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

80gg deduction

Dear All Since this is the deduction available for individuals who are not in receipt of house rent allowance want to know whether any proof of Rent Paid is strictly required or not for claiming deduction under 80GG

HRA U/s 10 (13A) vs 80GG

Hi from april to june i was working in MNC at Banagalore geting salary with HRA compoment Hence eligible for deduction u s 10 13A from july to till date i am working in an organisation getting a lumpsum salary of Rs 30000 PM without any bifurcation hence eligible for 80GG Can i claim both the deduct

Deduction u/s 80gg

Hello All I am an accountant I want to know about deduction u s 80GG I am planning to take a floor on rent which is under construction Can I claim deduction u s 80GG for rent paid to my mother as the property is in her name And can she show the rent from me in her income Please guide It is urgent Re

Deduction u/s 80g and 80gg

Assessee seeks deduction under section 80G and 80GG in an assessment year Kly give the method to calculate taxable income in such a case

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


Eligibility for 80GG

If I have only income from other sources do I am eligible for deduction u s 80GG Rent

Employee- hra recd.20000 -80gg ? exemption

An employee received rs 20000 towards HRA Can he claim 5000 U s 80GG or limit to 20000 only Compare these two points logically so that in turn I can WELL explain it to the officials who want to claim 60000

Claiming hra exemption u/s 10(13a) and deduction u/s 80gg

I have changed my job in the month of November 2016 I have a HRA component in my salary with the new employer However there was no HRA component in the salary with the earlier employer Can I claim 80GG for 7 months and sec 10 13A for the remaining months

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

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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 : 5/23/2017 12:51:18 PM

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