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Deductions in Respect of Royalty on Patents

The IT department has taken the benefit of deduction to another level. Deductions in respect royalties on patents are also provided these days. For the purpose of this section, ‘royalty’ in respect of a patent means consi9deration (including any lump sum consideration but excluding any consideration which would be the income of the recipient chargeable under the head ‘Capital Gains’ or consideration for sale of product manufactured with the use of patented process or the .....

12 Things You Must Know Before Buy Health Insurance

Health Insurance (popularly known as Mediclaim) offers protection in case of unexpected medical emergencies. In case of a sudden illness or accident, the health insurance policy takes care of the hospitalization, medical and other costs incurred. So this is important for us to know some important things before buy a health insurance. You can also read basic of health insurance, if you don’t know much about it. Buy a basic health insurance plan, which is .....

Deduction on House Rent under section 80GG

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 any HRA u/s 80GG subject to some conditions. In this article we will discuss only about deduction under section .....

Family Members Investments Qualified Under Section 80C

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 plan his investments and plan his taxes. Section 80C of Income tax is one of the part for tax planning. This article seeks to .....

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

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 of LIP to LIC. Payment of LIP to LIC whether in cash or in cheque is allowed under section .....

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

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 – 2 years Cost of Purchase/ Construction of a residential House property including repayment of Loan – 5 .....

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

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 exceed Rs. 1,00,000/-. Payment allowed for deduction u/s 80C on Tuition Fees Fees paid to regular educational institution irrespective of .....

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

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 what quantum of deduction is allowed. 80DDB Sections Particulars Assessee to whom allowed Quantum of deduction 80A/AB/AC Basic rules of .....