and international. It discusses key topics like the concept and types of trusts, how trusts are taxed in different jurisdictions, connecting factors that determine taxation, case studies of onshore and offshore trusts, anti-avoidance provisions, and issues related to trusts and tax treaties. The presentation aims to explain the taxation of trusts under domestic laws as well as address various international tax issues that may arise in cross-border contexts involving trusts.
Uses and gratifications theory suggests that media audiences actively engage with media to fulfill certain needs. The theory identifies four main needs that drive media use: diversion or escape, personal relationships through social interaction, personal identity through learning about oneself, and surveillance or staying informed. An example of how the theory applies is that a magazine's colorful layout, pictures, and listing of articles can fulfill readers' needs for diversion, relationships, identity, and surveillance.
The document describes the process of designing a contents page for a new magazine. The designer draws boxes to indicate image placements and experiments with fonts, colors, and layouts. Subscription pricing is adjusted based on research of comparable magazines. Images and graphics are added from previous work and resized to fit allocated spaces. Text formatting is adjusted to ensure readability against the added visual elements. The final contents page design aims to attract and engage readers through an appealing visual hierarchy and consistency with inspiration from other successful magazines.
The document describes the process of creating a double page spread for a magazine. The author is drawing out the layout and adding their artist name. They are experimenting with font colors, types, and sizes to make the name look professional and consistent with the rest of the magazine. Photos and album covers will be added later once they are available.
1. The magazine cover uses various graphic design elements like the central image, cover lines, pull quotes, and plugs in different sizes and colors to draw attention and highlight the importance of articles.
2. The name and image of the featured artist, Rihanna, stands out against the background in large font and color to attract viewers and pull them in.
3. Consistency in the color scheme throughout the magazine makes it look more professional while the graphic features and variations in typography keep the cover interesting and eye-catching for the audience.
A country's balance of payments accounts for payments to and from foreigners across three broad accounts: the current, financial, and capital accounts. The current account tracks trade in goods and services, while the financial account covers asset transactions and the capital account special transfers. Each international transaction is double-entered as a credit or debit. The accounts must balance through this double-entry system.
This document appears to be from a magazine or publication and contains articles, a contents page, and front covers spread across double pages. It includes multiple articles, a table of contents to navigate the different pieces, and front covers to introduce the overall publication.
Haiku Deck is a presentation platform that allows users to create Haiku-style presentations. The document encourages the reader to get started creating their own Haiku Deck presentation on SlideShare by providing a link to do so. It pitches the idea of creating Haiku Deck presentations on SlideShare in a single sentence.
The document summarizes the results of a questionnaire evaluating a music magazine. Key findings include:
- Respondents mostly wanted coverage of festivals, gigs, and music news in the magazine.
- A solo artist should be featured on the cover.
- Readers preferred the magazine in the £2-£3 price range.
- Festivals/gigs and interviews should be featured as double page spreads.
- The preferred magazine titles were "Discovered", "Main Music", or "Released".
The document outlines Indian income tax rates, deductions, and exemptions for individuals. It provides tax rates for different income brackets for general individuals, resident women under 65, and residents aged 65 and above. It also summarizes common deductions like HRA exemption, medical reimbursement, interest on home loans, capital gains tax, and deductions under Chapter VI-A of the Income Tax Act. Penalties for late filing and payment of taxes are also mentioned.
Deductions from Gross Total Income under sections 80C to 80U are intended to incentivize taxpayers and encourage certain economic activities. They reduce gross total income to arrive at total taxable income. Key deductions include those for investments/payments toward life insurance, retirement funds, tuition loans, medical expenditures, housing rent, and disability. The total deductions cannot exceed gross total income. Deductions require proof of qualifying expenditures/investments and are subject to specific limits and conditions in each section.
