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.
Full Story »How a new condition make you ineligible for claiming deduction u/s 78 (read 80DD) .
Does Direct Tax Code 2010 allow Interest deduction from house property income?
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.
Full Story »Can a second holder of the joint account claim deduction u/s 80C or 80CCF ?
Archived; click post to view. Excerpt: Let us say you want to invest in tax saving fixed deposits which gives you deduction u/s 80C . Let us say , your wife is made first holder and you have given your name as second holder . The question comes , whether you can claim deduction for [...]
Full Story »Claim additional deduction of Rs 20,000 u/s 80CCF for investment in bonds
Archived; click post to view. Excerpt: The Finance Act2010 introduced a new deduction u/s 80CCF for deduction up to the extent of Rs 20,000 for investment in specified infratrcuture bonds. now the government has approved plans of LIC and certain other finance companies for issue of infrastructure bonds . The section 80CCF is 80CCF. In [...]
Full Story »Claimed dedcution u/s 80 DD of Rs 50000. A.O says deduction shall be allowed only for expense for which I show proof .Is he right?
In my view , the action of A.O is not according to the provision of the Section 80DD of the I T ACT. Even a ruppee you spend on dependent person for his medical treatment and maintenance , you are allowed a deduction u/s 80DD of Rs 50000.Section 80DD states :”Where an assessee, being an individual or
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