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Title The Important Sections Of Income Tax Act 1961 For Various Tax Deductions For The Salaried Employees Income Tax
Starting from the year 1961 cbdt has omitted various sections by the relevant direct tax laws amendment acts.
Sections under income tax. 27 sep 2020 09 16 pm ist edited by avneet kaur. Deduction equivalent to 100 percent is allowed to cooperative societies that earn income from fishing cottage industries the sale of agricultural harvest cottage industries and milk supplied by the members to milk cooperative societies. Under this section of income tax individuals can avail income tax exemptions on up to rs 1 50 000 if he or she has invested or deposited in any annuity plan with lic or another insurer.
It is a win win to save income tax while donating to a worthy cause. For understanding the overall concept of income tax law in india one should have to know all sections of income tax i e. Therefore even after availing the maximum 1 5 lakhs tax benefit under section 80c the taxpayer can further claim tax benefits under section 80e.
The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts. Section 80ddb provides that if an individual or an huf has incurred medical expenses for treatment of specified disease or ailment such expense is allowed as deduction subject to such conditions and capped at such amount as specified under section 80ddb of income tax act. The annuity plan you have invested in should be for receiving the pension from a fund being referred to in section 10 23aab.
The title or contents topics covered under sections 1 to 298 of income tax act 1961 as amended by the latest finance act. Section 80 p under certain conditions offers income tax deductions to cooperative societies in their income. Section 80c of the income tax act provides provisions for tax deductions on a number of payments with both individuals and hindu undivided families eligible for these deductions.
Under the income tax act one can donate to an ngo and avail a subtraction from the gross total income. Eligible taxpayers can claim deductions to the tune of rs 1 5 lakh per year under section 80c with this amount being a combination of deductions available under sections 80 c 80 ccc and 80 ccd. What is section 80gg of the income tax act.
The taxpayer is eligible for tax benefit under section 80e over and above the other tax benefits under relevant sections under chapter vi a of the income tax act.
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