Session IV- Deduction Sec 80C to 80U.pptxsgtuniversity
This document discusses various tax deductions available under Sections 80C to 80U of the Indian Income Tax Act. Key deductions include:
- Investments in retirement funds, life insurance, tuition fees, home loans (Section 80C, up to Rs. 150,000)
- Contributions to pension funds (Section 80CCC, up to Rs. 150,000)
- Medical insurance premiums for self, spouse, dependents and parents (Section 80D, up to Rs. 50-75,000)
- Interest on education loans and home loans (Section 80E and 80EE, up to Rs. 50,000 each)
- Donations to charitable organizations (Section 80G, tax deductible
This document discusses various tax saving instruments available to individuals in India under the Income Tax Act. It provides details on deductions that can be claimed under sections 80C, 80CCC, 80CCD, 80CCG, 80D, 80DD, 80E, 80EE, 80G, 80TTA, and 80U for investments/payments made towards life insurance, pension funds, equity savings schemes, health insurance, education loans, home loans, donations, interest on savings accounts, and disability. The conclusion states that while tax saving instruments help reduce tax liability, it is not possible for high income individuals to bring their taxable income down to zero even with maximum deductions.
Deduction under chapter VI-A (section 80C- 80U) income tax, 1961Shubham Verma
The document outlines key aspects of India's Income Tax Act of 1961, as amended in 2015, including:
1) It describes the different chapters and sections covering definitions, residential status, exemptions, heads of income, clubbing provisions, setoff provisions, and deductions.
2) It provides details on the residential status criteria for being a non-resident, non-ordinary resident, or ordinary resident.
3) It summarizes various deductions that can be claimed under sections 80C to 80U, including for provident funds, life insurance, tuition fees, health insurance, disability, and donations. The maximum aggregate deduction is Rs. 1,50,000.
This document summarizes various income tax deductions available in India. It outlines the slab rates and exemptions under section 10. It details the deductions available for house rent allowance, leave travel concession, life insurance premiums, tuition fees, interest on educational loans, housing loan repayments, national pension scheme contributions, medical insurance premiums, medical expenditures, interest on savings accounts, and contributions to specified pension funds. It provides the eligibility criteria and limits for each deduction.
This document outlines income tax rates for various types of individuals and entities in India. It provides income tax slabs and rates for:
1) Resident individual/HUF/AOP/BOI between the ages of 60-79 years and 80+ years. Tax rates range from nil for income up to Rs. 30,000-50,000 to 30% for income over Rs. 10,00,000.
2) Firms, LLPs, and local authorities which are all taxed at a flat rate of 30% on total income.
3) Domestic and foreign companies which are taxed at 30% and 40% respectively.
It also defines key tax terms
The document discusses various aspects of tax planning in India including:
- Tax slabs and rates for different types of taxpayers.
- Common tax deductions available under Sections 80C, 80D, 80E, and 80CCC of the Income Tax Act up to a total limit of Rs. 1 lakh.
- Tax treatment of various financial instruments like insurance, PPF, ELSS, housing loans, etc.
- Examples are provided to illustrate how tax liability can be reduced through proper tax planning and use of deductions.
1. The document outlines various tax exemptions and deductions available under the Indian Income Tax Act for items such as house rent allowance, children's education allowance, interest on housing loans, life insurance premiums, contributions to pension funds, donations to charitable organizations, medical expenditures, and others.
2. It provides details on eligibility limits, qualifying conditions, and required documentation for each exemption/deduction section.
3. Supporting documents mentioned include rental agreements, receipts, certificates, medical bills, contribution receipts, loan documents, and more, depending on the particular exemption/deduction being claimed.
The document provides information about income tax rates and deductions in India. Some key points:
- Only 2% of the Indian population files income tax returns due to fear of disclosure or complexity.
- Tax rates range from 0-30% depending on income level and citizen status (senior, very senior).
- Various deductions are available under Section 80C (up to Rs. 150,000) and Chapter VI-A for investments, housing loans, education loans, medical expenses, donations, etc.
- Planning tools like investments in spouse/parents name, housing loans, capital gains exemptions can help reduce tax liability. Proper documentation is important for claiming deductions.
This document provides guidelines for submitting income tax proof documents for the 2022-2023 financial year. Key points include:
- Employers report the PAN of landlords and loan lenders to the income tax department, so additional caution is needed when providing this information.
- HRA can only be claimed for the period of employment at the current company.
- A single self-declaration form can be used to claim multiple tax components instead of multiple forms.
