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Deduction u/s 80CCG is given for investment in Rajiv Gandhi Equity Saving Scheme (RGESS) . The deduction under 80CCG of the Income Tax Act is in addition to Rs 1 lakh under section 80C. But this deduction could noot become popular on account of too many restriction and conditions. Finance Act 2013 has brought in...
This posting is on account of a reader’s comment about the allow ability of deduction of premium paid on insurance products. The question is whether the deduction u/s 80C allowable on payment of insurance if the premium is more than 10 % of the sum assured ? If yes, how much. The answer lies straight in the amendment to...
When a deduction or allowance which can be legally claimed , however , for any reason not claimed and assessee came to know about lapse during any scrutiny proceeding , the claim of such forgotten deduction are seldom allowed by A.O , specially after Supreme Court in Goetze ( India ) Ltd. v. CIT [2001] 284 ITR 323 held that a claim of deduction or allowance can not be...
Who is senior citizen for income tax is a controversial issue , because the Finance Act 2011 provided a separate tax rates for individuals having age of sixty years . So , general public took the announcement in last budget that under the Income Tax Act , the senior citizen age is now 60 years...
Section 80D deduction of Rs 15,000 in aggregate is allowed to individual and Hindu Undivided Family for expense on buying insurance premium on health or for contributing to CGHS for self, spouse ,children ,parents and dependent persons.Higher deduction of Rs 20,000 for premium on insurance of health of parents who are senior citizen are allowed....
The proposal of Cyprus government to impose a 7.5% tax on all money kept in fixed deposits in the … [Read More...]
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
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