The most popular item of tax laws are deductions which are tools for saving tax. Under Direct Tax code 2010, the deductions are called "tax incentives" and major deductions allowed under chapter VI-A of I.T.Act is being carried on in even Direct tax Code .
Direct Tax Code 2010 has three section 70, sec.71 & section 72 which deals about tax incentive (read deduction ) on premium paid on life insurance, mediclaim and payment of tuition fee respectively. Each section has its own conditions to be fulfilled in order to claim deduction (read incentive ) . However, there is section...
Section 78 of Direct Tax Code 2010 are equivalent to section 80DD. Section 78 provides deduction for expenditure and insurance on treatment , nursing and maintenance of disable dependant person.
First the postive news ! Under the Income Tax Act 1961 , if you have more than one property, there was provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such aconcept has been abolished.
No. This is great relief and right relief for all persons having more than one house . Under the Income Tax Act 1961 , if you have more than one property, there is provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such a concept has been abolished.
The Direct Tax Code has really simplified the taxation of income from house property. Following are the most important provisions for taxation of income from house property:
No great change is suggested in Direct Tax Code 2010 as far as tax rate for Individual and Senior Citizen is concerned. One apparent change , however , is that the distinction between man and woman has been abolished. Here is the tax rates suggeste
It is already posted that Direct Tax Code 2010 has made even agriculture land sale as taxable . However, saving grace is that section 55 of the DTC 2010 provides that in following conditions, gains on agriculture land is tax free by claim of deduction provided u/s . The conditions are The agriculture land which...
Yes, the agriculture income is tax free under Direct Tax Code 2010 , however , one has to understand what is agricultural income under DTC 2010. clause 314 (11) defines “Agriculture Income ” to mean as under: “agricultural income” means the following income, namely:— (a) any profits and gains derived from cultivation of agricultural land; […]