This presentation discusses various tax deductions available under Section 80 of the Indian Income Tax Act. It categorizes the deductions into six types: 1) deductions to encourage savings, 2) deductions for certain personal expenditures, 3) deductions for socially desirable activities, 4) deductions for certain industrial undertakings and special economic zones, 5) deductions for certain incomes, and 6) deductions for physically disabled persons. For each type of deduction, the presentation lists the relevant sections of the Income Tax Act and specifies limits for deductions in the fiscal year 2019-2020. Eligible taxpayers can claim these deductions to reduce their taxable income and tax liability.
Chapter VI A - Deductions while Computing Total Income - Part IIDVSResearchFoundatio
OBJECTIVE
Every assessee earning more than the basic exemption limit is 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 fulfilment of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which relate to Corporate Assessees.
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.
Chapter VI A - Deductions while Computing Total Income - Part IIDVSResearchFoundatio
OBJECTIVE
Every assessee earning more than the basic exemption limit is 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 fulfilment of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which relate to Corporate Assessees.
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.
Tax Saving Guide for FY 2015-16 (AY 2016-17)Apnaplan.com
eBook on Tax Planning for FY 2015-16. Covers all tax exemptions available to tax payers in India. Updated according to Budget 2015 with latest Tax Calculator.
This is a presentation covering various sections of the Income Tax Act 1961, pertaining to Non - Residents. The presentation offers varying degree of coverage for the sections covered, and was presented before the Ghatkopar Study Circle of The Institute of Chartered Accountants of India - WIRC.
Project Office For Communication Purposes: Will It Constitute A PE?DVSResearchFoundatio
Key Takeaways:
- Background of the Case
- Contentions of the Department and Assessee
- Principles and Precedents Governing the Rule of PE
- Supreme Court's Verdict
Income under the head of “House property”
2.Income under the head of “profit and gain of business or profession”
3.Income under the head of “Capital Gain”
4.Income under the head of “Income from other sources”
Tax Saving Guide for FY 2015-16 (AY 2016-17)Apnaplan.com
eBook on Tax Planning for FY 2015-16. Covers all tax exemptions available to tax payers in India. Updated according to Budget 2015 with latest Tax Calculator.
This is a presentation covering various sections of the Income Tax Act 1961, pertaining to Non - Residents. The presentation offers varying degree of coverage for the sections covered, and was presented before the Ghatkopar Study Circle of The Institute of Chartered Accountants of India - WIRC.
Project Office For Communication Purposes: Will It Constitute A PE?DVSResearchFoundatio
Key Takeaways:
- Background of the Case
- Contentions of the Department and Assessee
- Principles and Precedents Governing the Rule of PE
- Supreme Court's Verdict
Income under the head of “House property”
2.Income under the head of “profit and gain of business or profession”
3.Income under the head of “Capital Gain”
4.Income under the head of “Income from other sources”
UTI Long Term Equity Fund (Tax Saving) | Invest in ELSS | UTI Mutual FundRinkuMishra13
UTI Long Term Equity Fund is an Equity Linked Savings Scheme (ELSS) that aims to generate long term capital growth and enables saving taxes. Invest in UTI Long Term Equity Fund now!
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The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
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As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
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Tax management (TM)- Deductions under section 80 of Income Tax act-MBA
1. A Presentation on The
Tax Management (18MS04F6)
4th Unit : Tax Management Decisions
2nd Mid Topic: Deductions U/S 80 of Income Tax Act
Presented by:
Immani Chandra Shekar
(Reg. No: 19K61E0020)
II-MBA-Finance
SITE
2. Introduction:
Indian tax laws contain certain provisions, which are intended to act as an incentive for
achieving certain desirable socio-economic objectives.
These provisions are contained in Chapter VIA and are in the form of deductions U/S 80C
to 80U from the Gross Income.
By reducing the chargeable income, these provisions reduce the tax liability, increase the
post-tax income and thus induce the tax-payers to act in the desired manner.
2
3. Basic Rules for Deduction:
Following are the basic rules for deduction:
The aggregate amount of deductions under sections80C to 80U cannot exceed gross total
income (gross total income after excluding long term capital gains, short term capital gain
under section 111A, winnings from lottery, crossword puzzles etc.)
These deductions are to be allowed only if the assessee claims these and gives the proof of
such investments/ expenditure/ income.
