You are here: Home » Archives for Deductions

Deductions

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 consideration (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 .....

Co-operative Societies Here Are Your Chances of Claiming Deductions!

The world of taxation has brought an aid to the co-operative societies by allowing deductions on their income too. Such deduction shall be given only to a co-operative society but such deduction is only applicable where certain specified conditions are satisfied by the co-operative, which is laid on by the taxation authority. Following are the specified conditions on which such claim of deduction depends upon: The whole of the amount of profits and gains of .....

Deductions to be Provided for Disabled Persons

The taxation authority has reduced the burden of taxation on the assesses who is a resident individual who, at any time during the previous year, is certified by the medical authority to be a person with disability. Specified conditions: To avail deduction under this section, the assessee shall have to furnish a copy of the certificate issued by the medical authority along with the return of income. Where the condition of disability requires reassessment, the .....

10 Most Attractive Income Tax Deductions

The time of the year has come when all the individuals try and find ways to reduce their tax liabilities. They look forward to make investments in different securities and obtain exemptions or deductions in respect of their income. Here is al list of few deductions which is generally available to the assessee but he doesn’t take it into account while computing his tax liability. Deduction in respect of life insurance premia, deferred annuity, contributions .....

Tax Deduction on Education Loan

Yes, it is true that you can get tax deduction on education loan or student loan. So why you lost your tax benefit, if it is available! As per section 80E of the Income Tax Act, an individual is entitled to a 100% deduction on the payment of interest on loan taken from any financial institution or any approved charitable institution. You can use these tax benefits to reduce the cost of your education loan/student .....

Only House Owner can Claim Deduction u/s 80C

I Work in an IT Company and took a housing loan from HDFC Bank. I am the co-applicant. The property is in my mother’s name but she is a housewife and i pay all EMIs. Am I eligible for tax benefit ? A Deduction under section 80C of the act toward the payment made by way of repayment of amount borrowed by the assessee from the bank for the construction or the acquisition of a .....

Deduction u/s 80G | Tax Deduction for Donations made to Charities

Can individuals claim tax deduction for donations made to charities? Yes, individuals can claim tax benefits on ‘eligible’ donations made to charities. Deductions are available under Section 80G to any taxpayer i.e. individual – resident and non-resident, firm, HUF and company. All donations are not eligible for tax benefits. Tax benefits can be claimed only on specific donations i.e. those made to prescribed funds and institutions. Are all donation made u/s 80G equal deduction?No Under .....

Deduction u/s 80D Mediclaim (Medical Insurance Premia)

Deduction in respect of Medical Insurance Premia [Sec. 80D] Deduction is allowed for any medical insurance premium under an approved scheme of General Insurance. corporation of India, (popularly known as MEDICLAIM) or of any other insurance company, paid by any mode except cash, out of assessee’s taxable income during the previous year, in respect of the following: Feature This is an additional deduction after deduction u/s 80C because overall limit on deductions u/s 80C, 80CCC .....

Deduction u/s 80DDB of Medical Treatment

Deduction in respect of medical treatement etc.Sec. (80DDB) Who can ClaimA resident individual or HUF (Hindu Undivided Family) Which PeriodDeduction is allowed in respect of amount actually paid during a year for the medical treatment of specified disease or ailment for himself or a dependent or a member of a HUF.The diseases an ailments specified under rule 11DDShow/Hide (1) neurological diseases being dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemibilismus, aphasia and parkinsons .....