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Deduction in respect of rent paid – 80GG
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 26, 2011
Deduction under Sec. 80GG is available for persons who pay rent for their accommodation. In computing total income, an assessee is allowe...
Tax benefits for Treatment of Specified diseases – Section 80DDB
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 25, 2011
Costs incurred for treatment of specified illnesses, could fetch you a tax benefit under section 80DDB. Conditions to be satisfied for av...
Deduction in respect of repayment of loan taken for higher education
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 25, 2011
Section 80E provides you tax benefits on education loans taken to support higher studies and these benefits help you to reduce the overal...
Section 80DD- Medical Treatment of Handicapped Dependents
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 25, 2011
Deduction u/s 80DD can be claimed if you are incurring expenditure for maintenance including medical treatment of a handicapped dependent...
Opt for medical insurance and save taxes on premium paid -80D
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 25, 2011
Investments made towards payment of health insurance premiums, qualify for a tax deduction under section 80D. Conditions to be satisfied ...
Invest in Infra-structure Bonds – 80CCF – Save Taxes
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 25, 2011
Deduction in respect of subscription to long term infrastructure bonds under Section 80CCF is applicable for the assessment year 2011-12 ...
Valuation of medical facilities – either provided or reimbursement by the employer
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 24, 2011
The following shall not be treated as perquisite – • Medical facility provided in a hospital, clinic, dispensary or nursing home ...
Tax on Perquisite paid by employer
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 24, 2011
If tax is paid by an employer on behalf of an employee, the same (being in nature of an obligation which, but for such payment, would hav...
Creation of Hindu Undivided Family (HUF) and its Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 23, 2011
Under the India income tax provisions, HUF is considered as having distinct legal identity. There are few ambiguities with regard to its ...
No Capital gain Tax on transfer of house property
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 23, 2011
Normally there will be capital gain tax on transfer of house property. However, if following conditions are satisfied, you can claim tota...
Taxability of bonus shares allotted without any consideration
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 23, 2011
Date of Acquisition in case of bonus shares for holding period – The assessee who is allotted bonus shares should be taken to hold ...
Claim securities transaction tax (STT) as business expense and not as tax paid
News & FAQs | By ALOK PATNIA | Apr 22, 2011
The treatment of STT would depend whether the transaction made in shares or mutual fund are treated as business income or capital gain. S...
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