December 14, 2018

INCOME UNDER HOUSE PROPERTY

March 23, 2017 0

Meaning of House Property:- House property consists of any building or land appurtenant thereto of which the assessee is the owner. The appurtenant lands may be in the form of a courtyard or compound forming [Read More]

Sec 44AE of Income Tax Act,1961

March 2, 2017 0

Income on Estimated Basis in case of taxpayer engaged in business of plying, leasing or hiring trucks Section 44AE designed to give relief to small taxpayers engaged in the business of plying, hiring or leasing [Read More]

Sec 44ADA on Professional Income

February 21, 2017 0

 Why Sec 44ADA Came? This scheme is  to give relief to small taxpayers engaged in specified profession.  Eligible Assessee The Assessee is resident in India and carry on following  professions then, he will be eligible [Read More]

Deduction U/s 80E of Income Tax Act,1961

February 11, 2017 0

Interest on loan taken for Higher Education Conditions for claiming deduction Assessee is an individual Assessee is taking loan from financial institution(i.e banking Company or financial institution notified by Central Govt.) or an approved charitable [Read More]

Deduction U/s 80GG of Income Tax Act,1961

February 9, 2017 0

Deduction in respect of Rent paid Conditions for claiming deductions Individual {Self Employed or Salaried Employee(if he is not in receipt of House Rent Allowance)} HUF(any member of HUF) Taxpayer himself or spouse or minor [Read More]

Rebate U/s 87A(For A/Y 2017-18)

February 9, 2017 0

Amount of Rebate :  5,000 or 100% of Income Tax whichever is lower Conditions for claiming Rebate Individual Resident Total Income does not exceed Rs.5,00,000 Example1: Mr. A(aged 45Years) having Total Income of Rs.2,80,000. Calculate [Read More]

Deduction U/S 80D of Income Tax Act,1961

February 7, 2017 0

Deduction in respect of medical insurance premium 80D Amount of deduction For Mediclaim: For claiming deduction under this section,payment for mediclaim should be made by any mode other than cash ♠ In case of Individual :– [Read More]

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