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Provisions for Arrears of Rent and Unrealized Rent Received Subsequently Section 25A

Provisions for Arrears of Rent and Unrealized Rent Received Subsequently Section 25A   Most of the people remain tensed these days as in some of the cases the rentals could not be recovered due to tenants lost their jobs or in case of commercial properties businesses are suffering losses due to pandemic. But there is … Continue reading “Provisions for Arrears of Rent and Unrealized Rent Received Subsequently Section 25A”

Section 192A- TDS on Payment of accumulated balance to an employee

Section 192A- TDS on Payment of accumulated balance to an employee   Applicability Whenever a person makes a premature withdrawal from recognized provident fund, TDS @10% is deductible on the accumulated balance withdrawal. This deduction is made at the time of payment of accumulated balance due to the employees   Non-applicability However, no deduction is … Continue reading “Section 192A- TDS on Payment of accumulated balance to an employee”

Deduction in respect of interest payable on loan taken for the acquisition of Affordable House – Section 80EEA

Deduction in respect of interest payable on loan taken for the acquisition of Affordable House – Section 80EEA   An individual who has taken a loan for the acquisition of residential house property from any financial institution. Interest payable on such loan would qualify for deduction under this section.   Conditions to be met for … Continue reading “Deduction in respect of interest payable on loan taken for the acquisition of Affordable House – Section 80EEA”

Deduction in respect of medical treatment under section 80DDB

Deduction in respect of medical treatment under section 80DDB   Who is eligible for this deduction? An individual or Hindu undivided family (HUF), who is a resident of India, is eligible for this deduction. Deduction is available for medical expenditure incurred on himself or on dependent, in case of individual assessee In HUF it is … Continue reading “Deduction in respect of medical treatment under section 80DDB”

Deduction in respect of interest on loan taken for higher education – Section 80E

Deduction in respect of interest on loan taken for higher education – Section 80E   Who is eligible for this deduction? An individual assessee, who has paid interest on loan for the purpose of his higher education or higher education of his relative in previous year out of his income chargeable to tax.   Conditions … Continue reading “Deduction in respect of interest on loan taken for higher education – Section 80E”

Deduction in respect of contribution to pension scheme of Central Government

Deduction in respect of contribution to pension scheme of Central Government U/s 80CCD(1) and 80CCD(2)   According to ‘Restructured Defined Contribution Pension Scheme’ of government it is compulsory for the person being employed for Central Government on or after 1st April 2004, to contribute 10% of their salary towards their pension account. The same contribution will … Continue reading “Deduction in respect of contribution to pension scheme of Central Government”

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