Income Tax. Rule of Law.
Blog Address : msmedia4you.blogspot.com
Theme Address : https://msmedia4you.blogspot.com/2021/02/income-tax-exemption.html
----------------------------
Page.1. About this Page.
e -Theme Magazine. Volume 1.Section. A.
--------------------------------
Page.1.Cover Page.
Volume 1.Section. B.
---------------------------------
Rule of Income Tax.
e- theme magazine. Rule of Law Awareness
Know ITR with Us
----------------------------
In Association With.
Business Heads.
Pratham Media. Aashish Kumar. Patna.
M. S. Media.
A & M Media. Manish Sinha. New Delhi.
Consult me for consulting Lawyers for Suggestions only.
Mob. 9811602901. Charges applied
Lawyers on your Call. Justice for all.
---------------------------
Page Designer : Er. Ram. Er. Sindgha. Er. Siddhant.
---------------------------
Legal Umbrella.
Ravi Raman. ( Sr. Advocate)
Gynendra Kumar. (Sr. Advocate)
Dinesh Kumar. ( Sr. Advocate)
Seema Kumari. ( Sr. Advocate)
Sarsij Nayanam. ( Sr. Advocate.) Delhi High Court. Company, Banking
Anuj Kumar : Consultant. Advocate Income Tax. call 10.30 a.m to 6 p.m. CF 500/-
---------------------
Be aware of yourself by updating yourself in legal sectors.
---------------------
---------------------------
Page 1. Preface. Volume 1.
---------------------------
Suggestions. Kanooni Salah.
Cases. Study. Awareness. Consultancy.
Rule of Income Tax. e-theme magazine.
A Complete Rule of Law Book.
---------------------------
Sushil Ranjan.
Editors : Sushil Ranjan. LL.B. Sr. Advocate. Section Civil. Patna Civil Court. Ravi Raman. LL.B. Sr. Advocate. Section : Insurance. Criminal.Gynendra Kumar. LL.B. Sr. Advocate .Section Criminal.Dinesh Kumar. L.LB. Sr. Advocate. Civil.Seema Kumari . Sr. Advocate. Family, Divorce.Sarsij Nayanam. Sr. Advocate. Delhi High Court. Company, Banking.
---------------------Writers :Dr. Madhup Raman : Ph.D., LL.B.Parmanand Prasad. ( Advocate & Tax Consultant).Patna High Court.Dinesh Kumar : Advocate.Anuj Kumar : Consultant. Advocate Income Tax. call 10.30 a.m to 6 p.m. CF 500/----------------------Visitors of this Blog.Chandani Sinha. (Advocate).Delhi Civil Court. Dwarka. New Delhi.Madhulika Bihari. ( Advocate). Biharsharif Civil Court.Ajay Kumar Verma. (Advocate ).call . CF.Satya Prakash Mishra. A.S.P.Raj Kumar Karan. Retd. D.S.P. President Gallantry Award Winner twice time. Vishal Kumar. Law Student. 3rd year.Vidisha .Law Student.2nd Year.
 |
| Sushil Ranjan. |
---------------------------Page 2. Powered by. -----------------------
---------------------------Page 3.Cases.Study.--------------------------------------------------Inhe Bhi Azmayein.---------------------------We deal with legal problems and come with right suggestions & solutionA panel of Advocates with us
---------------------------
Page 3.Cases.Study.
-----------------------
---------------------------
Page 3.1.Section : Deductions under Sections.
---------------------------
Dr. Madhup Raman. LL.B
.
Claiming under Sections for the taxpayers : to be claimed for a tax payer.
Under Section 10 (13A ) : HRA is exemption is deductible from the total income Under Section 10 (13A ) of the Income Tax,1961. before arriving at a taxable income.
Although it is a part of your salary, HRA, unlike basic salary is not fully taxable.
If your institution is not paying HRA then you claim your deduction for paid House Rent from
your income.
Under 80 C : It is a known and very common deduction to people. We can claim 1.5 lakh deduction under Under 80 C of Income Tax 1961 for NSE, Tax Saver Scheme, Tax Deposits in Banks, Tution Fee paid to school, college, LIC, PF and ELSS Mutual Fund Scheme.
Limit remains up to 150000/-
Limit remains up to 150000/-
Under 80 CCD (1B) : An additional deduction for investment up to Rs 50000/- in NPS ( Tier 1 Account ) is available exclusively to NPS Subscriber under Section 80CCD (1B)
Under Section 80D : Medical Insurance Premium paid offers tax benefits under Section 80D is upto 25,000.We can claim medical expenses under the section 80D upto 5000/- without submitting any documents however it is advisable to keep the record.
Under Section 80 D D : of the Income Tax covers deduction for the medical expenditure incurred for self or for a dependent person.
A dependent person can be spouse, children, parents, brothers and sisters of the assessee
A dependent person can be spouse, children, parents, brothers and sisters of the assessee
A deduction up to maximum of 75000/- will be allowed under the Section.
Under Section 80 G : Section 80 G of the I- T Act allows donations made to specified relief funds as PMR,CMER,NDF and charitable institutions as a deduction from gross total income before arriving at taxable income.
Also, even on donations to notified entities, you can claim 100% deduction only on donations to a specified list.
Under Section 80 GG : You or your spouse or your minor child or HUF of which you are a member do not own any residential accommodation at the place where you currently reside.
