ICAI reacts to Budget 2016

ICAI Reaction Union Budget 2016 17 I Small Taxpayers Reducing income tax burden by Rs 3 000 for small tax payers by increasing rebate under section 87A Increasing deduction for rent payment under section 80GG to Rs 60 000 Introducing presumptive taxation scheme for professionals with gross receipts

Deduction allowable increased in respect of rents paid under Section 80GG

Rationalization of limit of deduction allowable in respect of rents paid under Section 80GG The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent of his total income towards payment of rent in respect of any furnished o

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Experts Opinions

Tax exemption under section 80ggb & 80ggc

A political party is registered under the section 29A of the People Act 1951 Registered by Election Commission Of India What is the application format and procedure to obtain approval from the IT department for section 80GGB and 80GGC

Deductions 80g & 80gg

Why winnings are not deducted for calculation of adjusted total income for sec 80g n 80gg while ltcg n stcg u s 111A are deducted

To claim deduction under section 80gg

RESPECTED SIR One of the my client paid rent does not got HRA Such payment is made through cash What are the remedies for claim deduction under section 80gg

Sec. 80gg

SIR I have claimed deduction u s 80GG without filling form No 10BA Such case is selected for scrutiny and A O disallowed deduction u s 80GG we want to ask that if i now file form No 10BA then such deduction is allowable or not whether such not filling of form no 10BA is proceedural mistake or otherw

80gg deduction of ay 2015-16

Dear Experts I had filed my IT return for AY 2015 16 with the refund within month refund has been credited in my bank account but now i came to know i was also eligible to claim the deduction u s 80GG due to unwareness i had not claimed the same Pls tell me can i take deduction of AY 2015 16 in AY 2


House rent expenses & sec 80gg

Assessee claimed 60 of House Rent as Expenses in PL Account as 60 of the House was used for business Assessee claimed the rest 40 as deduction under Section 80 GG as all conditions of that section were fulfilled Is this correct

Section 80gga

Our Charitable Trust as registered as section 80G For 80GGA deduction requires fresh reg Or its itself

Sec 80gg deduction

Hello Friends One of my cousin brother is running retail trade business and has turnover of 85 lacs He doesnt maintain proper books so am disclosing his income under presumptive taxation sec 44AD by declaring 8 profit My doubt is can i claim deduction of house rent he pays as deduction under sec 80G

Sec80gg and sec 10(13a)

Pranams all My doubt is regarding claim of 80GG if a person is recieving HRA from employer bear with me and all other conditions for claiming 80GG are met Is it possible he could add back the amount of HRA recieved to his salary total income without claiming 10 13A and instead claim HRA under 80GG l

Claim u.s 80gg

I am retired person and receive rent of Rs 50K from builder due to redevelopment I pay rent of Rs 17K for rented flat I claim Rs 17 K as expense and pay tax on balance amount of 34K as other income Can I also claim benefit u s 80GG

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Most Ignored Section 80GG - Deductions in Respect of Rents

Section 80GG is a little ignored Section of the Income Tax Act 1961 This section provides deductions to those individuals who dont get any benefit of the amount paid towards rented accommodation by any other means of provisions of this Act If the assessee is residing in a rented accommodation he can

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Updated on : 1/20/2017 7:30:11 AM

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