Income Tax Sections List In India Pdf

Section wise Income Tax Deductions for A.Y. / FY

11 useful Income Tax Deductions for 2019-20

Assessee carrying on business of prospecting for, or extraction or production of, petroleum or natural gas or both in India. Some examples of specified instruments are. The maximum deduction allowed under this Section for a self-occupied house property is upto Rs. If a taxpayer has taken any Home Loan, he would be allowed to claim a deduction for the interest levied on such a loan.

Retrieve your password Please enter your username or email address to reset your password. Society from letting out of terrace. Royalty income of author of certain specified category of books up to Rs. The most useful income tax deductions which can be easily claimed and are helpful in reducing the tax burden have been explained below. With effect from assessment year limit of Rs.

11 Useful Income Tax Deductions to Save Taxes

List of all Sections of Income Tax Act 1961 Finance Act 2019

Hi, I want to take benefit on Interest paid on home loan. Long-term capital gain invested in long-term specified assets being units of such fund as may be notified by Central Government to finance start-ups. Your email address will not be published.

There are also various sections has been inserted to the Income Tax Act, as amended from time to time. Long-term capital gains on transfer before of certain listed securities or units invested in equity shares forming part of an eligible issue of capital subject to certain conditions and limits.

11 Useful Income Tax Deductions to Save Taxes

Profits and gains from business of hotels and convention centres in specified areas subject to certain conditions. Tax is deductible but it is not deducted Expenditure is not deductible. Revenue expenditure on scientific research pertaining to business of assessee is allowed as deduction Subject to certain conditions. Section wise Income Tax Deductions for A. Any banking cash transaction tax paid during the previous year on taxable banking transaction entered into by the assessee.

List of all Sections of Income Tax Act 1961 Finance Act 2019

It should be noted that this deduction is only for the repayment of interest on education loan and not for the repayment of the principal amount of the education loan. Dear Sir, it is excellent information to common man. The total taxable income after reducing the income tax deductions that have been claimed would be taxed as per the Income tax slab rates of the individual.

This income tax deduction is allowed to an individual who has invested in listed shares or listed mutual funds in a given financial year. The taxpayer must be a resident of India who holds the patent.

Any other expenditure not being capital expenditure expended wholly and exclusively for earning such income. Tax rebate in case of individual resident in India, modalanalyse pdf whose total income does not exceed Rs. Income Tax Deductions are also allowed for treatment of specified diseases.

In case of mineral oil concerns allowances specified in agreement entered into by Central Government with any person subject to certain conditions and terms of agreement. With effect from assessment year business of developing or maintaining and operating or developing, maintaining and operating a new infrastructure facility, has been included. However, it is to be noted that addition deduction of Rs.

With effect from no deduction shall be allowed in respect of donation of any sum exceeding two thousand rupees unless such sum is paid by any mode other than cash. Had this been put in book form it would have cost few s of rupees though worth much more than that Thank you. Please let me know if you need any further details in this connection. Interest, salary, bonus, commission or remuneration paid to partners subject to certain conditions and limits. And is it not fair to assume that tax slabs would also move up over years?

Long-term capital gains on transfer of any long-term capital asset made be-fore invested in specified long-term assets subject to certain conditions and limits. Deduction will not be allowed in year in which liability to pay is incurred unless actual payment is made in that year or before the due date of furnishing of return of income for that year. And in case the individual has made the contribution to notified pension scheme of the Central Govt i.

11 useful Income Tax Deductions for

The law which is applicable for the assessment year will apply for assessment year onwards. Repairs excluding capital expenditure and insurance of machinery, plant and furniture. Company engaged in business of manufacturing or production of any article or thing. Taxpayer engaged in business of generation or generation and distribution of power. The good part about this income tax deduction is that there is no maximum limit on the amount of deduction that can be claimed.

Complete list of sections of Income Tax Act 1961-2019

All taxpayers who acquire new plant and machinery for purpose of setting-up manufacturing unit in notified backward areas in the State of Andhra Pradesh, Bihar, Telangana or West Bengal. If sum is borrowed for acquiring a capital asset, interest thereon pertaining to the period before asset is first put to use shall not be allowed as deduction.

Indian companies and resident non-corporate assessees engaged in prospecting, etc. One and a half times of expenditure on notified agricultural extension project subject to certain conditions. Very informative and produced in very good manner. Deduction shall be allowed for first three Assessment Years including the Assessment Year relevant to previous year in which such employment is provided.

What to do if you receive a Income Tax Notice? This deduction can be claimed only when the contribution is made through cheque or draft. The payment should be made with the specified direction that the sum shall be used in a scientific research undertaken under an approved programme. What should one do if Bank do not deduct T. Taxes levied by local authority and borne by owner if paid in relevant previous year.

Section wise Income Tax Deductions for A.Y. / FY

11 useful Income Tax Deductions for 2019-20

With effect from no deduction shall be allowed under this section in respect of any sum exceeding ten thousand rupees unless such sum is paid by any mode other than cash. Additional employee cost means total emoluments paid or payable to additional employees employed during the previous year. Really excellent job done by the author. All assessees, other than local authority and artificial juridical person wholly or partly funded by Government. With effect from deduction will not be allowed if sum is contributed in cash.