Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

vipul jain (EFFORTS NEVER FAIL)     19 September 2011

Deductions revision

 


FAST TRACK---PROVISIONS RELATING TO DEDUCTIONS 


REVISION TIME




SECTION APPLICABLE TO CONDITION(S) AMOUNT OF DEDUCTION
80C Individual & HUF Investment in LIP(up to 20% of assured amt.), ULIP, PPF, SPF, FD in Bank or Po for 5 years, Tution fess(2 child), NSC, Repayment of hhousing Loan, etc. 
  • Maximum Rs. 1,00,000.
  • Payment out of Loan or exempted income deduction allowed.
80CCC Individual Deposit in LIC or other insurer's annuity plan. Maximum Rs. 1,00,000
80CCD Individual Assessee has in the previous year paid or deposited any amount in his account under a pension scheme notified by Cent. Govt.

In case of salaried individual :-

Aggregate of the amount paid or deposited in such pension scheme-

  • By himself (to the maximum of 10% of salary).
  • By the employer (to the maximum of 10% of salary).

salary - Basic+DA, if the terms of employement so provide.


In other cases :- 

10% of GTI

80CCF Individual & HUF Investment in long term Infrastructure Bond. Maximum Rs. 20,000
80D Individual & HUF

Paid medical insurance for relative by any mode other than CASH from taxable income.

NOTE :- Individulal can also contribute to the CGHS for himself / spouse / dependent children.

Maximum Rs. 15,000 / 20,000 (in case of insured is a senior citizen).


Additional Rs. 15,000 / 20,000 for Parents.

80DD Resident Individual & Resident HUF
  1. Assessee has disable dependent relative.
  2. Assessee deposited medical certificate along with ROI.

For Severe disability-- Rs. 1,00,000


For Non- Severe disability-- Rs. 50,000


Severe disability means 80% or more of disability.

80DDB Resident Individual & Resident HUF
  1. Assessee himself or his relative is suffering from specified diseases.
  2. Assessee deposited medical certificate along with ROI.

Maximum [Rs. 40,000 - Medical received or amount reimbursed by employer.]


where the patient is a senior citizen:- 

Max. [Rs. 40,000 - Medical received or amount reimbursed by employer.]

80E Individual Assessee is repaying the interest on loan taken for higher education. Interest paid during the year for a maximum period of 8 years.
80G All assessee Assessee deposited an amount (otherwise than in kind) to specified organisations or funds.

PART A :-

  • 100% :- PM NRF, NDF, Communal harmony, eminent university, etc..
  • 50% :- 3 Gandhi Family, PM Drought relief fund, National Children fund.

PART B :- Max. 10% of adjusted GTI

  • 100% :- family planning,  etc.,
  • 50% :- Charitable purpose, etc. 
80GG Individual
  1. Assessee is paying rent.
  2. He or his relative has no house at the place of employement  of the assessee.
  3. He is neither receiving HRA nor has claimed any benefit for self occupied property.

Minimum of the following--

  • Rs. 20,000pm;
  • 25% of adjusted GTI;
  • Rent paid-10% of adjusted GTI.
80GGA Any assessee not having income under the Head "PGBP". Assessee has contributed certain amount for rural development, scientific research. etc. Amount so contributed.
80GGB Indian company Assesee contributed an amount to political party or an electrol trust. Amount so contributed.
80GGC All assessee other than local authority or artificial juridicial person, which is wholly or partly financed by Govt. Assesee contributed an amount to political party or an electrol trust. Amount so contributed.
80JJA All Assessee Assessee engaged in the business of processing of bio-degradable waste. 100% of profit of such business for 5 years.
80JJAA Indian company being a new industrial undertaking engaged in production of article or thing.
  1. Assessee employed more than 100 New workmen in the first year snd increased 10% worker in 2nd and 3rd year.
  2. A certificate of CA is to be submitted signifying that deduction has been correctly claimed.
30% of salary paid to new workmen during such years.
80LA
  1. A scheduled Bank.
  2. Any other Bank incorporated by or under the laws of a country outside india.
  3. Unit of an International Financial Services Center.
  1. Assessee has a Branch in SEZ.
  2. A certificate of CA is to be submitted signifying that deduction has been correctly claimed.
  • 100% of income of such branh for 5 years; and
  • 50% of income of such branch for next 5 years.
80QQB Resident Individual
  1. Assessee is author of the specified book.
  2. He earned royalty income.
  3. A certificate from the payer in form 10CCD is to be submitted with ROI.
  4. In case income is earned outside india, money must be brought into india in convertible foreign exchange with in 6 months from the end of the P.Y. and a certificate must be obtained from the prescribed authority. 