3
4. Categories of Deductions:
There are various kinds of deductions. Some of them are to encourage savings, some are for
certain personal expenditure, a few are for socially desirable activities, and some are for
economic growth. For the sake of better understanding we have categorized them into Six
kinds. They are:
Deductions to encourage savings
Deductions for certain personal expenditure
Deductions for socially desirable activities
Deductions for Certain Industrial Undertakings & SEZ
Deductions for Certain Incomes
Deductions for physically disabled persons
4
5. Sections Income Tax Deduction for FY
2019-20 (AY 2020-21)
Who can Invest? Limit for FY 2019-20
(AY 2020-2021)
Section 80-C Investing into very common & popular
investment options like LIC, PPF,
Sukanya Samriddhi Account, Mutual
Funds & FD etc.
Individual Or HUF
Upto Rs. 1,50,000
U/S 80CCE
Section 80-CCC Investment in Pension Funds Individuals
Section 80-CCD(1) Atal Pension Yojana and National
Pension Scheme Contribution
Individuals
Section 80-CCD(1B) Atal Pension Yojana and National
Pension Scheme Contribution
Individuals Upto Rs 50,000
Section 80-CCD(2) National Pension Scheme Contribution
by Employer
Individuals Amount Contributed
or
14% of Basic Salary + Dearness
Allowance (in case the employer is CG)
10% of Basic Salary+ Dearness
Allowance(in case of any other
employer)
- Whichever is lower
Section 80-CCF Specific infrastructure bonds, as
approved by Government.
Individual Or HUF Upto Rs 20,000
1. Deductions to Encourage Savings:
5
6. Sections Income Tax Deduction for
FY 2019-20 (AY 2020-21)
Who can Invest? Limit for FY 2019-20
(AY 2020-2021)
Section 80-D Medical Insurance Premium and
Medical Expenditure
Individual Or HUF Upto Rs 1,00,000
Section 80-DD Medical Treatment of a Dependent with
Disability
Individual Or HUF Normal Disability: Rs 75,000/-
Severe Disability: Rs 1,25,000/-
Section 80-DDB Specified Diseases Individual Or HUF Senior Citizens: Upto Rs 1,00,000
Others: Upto Rs 40,000
Section 80-E Interest paid on Loan taken for Higher
Education
Individual 100% of the interest paid upto 8
assessment years
Section 80-EE Interest paid on Housing Loan Individual Upto Rs 50,000 subject to some
conditions
Section 80-EEA Interest paid on Housing Loan Individual Upto Rs 1,50,000/- subject to some
conditions
Section 80-EEB Interest paid on Electric Vehicle Loan Individual Upto Rs 1,50,000 subject to some
conditions
Section 80-GG Income Tax Deduction for House Rent
Paid
Individual Rs.60,000/-
25% of Total Income
Rent paid - 10% of Total Income
- whichever is lower
2. Deductions for certain personal expenditure:
6
7. 3. Deductions for socially desirable activities:
Sections Income Tax Deduction for
FY 2019-20 (AY 2020-21)
Who can Invest? Limit for FY 2019-20
(AY 2020-2021)
Section 80-G Donation to Charitable Institutions All Assessee
(Individual, HUF,
Company etc)
100% or 50% of the Donated
amount or Qualifying limit,
Allowed donation in cash upto
Rs.2000/-
Section 80-GGA Donation to Scientific Research &
Rural Development
All assessees except
those who have an
income (or loss)
from a business
and/or a profession
100% of the amount donated.
Allowed donation in cash upto
Rs.10,000/-
Section 80-GGB Contribution to Political Parties Companies 100% of the amount contributed
No deduction available for
contribution made in cash
Section 80-GGC Individuals on contribution to
Political Parties
Individual, HUF
,AOP, BOI, Firm
100% of the amount contributed.
No deduction available for
contribution made in cash 7
8. Sections Income Tax Deduction for
FY 2019-2020
(AY 2020-2021)
Who can Invest? Limit for FY 2019-20
(AY 2020-2021)
Section 80-IA Profits and Gains from Industrial
Undertakings engaged in
infrastructure development, etc.