- NPS contributions deducted from salary do not require proof submission as the payroll will consider it directly for exemption.
The document provides information about income tax rates and deductions in India. Some key points:
- Only 2% of the Indian population files income tax returns.
- Tax rates range from 0-30% depending on income level and citizen status (senior, very senior).
- Various deductions are available including housing loan interest, medical insurance, education loans, charity donations, and investments under Section 80C up to Rs. 150,000.
- Tax planning strategies include maximizing deductions, investing in a spouse or parent's name to take advantage of lower tax brackets, and claiming exemptions for allowances like transport, meals, and children's expenses.
The document provides information on income tax rates and slabs for the financial year 2013-2014 in India. It also discusses various tax deductions that can be claimed under sections like 80C, 80D, 80DD, 80E, 80G, 80U, HRA exemption, home loan interest deduction, LTA exemption and more. It emphasizes the importance of financial planning, setting financial goals, asset allocation, retirement planning, building a balanced investment portfolio, and getting suitable insurance covers. The key advice includes starting investments early, systematic investing, maintaining an emergency fund, and reviewing one's portfolio periodically.
This section provides a summary of deductions available under Section 80 of the Income Tax Act. Some key deductions include:
- Section 80C allows deduction up to Rs. 1.5 lakh for life insurance premiums, PPF contributions, tuition fees, housing loan repayments, and others.
- Section 80D allows deduction up to Rs. 25,000/year for medical insurance premiums.
- Section 80G allows a 50% deduction for donations to certain funds and institutions.
The document outlines various other deductions available under Section 80 related to pension funds, employment of new workers, offshore banking income, and more.
This section provides a deduction from total income for various investments, expenditures, and payments for which a tax rebate was previously available under section 88. The total deduction under this section combined with sections 80CCC and 80CCD is limited to Rs. 1 lakh. Eligible items for deduction include life insurance premiums, contributions to provident funds, subscriptions to notified savings plans, tuition fees for up to two children, and investments in specified infrastructure bonds.
A list of provisions provided for planning savings and investments as part of your Income Tax planning. This is a beginner's guide to introduce yourself to several possible provisions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
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Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
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Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
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https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Discover the Future of Dogecoin with Our Comprehensive Guidance
Investment
1. NATIONAL INSTITUTE OF TECHNOLOGY CALICUT
A8/2585/2012 12.09.2012
CIRCULAR
Sub: - Deduction of Income Tax from salaries for the Financial Year 2012-2013 (Assessment
Year 2013-14)
Members of staff and other adhoc staff whose gross salary income during 2012-
2013 would exceed Rs.2,00,000/- are requested to furnish a statement in the Proforma
appended with relevant documents in original, so as to reach the J S Bills, Accounts Section
on or before 28-09-2012. In case the statement is not furnished before the above mentioned date,
income tax for the year 2012-2013 will be computed on the basis of the details available in the
relevant office records and recovery will be effected accordingly from the salary for October
2012 and onwards.(reference: Para 3.3.1 of C B D T circular No:9/2008)
2. Loss under the head “Income from House Property” being interest on House Loan may be claimed
as deduction (Section 192(2B)). The maximum amount of eligible for such deduction is Rs.30, 000
for housing loans taken for construction or acquisition of residential building upto 31.03.1999
and Rs.1, 50,000/- for housing loans availed for construction or acquisition of residential
building from 01.04.1999 for the year 2012-13. Certificate to this effect from the person to
whom the interest is payable specifying the amount of interest payable has also to be obtained and
furnished in original. The higher rate (Rs.1, 50,000/-) is not available for loans taken for
repair/renovation.
3. In order to allow deduction towards rent paid, as per Sl.No.4 of the Proforma, the officials
concerned should produce rent receipts along with the statement of income. Deduction will not be
considered if rent receipt in original is not produced. Salary for regulating the exemption for HRA
includes GP and DA.
4. Medical reimbursement by the employer exceeding Rs.15, 000/- p.a is to be taken as perquisite u/s
17(2)(V) of Income Tax Act.