And you don't have any house rent allowance but are paying rent for your stay and you perform duties of the office or employment or carry on business or profession.
Limit Rent Paid - 10% of the assessee,'s salary.
Limit - 5000/ r s per month
Under Section 87 A : The Income tax rebate under Section 87 A offers some relief to the taxpayers who fall under the tax slab of 10%.
Any individual whose annual net income is not more than Rs. 5 lakh is eligible to claim tax rebate under Section 87 A .
Under Section 80 TTA claims deduction in respect of interest on deposit.
---------------------------
Page 3.2.Section : Question. Awareness.
---------------------------
Q. What is the total income of an assessee ?
Answer : The total income means net income of the assessee arrived after allowing all deductions including U/S 80 C to 80 U ( a person who has a prescribed disability with 40% disability or 80% disability claims under section 80U) except Section 80 GG ( not getting HRA but paying house rent ) and also excluding Short Term Capital Gains and Long Term Capital Gains.
Q.I am working at a place and don't have my own residential accommodation. I live in my mother's house, can I avail the 80GG ?
Answer : Yes you can get the benefits of Section 80 GG.
Any assesse including an employee who is not receiver of HRA U/S 10 (13A) or a self employed person can claim the deduction.
It is admissible in respect of rent paid by the assesse during the previous year for his residential accommodation whether furnished or unfurnished.
Conditions applied.
a. The Assesse ,his spouse,or minor child or the HUF of which he is a member does not own any residential house at the place of his employment/Business or Profession.
b. The assessee doesnot own any residential house at any other place ,value of which is determined as self occupied property, at nil.
c. The assessee files a declaration in Form 10 BA ( a declaration form to be filed by a taxpayer under Section 80 GG.
Amount of Deduction: Least of the following amounts is allowable
a. Rent paid minus 10% of the total income.
b. Rs.5000/- Per month,
c. 25 % of the the total income .
---------------------------
Dr. Madhup Raman. LL.B
Q. What is the VIA Chapter of IT Act ?
Answer : It defines 80 C ,80 CCC,80CCE,80CCD (1) shall not exceed 150000/-excluding section 80D,80DD,80U.
Q. How we can claim deduction for Tuition Fees under Section 80C?
Answer : A parent can claim a deduction on the amount paid as tuition fees to a university, college, school or any other educational institution.
But other components of fees like development fees and transport fees are not eligible for deduction under Section 80C.
Q. What is the net Income fpr any Individual or the tax payer ?
Answer : Net Profit or Net Earnings or the bottom line is the amount of any individual earns after subtracting taxes and other deductions from gross income.
For a business man net income is stood for the amount of revenue left after subtracting all expenses ,taxes and costs.
Q. Who can fill ITR -1 ?
Answer : For FY 2019 - 20 AY 21- 22,ITR - 1 can be filed only by an ordinarily resident individual whose total income is Rs 50 Lakh or less.
This ITR -1 form can be used to report income from salary, one house property, residuary income ( interest, etc.),and agricultural income up to Rs 5000.
Q. Who can fill ITR -2 ?
Answer : For Individuals and HUF (Hindu Undivided Family).
Q. Who can fill ITR -3 ?
Answer : For those who carry on their business and profession.
Q. Who can fill ITR -4 ?
Answer : For those who are related to individuals, HUFs, Partnership firms
For those who claim for presumptive income scheme as per Section 44AD ( Presumptive Income), Section 44ADA ( Small Professionals), and Section 44AE ( Small Business).
Q. How much HRA can I claim without receipts ?
Answer : It is mandatory to furnish rent receipts to the employer for claiming HRA exemption for the monthly rent paid more than Rs 3000 per month.
Q.I am working at a place and don't have my own residential accommodation. I live in my mother's house, can I avail the 80GG ? --- Manish Delhi.
Answer : Yes you can get the benefits of Section 80 GG.
Any assessee including an employee who is not receiver of HRA U/S 10 (13A) or a self employed person can claim the deduction.
It is admissible in respect of rent paid by the assessee during the previous year for his residential accommodation whether furnished or unfurnished.
Conditions applied.
a. The assessee ,his spouse, or minor child or the HUF of which he is a member does not own any residential house at the place of his employment/Business or Profession.
b. The assessee does not own any residential house at any other place ,value of which is determined as self occupied property, at nil.
c. The assessee files a declaration in Form 10 BA ( a declaration form to be filed by a taxpayer under Section 80 GG.
Amount of Deduction: Least of the following amounts is allowable
a. Rent paid minus 10% of the total income.
b. Rs.5000/- Per month,
c. 25 % of the the total income .
Q. What is 143 (1)
Answer : Once the income tax department has processed your income tax return (ITR),it sends you an intimation notice under section 143 (1) of the Income Tax Act.
This process includes the checking of any arithmetical errors, internal inconsistencies, tax and interest calculation and verification of tax payment.
Q. How to get 143 (1)
Answer Logon to e-Filing portal.www.incometaxindiaefiling.gov.in
Go to My Account and click ' Service Request' type as 'New Request'
Select the 'Request Category' as 'Intimation U/S 143(1)154/16(1)/35
Click Submit.
Q. What is 139 (1) ?
Under Section 139(1), in the following cases the filing of Income Tax Return is Mandatory: Every person who has a total income that exceeds the exemption limit is liable to furnish Income Tax Return within the due date. Any private, public, domestic or foreign country located and/or doing business in India.
Informative article
ReplyDelete