Tag: Deductions
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 …
