Section 80D of the Income-tax Act provides a deduction in respect of premium paid on health insurance of self, spouse and dependant children or any contribution made to the Central Government Health Scheme, up to a maximum of Rs.15,000 in aggregate.A further deduction of Rs.15,000 is also allowed for buying a health insurance policy in [...]
No Disallowance Even if Non Deduction of TDS !
March 20, 2012 by 2 Comments
Finance Bill 2012-13 has a good news as far as disallowance u/s 40(a)(ia) is concerned. Non deduction of TDS was very painful for the deductor because it not only invites penalty under TDS provisions , the business expense is also not allowed u/s 40(a) (ia) of the Income Tax Act. Finance Bill 2012-13 has brought [...]
Senior Citizen : No Advance Tax if No Business Income
March 19, 2012 by 4 Comments
Finance Bill 2012-13 has really good news for senior citizen. First the age anomaly was corrected by reducing the age from 65 years to 60 years for section 80D , 80DDB and section 197A and then an amendment in section 207 of the Income Tax Act now provides that if the senior citizen has no [...]
Venture Capital Fund Investors Lost Tax Benefits !
March 19, 2012 by Leave a Comment
The Finance Bill 2012-13 has a bad news for investors of Venture Capital Funds .The income accrued , although not received by investors , will be taxed in the year of accrual itself whether or not the investor received it. Thus the provisions of section 115U of Income Tax Act which currently allow an opportunity [...]
Special Tax Rates For Addition u/s 68 to Section 69D
March 18, 2012 by Leave a Comment
Finance Bill 2011-12 has inserted a new section 115BBD to check the black money . Previously , readers were made aware about the new provision to treat share premium as deemed income , tcs on cash purchase of bullion , onus of proving share capital on on private companies were explained to readers. Now , [...]
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