5. Transport Allowance to the extent of Rs.800/- per month is exempt from Income Tax
6. Children Education Allowance: Rs.100 per month per child up to a maximum of two children.
7. Any allowance granted to an employee to meet the hostel expenditure on his child, Rs.300/- per
month per child up to a maximum of two children
8. Important deductions under Chapter VI-A of Income tax Act are:
1
2. I.T Amount of
Sl.No. Category
Section Deduction
Aggregate of amount paid/ incurred/invested towards
1 any of the following:
a. Premium paid towards Life Insurance Policy not
exceeding 20% of the total Sum Assured.
b. Contribution towards approved Provident Fund
including PPF
c. Subscription towards National Saving Certificate
d. Contribution to UTIs Retirement Benefit Plan.
e. Investment in UTIs Unit Linked Insurance Plan
f. Approved Mutual Fund Investment
80C g. Repayment of Housing Loan Principal towards Up to Rs.1, 00,000
Self-occupied Residential Property
h. Payment of Tuition fees towards any two children
of the assessee
i. Investment in Pension Fund / Deposit Scheme of
National Housing Bank Under Home Loan
Account Scheme
j. Fixed Deposit of any Scheduled Bank /Housing
Finance Co. for not less than 5 years
k. Investment in Equity Shares Debentures of
approved Public Finance Instn. or Company
2 80 CCC Premium paid towards IRDA approved Pension Fund Up to Rs.1, 00,000
Amount paid/deposited in an approved Pension
Up to10% of Salary
Scheme of Central Government
3. 80CCD
& matching contribution made by the Employer to
Up to 10% of Salary
the Pension A/c of individual.
Aggregate of deduction u/s 80C, 80CCC & 80CCD
4. 80 CCE ----
shall not exceed Rs.1 lakh.
5 80CCF Investment in infra structure bonds. Rs.20,000/-
a. Medical Insurance Premium paid by any mode
6 Up to Rs. 15,000.
80 D other than cash.
b. For Senior Citizens Up to Rs. 20,000.
a. Any expenditure for Medical, Nursing &
Rehabilitation incurred on dependent relative Upto Rs.50, 000 if
suffering from permanent Physical Disability, disability is over
7 80DD Autism, Cerebral Palsy and Multiple disability 40% & Rs.75,000 if
b. Deposits under LIC, UTI’s Scheme & other IRDA disability is over
approved Insurers for the benefit of Physically 80%
Handicapped dependent
a. Actual expenditure incurred on medical treatment
of self, or dependent family members suffering
Upto Rs.40, 000
8 80 DDB from terminal diseases like Cancer, AIDS, Renal
failure etc.
Upto Rs.60, 000
b. For Senior Citizens.
2
3. Interest on repayment of Loan taken from
charitable / financial institution for Self, Spouse, Any amount of
9 80E
Children Higher Education for a maximum of interest
8 years
Any donations for charitable purpose can be
10 80G claimed by the taxpayer only at the time of filing -
of return of income.
Deduction in respect of rents paid provided no Lowest of actual
house is owned by self, spouse or minor child amount of HRA
in the place of work and is residing in any of received or an
11 80GG the specified cities. The officials concerned amount equal to
should produce rent receipts with declaration 40% salary or rent
in Form10BA paid in excess of
10% of total income.
Persons suffering from permanent physical Rs.75, 000 if
Disability and includes Autism, Cerebral Palsy, disability is over
Multiple Disability, Person with Disability 40% and
12 80U and Severe Disability. It should be certified by the Rs.1, 00, 000/- if
medical authority. disability is over
80%.
Deductions under Chapter VI-A will be allowed only on production of relevant documents in
original.
Rates of income tax for the 2012-2013 are given below for information.
Income tax Rates for
Annual income from
all sources Citizen Sr.Citizen above 60 Super Sr.Ctzn
(After all exemptions below 60 & below 80 80 years and Primary & Secondary
& deductions) Yrs (born Yrs.(born during above(born Education Cess
after April April 1, 1933 and before April 1,
1, 1953) March 31 , 1953) 1933)
Upto 2,00,000 Nil Nil Nil Nil
2,00,001 - 2,50,000 10% Nil Nil 3%
2,50,001 - 500,000 10% 10% Nil 3%
5,00,001 -10,00,000 20% 20% 20% 3%
10,00,001 and above 30% 30% 30% 3%
9. Permanent Account number (PAN) to be invariably mentioned in the statement of income tax, as
required by the Income tax Department.
