Tag: Deductions
CBDT Circular 13/2023 provides guidelines for condoning the delay in filing income tax returns by co-operative societies claiming deductions under Section 80P, for AY 2018-19 to AY 2022-23.
Income Tax Department has issued notices to about 8,000 taxpayers who have claimed deduction for large amounts of donations to charitable trusts. Learn more!
In light of recent changes in the Income Tax provisions relating to compliance by charitable religious trusts/institutions, the ICAI has issued a new publication, ‘Handbook on Statement of Donations …
New IT Section 80TTB provides for a higher deduction of upto Rs. 50,000 for interest on savings/ term deposits with Bank/ Post Office, in the case of resident individuals …
Section 80TTA of Income Tax Act, 1961 provides for a deduction of upto Rs. 10,000 in respect of interest income earned from savings deposits maintained with a Bank or Post …
The CBDT has clarified about the eligibility for deduction u/s 80-IB/ 80-IC in respect of revenue receipts (i.e. Transport, Power and Interest subsidies) of an Industrial Undertaking/ eligible business, …
Section 80D of the Income Tax Act of 1961 provides for Mediclaim Deduction to Individual and HUF taxpayers, i.e. payment of Health/Medical Insurance Premium for family, parents, etc., during …
CBDT has notified the ‘Atal Pension Yojana (APY)’ as a pension scheme for the purposes of claiming deduction under S. 80CCD of the Income Tax Act, as under: CBDT Income …