Minimum of the following:--

  • Royalty fee (to the maximum of 15% of the value of the book sold);
  • Lump sum fee;
  • Income brought into india in convertible foreign exchange;
  • Rs. 3,00,000. 
80RRB Resident Individual
  1. Assessee is a Patentee.
  2. He earned royalty income.
  3. A certificate from the payer in form 10CCE is to be submitted with ROI.
  4. In case income is earned outside india, money must be brought into india in convertible foreign exchange with in 6 months from the end of the P.Y. and a certificate must be obtained from the prescribed authority. 

Minimum of the following:--

  • Royalty fee or Lump sum fee;
  • Income brought into india in convertible foreign exchange;
  • Rs. 3,00,000. 
80U Resident Individual
  1. Assessee himself suffering from disabilities.
  2. Medical Certificate submitted along with ROI.

For Severe disability-- Rs. 1,00,000


For Non- Severe disability-- Rs. 50,000


Severe disability means 80% or more of disability.


 

 

NOTE (1) ;-- ABOVE TABLE NOT CONTAINED PROVISINS RELATED TO SEC. 80-IA TO 80-IE. & SEC 80P.

 

 

Good luck for exams frnds....happy:) happy:) reading...

 

 

 

Regards

Vipul jain



 22 Replies


(Guest)

Thanxs....... again a useful sharing............

2 Like
IPSA ;)

IPSA ;) ($)     19 September 2011

realy helpful ! :)

1 Like
CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN")     19 September 2011

Again a very Nice Bird's Eye View Presented....

Vipul, keep continuing with your small efforts which can be of Big help to many....

1 Like
Hardik Dave

Hardik Dave (IPCC and CS Professional(FINAL) Student)     19 September 2011

Thanku very much vipul bhai.smile. Great contribution.
1 Like
RG - A Helping Hand

RG - A Helping Hand (Company Secretary)     19 September 2011

Again a very nice effort Bro…

Awesome work.

 

Keep it up

1 Like
vipul jain

vipul jain (EFFORTS NEVER FAIL)     19 September 2011

THANKS A LOT TO EVERYONE......UR REPLY BOOST MY CONFIDENCE....



REGARDS

VIPUL JAIN

valji

valji (Accounts manager-MBA)     19 September 2011

thank you

1 Like
Vandana Mulchandani

Vandana Mulchandani (Finance Manager )     19 September 2011

Thank u Vipul...great sharing

1 Like
SANYAM ARORA

SANYAM ARORA (“It's hard to beat a person who never gives up.”)     19 September 2011

aare tuse again kamal kar deta bhai.............!!!!

All the best..............!!!!!!!

@ ! @

1 Like
Prakash

Prakash (Chartered Accountant)     19 September 2011

Gd Job Bro

Very Handy

Karan Teli

Karan Teli (Life Is just an Illusion...!!)     19 September 2011

B O O K M A R K E D..,

thanks for such psot..,

1 Like
vipul jain

vipul jain (EFFORTS NEVER FAIL)     20 September 2011

 

Thanks a lot...to everyone....

krishna chaitanya

krishna chaitanya (student)     20 September 2011

THANK YOU VERY MUCH BROTHER

Arniv Sharda

Arniv Sharda (CA Final)     20 September 2011

great work done bhai

keep sharin

cheers


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:



Trending Tags