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Deduction in respect of health insurance premium – Section 80D

Deduction U/s 80D   Who can claim deduction under section 80D? An Individual or HUF can avail the deduction under section 80D. The deduction can be claim in respect of any payment made towards the med-claim insurance policy or any contribution made to the Central Government Health Scheme (CGHS) for: Self, spouse, dependent children, dependent … Continue reading “Deduction in respect of health insurance premium – Section 80D”

Deduction U/s 80TTA & 80TTB

Deduction U/s 80TTA   Who is eligible for this deduction? An individual or HUF can avail this deduction from their gross total income who have any income by way of an interest on deposits in saving bank account (excludes fixed deposits) with: A banking company regulated by Banking Regulation Act, 1949 A Co-operative society engaged … Continue reading “Deduction U/s 80TTA & 80TTB”

Deduction U/s 80C

Deduction U/s 80C   Who can claim deduction under Section 80C? An individual or HUF, who is a resident of India can take benefit of deduction from their Gross Total Income u/s 80C.   What is the quantum of deduction? A person can avail a maximum deduction of Rs. 1, 50,000.   Investments/Contributions eligible for … Continue reading “Deduction U/s 80C”

Section 194 – I: TDS on Rent

Section 194 – I: TDS on Rent   What is the meaning of ‘Rent’ as per Section 194I? Rent means any payment by whatever name called, under any lease, sublease, tenancy, or any other agreement or arrangement for the use of (either separately or together) any, land Building (including factory building) Land appurtenant to a … Continue reading “Section 194 – I: TDS on Rent”

Section 192 – TDS on Salary

Section 192 – TDS on Salary   Who is responsible for deducting TDS under this section? Any person who is responsible for paying any income chargeable under the head “Salaries” is responsible for deducting TDS under section 192.   At what rate TDS is to be deducted under section 192? The income tax is deducted … Continue reading “Section 192 – TDS on Salary”

SECTION – 54GA CAPITAL GAINS ON TRANSFER OF ASSET FROM URBAN AREA TO SPECIAL ECONOMIC ZONE

SECTION – 54GA CAPITAL GAINS ON TRANSFER OF ASSET FROM URBAN AREA TO SPECIAL ECONOMIC ZONE   What is the nature of Capital Asset? Section 54GA covers the transfer of industrial undertaking from Urban areas to Special Economic Zones For the purpose of this section, industrial undertakings mean land, building, plant or machinery or right … Continue reading “SECTION – 54GA CAPITAL GAINS ON TRANSFER OF ASSET FROM URBAN AREA TO SPECIAL ECONOMIC ZONE”

Section 54G – Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from Urban area to Non-Urban area

Section 54G – Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from Urban area to Non-Urban area   Nature of Transfer covered under Section 54G The section 54G covers the transfer of a capital asset due to shifting from urban areas to a non-urban area. For the purpose … Continue reading “Section 54G – Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from Urban area to Non-Urban area”

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