Deductions out of Gross Total Income

Slides:

Advertisements

Similar presentations

Chapter VIA of the Income Tax Act, 1961 Provisions & Issues Vikram Naik 21 st March 2009.

Advertisements

CA. Sameer Kashikar. Famous quotes on Tax “The hardest thing to understand in the world is the income tax.” -Albert Einstein “Certainty? In this world.

UNION BUDGET 2015 PROPOSALS ON DIRECT TAX as introduced in Lok Sabha on 28 th February 2015 UNION BUDGET 2015 PROPOSALS ON DIRECT TAX as introduced in.

PVSS Prasad, FCA PVSS Prasad, FCA

INCOME-TAX AND TAX BENEFITS FROM LIFE INSURANCE SOME IMPORTANT INCOME TAX BENEFITS AVAILABLE UNDER VARIOUS PLANS OF LIFE INSURANCE ARE HIGHLIGHTED BELOW:

Deductions Basic Rule The aggregate amount of deductions under sections 80C to 80U cannot exceed the Gross Total Income.

CA. Rajat Mohan B.Com(H),ACA, ACS, DISA 1 Tax Planning through Investments SECTION 80-IAB DEDUCTIONS IN RESPECT OF PROFITS AND GAINS BY AN UNDERTAKING.

TAXATION TAXATION OF INDIVIDUALS IN THE CZECH REPUBLIC.

SUTARIA ASSOCIATES © SUTARIA ASSOCIATES, CHARTERED ACCOUNTANTS C23, Satyam Shopping Centre, 2nd Floor, M.G Road, Ghatkopar (E), Mumbai-77 F.Y A.Y.

Chapter 3. Personal taxation Company taxation Capital gains tax Other taxes Double taxation South African taxation.

Affordable Housing Production Program Inclusionary Housing.

INCOME EXEMPT FROM TAX.  Chapter III of the Income-tax Act, 1961 deals with the Incomes which do not form part of total income.  This Chapter covers.

Tax implication on Salary Income Presented by: Sachin Gujar Chartered Accountant.

Affordable Housing Production Program Inclusionary Housing.

Taxation What is Tax Charge made by the Government to the public to meet its expenses for the nation It can be on an individual It can be on a corporation.

Page 1 Finance Bill 2011 Direct Tax Proposals Hyderabad Branch - ICAI 02 nd March-2011 PVSS Prasad, FCA

MAKE IN INDIA. INTRODUCTION India has already marked its presence as one of the fastest growing economies of the world. It has been ranked among the top.

Income Tax Bar Association Karachi WORKSHOP ON INCOME TAX Hotel Sheraton, Karachi 29 – 30 August, 2005.

DEDUCTIONS FROM GROSS TOTAL INCOME By: DR. N.K.GUPTA

WELCOME Presentation by: CS Deepak p. Singh

EXEMPTED INCOMES 1.1. Agricultural income-Fully exempted u/s 10(1). 2.2.Share of income from HUP-FuIly exempted u/s 10(2). 3.3.Share of income from firm.

Section-10 INCOME EXEMPT FROM TAX By C.A. Jaydeep Mehta.

Savings products CHAPTER-6. The need for savings/investment advice The savings needs of each and every individual are unique. Most individuals do not.

By: Kanika Gupta (2k91a43) Shweta Verma (2k91a71) Income Tax Assignment (Deductions under Section 80)

ABP FY Income Tax related Financial Information Payroll and Trust Management.

FIVE HEADS OF INCOME Income under head salaries.

BUSINESS DEDUCTIONS By: Associate Professor Dr. GholamReza Zandi

Determination of Income Tax Liability  Gross Income  - “Above the Line Deductions”  = AGI (Adjusted Gross Income)  - Standard or Itemized Deductions.

Meaning of Salary →salary is a form of periodic payment from an employer to an employee. →salary is fixed amount of money or compensation paid to an employee.

ANALYSIS OF UNION BUDGET Upto Rs 50,000Nil Rs 50k – Rs 60k10% Rs 60k - Rs 150k20% Above Rs 150k 30% PERSONAL TAX – THE SLABS Existing structure.

Set off of losses Provision of section 70 to 80 of IT Act involves following three steps 1.Inter source adjustment / Intra source adjustment 2.Inter head.

BUDGET ON DIRECT TAXES 2014 (Private & Confidential) VINOD K.MEHTA & CO. B-5 SATYAM SHOPPING CENTRE, M.G.ROAD,GHATKOPAR(E), MUMBAI TEL:

1 Chapter XII Ascertainment of Taxable Income Taxable Income: Assessable Income – Entitled Aggregated Allowances Entitled Aggregate Allowances 1.Resident.

Salaries Tying up the loose ends…. Types of PFs Statutory – PF Act,1925 RPF – EPFMPA 1952 UPF PPF – Nationalized bank – Rs pa – 8% pa – 15 year.

