Don't Worry , Be Happy !
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...
Deduction u/s 80JJA is one of the environment friendly provision under Income Tax Act under which deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste is allowed to an assessee. N R K Marimuthu of Namakkal , Tamilnadu, asks a related question “Assessee who runs a poultry farm...
The tax return filing season has come. Every tax payer including tax attorney remains busy to find ways to get tax relief by claiming deductions and exemption. Therefore, it is important to file return of income and claim deductions which one is eligible for.This article apprise readers about four exemptions and twelve types of deductions...
Deduction of Interest on home loan is one of the oft asked question on tax. Nishmitha Shetty of Mumbai asks “When loan is taken for two homes then how much interest paid on them is allowed for deduction u/s 24 under the head House Property? Is it only Rs. 150000 or more?” Following points shall...
Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in holding that the deduction u/s.80IB (10), as applicable prior to 1/4/2005 is admissible to a "Housing Project" comprising of residential housing units and c...
The proposal of Cyprus government to impose a 7.5% tax on all money kept in fixed deposits in the … [Read More...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
Monthly Subscription
Annual
Semi Annual Subscription
Quiz for CA/ICMA/CS Students