10. As per Para 3.3.1 of Circular No.9/2008 [FNo.275/192/2008 – IT (B)] of CBDT, the income tax
will be deducted by the DDO on average basis at the time of each payment. For working out the
average monthly income tax, deduction will be considered to the extent to which proof for such
deduction has been furnished by the assesse to the satisfaction of the DDO.
3
4. 11. Form 16 once issued will not be revised nor duplicate issued. Employees are requested to keep
sufficient number of copies of Form 16 before submission to Income Tax Department.
12. In the case of housing loan availed in the joint names of the assessee and his/her spouse, a
certificate issued by the employer of the spouse specifying the extent of deduction claimed by the
spouse on account of this has to be furnished to claim deduction under section 192 (2B). In the
absence of the certificate, the deduction will be restricted to 50% where original certificate issued
by the bank is produced and no deduction will be allowed where original certificate issued by the
bank is not produced.
13. Changes, if any, in any of the above provision will be intimated in due course.
14. Circular and format will be available in the NITC website.
REGISTRAR
Copy to:
1. All Departments/Heads – For circulation among the staff / Adhoc Lectures and others
attached to them.
2. Director : For information please.
3. Deputy Registrar (finance) : For information and necessary action.
4
5. NATIONAL INSTITUTE OF TECHNOLOGY CALICUT
STATEMENT OF INCOME TAX FOR THE FINANCIAL YEAR 2012-2013
(A.Y 2013-2014)
1 Name, Designation and Emp.Code :
2 Permanent Account Number :
FOR OFFICE USE
3 i) Probable income from salary/Pension during
2012-2013 including all allowances
Salary (Pay, DA, Tr.All.) Rs.
ii) Employer’s contribution towards New Pension
Scheme during the Financial Year 2012-13. Rs.
iii)Honorarium/ Any other income Rs.
iv) Reimbursement of medical claim received in Rs.
excess of Rs.15,000/-
Total Rs.
4 Less: House Rent Allowance exempt U/s 10 (13A)
(a) :Least of :
(i) Actual Amount of HRA received
(ii) Expenditure of rent in excess of 10% of
salary
(iii) 40% of salary
(b) (Indicate the amount of rent paid Rs…)
i) Transport Allowance
Total Rs.
5 Balance (3-4) Rs.
6 Professional tax paid Rs.
7 Balance (5-6) Rs.
Income from House Property:
8
Interest payable on Housing Loan U/s 192 (2B) Rs
Deductions under Chapter VI A, if any, vide Para 8
9
Sl.No.5-12 of circular. (-) Rs.
10 Total income
5
6. 11 Deduction U/s 80 C
GPF Contribution Rs.
GSLI Rs.
LIC (Policy No…………………) Rs.
Unit Linked Insurance Plan (ULIP) Rs.
Postal Life Insurance (PLI) Rs.
Refund of HBA (Principal) Rs.
NSC Rs.
Tuition fees for full time education of 2 children Rs.
5 year Bank Fixed Deposit Rs.
Approved mutual fund investment Rs.
Total Rs.
12 Deduction u/s 80CCC contribution to Pension Fund Rs.
Deduction u/s 80CCD(1). Contribution New Pension
Scheme up to 10% during the financial year 2012 – 13 by
13
the
Employee Rs.
Section 80CCE (11+12+13)
14
(Maximum qualifying amount is Rs.1,00,000/-)
15 Deduction u/s 80CCD(2). NPS Employer contribution Rs.
16 Total (14+15) Rs.
17 Total taxable income (10-16) Rs.
18 Tax on total income Rs.
19 Educational cess @3% Rs.
20 Total (18+19) Rs.
21 Tax deducted at source Rs.
22 Tax to be paid (20-21) Rs.
Recovery rate : -
Signature and Date:
Name :
Designation :
Department :
6