Industrial Undertakings
engaged in specified
businesses
100% of the profit for 10 consecutive
years out of 15 years beginning from
year of commencement
Section 80-IAB Profits and Gains to SEZ
Developers
SEZ Developers 100% of the profit for 10 consecutive
years out of 15 years beginning from
year in which SEZ has been notified by
CG
Section 80-IAC Eligible startups Company or LLP engaged in
eligible business subject to
some conditions
100% of the profit for 3 consecutive
years out of 7 years beginning from the
year of commencement
Section 80-IB Profits and Gains from certain
Industrial Undertakings other
than infrastructure development
undertakings
Specified Industrial
Undertakings
25%, 30% or 100% of the profit for such
periods as may be specified subject to
certain conditions
Section 80-IBA Profits from Housing Projects Individual, HUF, AOP, BOI,
Company, Firm
Any other person engaged in
the business of Housing
Projects as may be specified
100% of the profit
4. Deductions for Certain Industrial Undertakings & SEZ :
8
9. Sections Income Tax Deduction for
FY 2019-2020 (AY 2020-2021)
Who can Invest? Limit for FY 2019-20
(AY 2020-2021)
Section 80-IC Certain Undertakings in Special
category States
Certain Industrial
Undertakings
Sikkim - 100% of profit for 10 years
Himachal Pradesh/ Uttaranchal
100% of the profit (For first 5 years)
25%(For next 5 years), (30% in case of
Companies)
North Eastern States - 100% of the profit for
10 years
Section 80-ID Profits and Gains of
Hotels/Convention Centre’s in
specified area
Hotel or
Convention
Centre
100% of the profit for 5 consecutive years
beginning from the year of operation
Section 80-IE Certain Undertakings in North
Eastern States
Undertakings
engaged in
manufacture/
provision of
specified goods/
services or
undertake
substantial
expansion, in
North Eastern
100% of the profit for 10 consecutive years
beginning from the year of commencement or
completion of expansion, as may be applicable
9
10. Sections Income Tax Deduction for
FY 2019-20 (AY 2020-21)
Who can Invest? Limit for FY 2019-20
(AY 2020-2021)
Section 80-JJA Profits and Gains of Specified
Business
Specified
Business
100% of the profit for 5 consecutive years
beginning from the year of commencement
Section 80-JJAA Employment of New Employees Employer who
was subject to tax
audit u/s 44AB
30% of additional employee cost for 3 years
including the year in which employment is
provided
Section 80-LA Certain Income of Offshore
Banking Units in SEZ and IFSC
Offshore Banking
Units in SEZ or
Unit of IFSC
Offshore Banking Unit -
100% of the income (For 5 consecutive years
50% of the income (For next 5 years)
IFSC - 100% of the income for 10 consecutive
years out of 15 years
beginning from the year in which permission
is obtained
Section 80-PA Certain income of Producer
Companies
Producer
Companies
engaged in
eligible business
100% of the profit
10
11. 5. Deductions for Certain Incomes:
Sections Income Tax Deduction for
FY 2019-20 (AY 2020-21)
Who can Invest? Limit for FY 2019-20
(AY 2020-2021)
Section 80-RRB Royalty on Patents Individuals (Indian citizen
or foreign citizen being
resident in India)
Rs.3,00,000/-
Or
Specified Income
- whichever is lower
Section 80-QQB Royalty Income of Authors Individuals (Indian citizen
or foreign citizen being
resident in India)
Rs.3,00,000/-
Or
Specified Income
- whichever is lower
Section 80-TTA Interest earned on Savings Accounts Individual
Or
HUF (except senior
citizen)
Upto Rs 10,000/-
Section 80-TTB Interest Income earned on
deposits(Savings/ FDs)
Individual (60 yrs or
above)
Upto Rs 50,000/-
11
12. 6. Deductions for physically disabled persons:
Sections Income Tax Deduction for
FY 2019-20 (AY 2020-21)
Who can Invest? Limit for FY 2019-20
(AY 2020-2021)
Section 80U Disabled Individuals Individuals Normal Disability: Rs. 75,000/-
Severe Disability: Rs. 1,25,000/-
Conclusion:
Eligible assessees can claim these deductions under the income tax act. The eligible assessee
has been specified under each section for which deduction is being claimed. In some cases it is
individual, in some company or HUF, etc.
Income tax deduction needs to be claimed at the time of filing Income Tax Return and no
separate disclosure compliances in respect of the same should be made. The amount of
deductions should be reduced form the gross income to reach at the taxable amount.
12