Written on May, 02, 2015 by in

Deduction under section 80TTA of Indian Income Tax is allowed for interest on saving bank accounts subject to the following conditions:- Deduction of interest from saving bank is allowed to the Individual and Hindu Undivided Family only. The Deduction is allowed only for interest on saving bank account with any bank including co-operative bank and post office. Interest received from …

Written on May, 02, 2015 by in

DEDUCTION IN RESPECT OF DONATIONS OTHER THAN POLITICAL PARTIES UNDER SECTION 80G:-  Deduction of donations is allowed to any assessee under Indian Income Tax Act who has made donation to the notified institutions or associations. Donation is divided in two parts for the purpose of claiming the amount of donation from taxable income of assessee as under:- 100% deduction is …

Written on May, 02, 2015 by in

Who can claim the deduction for rent paid? :- Deduction for rent paid under section 80GG is allowed to following persons:- Any assessee who is self employed can claim this deduction from his/her income. Any person who is employed or salaried person but not receiving House Rent Allowance from his/her employer. Conditions to avail the deduction in respect of rent …

Written on May, 02, 2015 by in

Under section 80E of Indian Income Tax, any interest paid on loan taken from any financial institution or any approved charitable trust for higher education is exempt from taxable income. The loan can be taken for himself/herself or for any relative’s higher education. This type of deduction is allowed to Individual assessee only. Higher education means any course which is …

Written on May, 02, 2015 by in

As per Indian Income Tax Act, the following points must be kept in mind while in respect of donations paid to political parties:- Any Indian company is allowed to pay the donation to any political party or parties. Any person except local authority and an artificial juridical person who is funded by government, wholly or partly. No payment must be …

Written on Mar, 18, 2015 by in

An assessee can claim following payments made as per Indian Income Tax Act in respect of various types of medical expenses incurred during or payment made under medical insurance schemes:-  MEDICLAIM UNDER SECTION 80-D DURING FINANCIAL YEAR 2014-15 Following points should be kept in mind while claiming deduction under section 80-D in respect of expenses incurred for health insurance in …

Written on Mar, 08, 2015 by in

The cost of goods or services means the amount spent on production of the same product or service. The meaning of cost depends on the circumstances of different persons. For example, the producer of the goods, the trader who is engaged in purchasing and selling of the manufactured goods and the consumers of the goods have the different criteria of …

Written on Mar, 08, 2015 by in

DIRECT COST OR VARIABLE COST:–  Direct Cost means which changes on production of each additional unit of a product in a manufacturing firm like cost of raw material, wages to workers, packing charges, cartage inward expenses, electricity and water expenses, other fuel expenses. In other words, direct cost means the cost of a product to make it for selling purpose. …

Written on Mar, 08, 2015 by in

The main highlights of Union Budget 2015 (F.Y.2015-16 and A.Y.2016-17) are as               under:- No change in income tax slabs. Corporate tax will be reduced from 30% to 25% along with removal of various types of exemptions from F.Y. 2015-16. Very Tough provisions are made for not declaring foreign investments, foreign income and foreign deposits etc. The penalty shall be for …

Written on Oct, 25, 2014 by in

This scheme basically is a health insurance scheme for Indian workers. Under this scheme a contribution is made by the workers and the employers to a fund which is maintained by ESI Corporation under the rules and regulations under ESI Act, 1948. Under this scheme the workers get medical and cash benefits for themselves and their families. At present ESI …


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