Itemized Deductions Chapter 7. Identify qualified medical expenses and compute the medical expense deduction Determine the timing of a medical expense.

PROBLEM BASED LEARNING PROJECT TAX COMPUTATION ON MALAYSIAN FOOD SERVICE(MFS) SDN BHD GROUP B NAMEMATRIK NO. IZWANI BT ABDUL MAJID HAZWANI BT GHAZALI

Incomes exempt from tax Incomes exempt under section 10.

D. DHANDARIA & CO. OVERVIEW OF FINANCE BILL, 2010 [DIRECT TAXES ONLY] D. DHANDARIA & COMPANY CHARTERED ACCOUNTANTS TINSUKIA * KOLKATA.

EXEMPTION U/S 10 (1) Agricultural income Any assessee Entire amount Rent or Revenue.

DEDUCTION UNDER CHAPTER VIA

Deductions from Gross Total Income

 Postal Life Insurance is 117 years young. It was started in 1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government.

INCOME FROM OTHER SOURCES. INCOME FROM OTHER SOURCES SPECIFIC S. 56(1) provides that following incomes, in particular, shall be taxed as Income from other.

INCOME FROM HOUSE PROPERTY. INTRODUCTION This lesson deals with income, which falls under the head ‘Income from house property’. The scope of income charged.

Lecture 35 Income from Business. Deductions---Special Provisions Initial Allowance (Sec. 23) A person who places an eligible depreciable asset into service.

DIRECT TAXES (SEC 10A,10AA,10B,10C).  SEC 10 A TAX HOLIDAY FOR INDUSTRIAL UNITS IN FREE TRADE ZONES.(10 A)  TAX HOLIDAY FOR NEWLY EST (SECABLISHED UNITS.

SALARY: Taxation, Exemptions & Rebates Presented By: Asif Zafar 22 August 2016.

Income Tax Current working issues

© National Core Accounting Publications

Budget Highlights.

Advanced Income Tax Law

The main directions of the Strategy

Prepare Tax Documentation for Individuals

Impact of Budget on Individual taxpayers

Deductions from Gross Total Income

Deductions from Gross Total Income

Exempt Income and Non- assessable non- exempt income

Corporation Tax Loss Relief

Total income Presented by, Mrinalini singh Anurag samaddar.

DEDUCTIONS U/S 80C TO 80U Income Tax Act, 1961

Income exempt from Tax under section 10

Overview of Indian Tax System

SECTION 125 FLEXIBLE BENEFITS PROGRAM -- “FLEX” FOR DACHSER TRANSPORT

Year-end precaution under income-tax act

Chapter 7 Itemized Deductions 1.

SECTION 125 FLEXIBLE BENEFITS PROGRAM -- “FLEX” FOR DACHSER TRANSPORT

Permissible Deductions Under Chapter VI A

Deductions Under Section 80

Presentation transcript:

Deductions out of Gross Total Income Important Provisions-: Incomes not eligible for claiming deductions under section 80 Maximum limit on various deductions under section 80 No deduction to members if claimed by AOP/BOI Deduction to be allowed with reference to the income included in GTI

Timely Filing of return for claiming certain deductions Onus to claim deduction is on assesse No double deduction

Deductions in respect of certain payments Deduction regarding approved savings in PF,Life Insurance Premium etc. 80 C Section 80 CCC deduction in respect of contribution to pension fund Section 80 CCD deduction in respect of contribution to pension scheme of central govt. or of any other employer Sec.80 CCF deduction in respect of investment in Long Term Infrastructure bonds

Sec.80CCG deduction in respect of Investment made in any notified equity savings scheme Sec.80 D deduction in respect of Medical Premium 80DD deduction in respect of maintenance including medical treatment of dependent that is person with disability Sec.80DDB Deduction in respect of Medical Treatment Sec.80G Deduction in respect of donations

Sec.80GG deduction in respect of Expenditure Incurred on Payment of House Rent Sec.80 GGA any payment made to Scientific institutions Sec.80GGB Deductions in respect of Contributions given by companies to Political parties and electoral Trust Sec.80 GGC Deduction in respect of contributions given by any person to Political Parties and Electoral Trust

Deduction in respect of Certain Incomes 80IA For Infrastructure Project 80IAB Developers of SEZ 80IC For setting up industries in backward states 80ID in respect of profits and gains from business of hotels in specified area 80IE special provisions in respect of certain undertaking in North-Esatern States

80JJA Profit/Gains from business of Collecting and processing of bio-degradeable waste 80P income of co-operative society 80QQB in respect of royalty income of certain books 80RRB in respect of Royalty on Patents 80TTA in respect of Interest in Savings Account 80U deduction in case of a person with disability.