Query related to income tax deduction
Sneha Ramakrishnan (Self employed) (81 Points)
30 July 2013Sneha Ramakrishnan (Self employed) (81 Points)
30 July 2013
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 30 July 2013
Yes, there is no issue in claiming deduction
CA Kunal Mishra
(Consultancy Service)
(172 Points)
Replied 30 July 2013
Mihir
(Wealth Manager)
(5293 Points)
Replied 30 July 2013
No, it is not necessary that the charitable institution should be located in the city where the assesee resides. Charitable institution should be specified as per the list given under 80G eligibility.
M Y S Rao
(Accountant)
(22 Points)
Replied 30 July 2013
Sir,
Is there any TDS for Hiring of Bus for transportation of College students? If it is, what is the tax?
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 30 July 2013
Donation should be made to prescribed funds and institutions qualify for deduction as all deductions are not eligible for tax benefits. It should be upto 10% of adjusted GTI. And any amount deposited in excess won't be liable for tax benefits.
Correct me , if m wrong.
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 30 July 2013
@ M Y S Rao
In my opinion, Your question comes under the purview of section 194 C. And TDS would be 1% in case of individual and HUF. and for others its 2 % .
CA RAHUL MITTAL
(article)
(80 Points)
Replied 30 July 2013
yes allowed, there is no issue for claiming deduction
Rohit Gupta
(----)
(94 Points)
Replied 31 July 2013
@ M Y S Rao
This is a contract so TDS would be deductible under section 194 C in case of individual or HUF TDS would be 1 % otherwise 2%
Understanding Corporate Tax in the UAE - Essential Insights and Practical Utilization