For firm, what are decuctions under 80 sections allowed?



Hi,

 

I wish to know what are the deductions allowed for a firm under section 80 headings? Like 80c, 80 ccd etc?

 

Can a firm also invest in tax saving fixed deposits etc to avail these deductions? 

 
Reply   
 

No deductions under sec 80C & 80CCD allowed to FIRM.

 

 
Reply   
 
CA Final Student

80C, D, CCD etc such deductions are available only to individuals,HUF. Firm cannot claim by investing in taxsaving deposits. Only it can claim under section 80G/GG by donating to chartitable trust.and also depending upon the nature of business some deductions are availabe under section 80. but these are only in few cases. 

 
Reply   
 
INCOME TAX PRACTITIONER

dear all,

from July to October filed regular returns to my clients, now what to do from next month onwards? their total turnover is under 1.50 cr.

 
Reply   
 

Category- profession /business
 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×

  CCI MENU