The governemnt has release press release about the new Rajive Gandhi Equity Svanings scheme which is approved by the Union Finance Minister Shri P. Chidambaram . The scheme is exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and [...]
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 , [...]
Easy chart of deductions u/s 80C to 80U every individual should aware of !
January 11, 2011 by
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...
Maximum deduction on life insurance, medical insurance & tuition fee restricted to just Rs 50,000 !
September 7, 2010 by
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...
Deduction u/s 80U simplified in six steps !
July 17, 2010 by
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
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