Disability Deduction u/s 80U simplified in six steps !

Section 80U of the I T Act provides deduction to person sffering from specified disability by at least to the extent of 40 % or in case of sever disability , 80 % suffering. For claiming deduction,you ought to have the certificate first , before you can claim the deduction u/s 80U. As per Rule 11A of I T Rules, medical authority for issuing certificate of disability are

Easy chart of deductions u/s 80C to 80U every individual should aware of !

The season of tax has arrived. Therefore , there is need for easy chart of all tax deduction u/s 80c to 80U for an Individual taxpayer?Under Income tax , deduction u/s 80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U  are...

9 FAQs on Capital Gains Account Scheme !

Capital Gains Account Scheme 1988  ( the Scheme after this ) is well known among tax payer as this is one scheme for providing relief to tax payer by providing extra two years to buy or construct the house.The  Scheme has prescribed its own  rules and forms . This site has posted earlier on the...

Company Can Follow Mercantile And Cash System of Accounting At The Same Time ?

An assessee is free to adopt an accounting method -mercantile or cash – or even a method of accounting which is regularly employed by it . The basic thing is that the accounting system adopted should be fair and should be followed regularly. This is what section 145 of the I T Act provides. However,...

Private Trust :7 Tax Planning Tips You Can Actually Use !

Since every indivdiual is provided a basic exemption limit ,the central point of tax planning is to have more tax entities. Each entity gets basic exemption from tax which in aggregate exempts quite a substantial amount of income from tax. When you create a private trust,what you are doing is creating a separate tax entities....