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Deduction

Deduction on House Rent under section 80GG

January 16, 2010

The common question arises in the mind of assesee received salary is “I am not receiving any house rent allowance (HRA) but I am paying house rent for Rs. 5,000 per month. Can I allowed for any  deduction from my salary income?”
Yes, you can get deduction on house rent paid even you are not receiving [...]

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Family Members Investments Qualified Under Section 80C

January 6, 2010

There has always been misunderstanding in the mind of us toward claiming the deduction under section 80c for investment made on behalf of the family members.  In this article, we will talk about all circumstances, where an individual can get the benefit of deduction u/s 80C for payment on behalf of his/her family members. Every person should [...]

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Cash Payment of LIP is Allowed for Deduction u/s 80C

December 12, 2009

Most of the subscribers of etaxindia.org inquired countless times to me that whether cash payment of life insurance premium to Life Insurance corporation (LIC)/ other life insurance companies is allowed for deduction u/s 80C or not.
So I want to clear that there is no provision under the income tax act to disallow any cash payment [...]

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Minimum Holding Time Limit for Claiming Deduction u/s 80C of Some Investments

November 22, 2009

In respect of the some investments/deposits eligible for deduction under section 80C, in some cases , the law provides a minimum period of holding for claiming deduction u/s 80C otherwise it will be taxable. Such cases are given below-
Time Limit for qualifying deduction u/s 80C

Unit- Linked insurance plan (ULIP) – 5 years
Life Insurance Premium [...]

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Tuition Fees Deduction u/s 80C on Education of Children

November 21, 2009

Tuition fees under income tax act is full time education of any two children in any university, college, school or other educational institution, subject to over-all limit of tax deduction under section 80C. Deduction for tuition Fees is valid for Rs.100000.  The total   amount of deduction  under section 80C , 80CCC and  80CCD shall not  [...]

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Deduction u/s 80C, 80CCC, 80CCD, 80CCE, 80D, 80DD, 80DDB, 80E, 80G etc.

September 7, 2009

The following Table all about deduction from income under all section 80A/AB/AC, 80c,80CCC, 80CCD, 80CCE, 80D,80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGB, 80GGC, 80-IA, 80IAB,80IB, 80IC, 80ID, 80IE, 80JJA, 80JJAA, 80LA, 80P, 80QQB, 80RRB, 80U. One can easily find the provision of any above deduction like for whom the particular deduction is allowed and for [...]

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