Deductions from House Property Income

Deductions from House Property Income

Rules for allow ability of unrealized rent (Rule 4) Unrealized rent means the rent not paid by the tenant and realized by the owner and the same shall be deducted from the actual rent receivable from the property before computing income from that property, provided the following conditions are satisfied- The tenancy is bonafide. The […]

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 Deductions available for income from other sources (Sec. 57)

Deductions available for income from other sources (Sec. 57)

Admissible Expenditure Any reasonable sum paid by way of commission or remuneration for purpose of realizing dividends or interest on securities Contributions to ESI, EPF and superannuation fund, those recovered from the employees, paid before due dates under relevant acts. Repairs, insurance and depreciation of Building, Plant and Machinery and furniture. 33 1/3% of Family […]

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 Deduction available for banks and financial Institutions having a Offshore Banking Unit (Sec. 80LA)

Deduction available for banks and financial Institutions having a Offshore Banking Unit (Sec. 80LA)

1.  Eligible Assessees: Scheduled bank having an offshore banking unit in a Special Economic Zone  or Foreign Bank having an offshore banking unit in a Special Economic Zone, or Unit of International Financial Services Centre 2.   Conditions: Gross total income of the assessee includes- Income from the Offshore Banking Unit in a Special Economic Zone, […]

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 Deductions for donations and contributions (Sec 80G)

Deductions for donations and contributions (Sec 80G)

1.Eligible Contributions: Assessees are entitled to deduction u/s 80G if they have contributed to or donated to Approved Funds and Charitable Institutions. 2. Conditions: Donations should be made in sum of money and not in kind. The assessee should produce proof of payment along with return of income 3. Meaning of Charitable Institution: Charitable Institution […]

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 Deductions

Deductions

Section 80B Gross total income means total income computed in accordance with the provisions of the Income tax Act before making any deduction under Chapter VIA. Section 80AC Deduction u/s 80-IA/80-ID/80-IE will be allowed only if the assesses furnishes the return of income u/s 139(1).

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