Deduction for Profits from Housing Projects [Section 80-IBA] Assessees deriving profits from developing and building housing projects or notified rental housing projects are eligible for deduction. Deduction is 100% of profits and gains from such business. No deduction allowed if the housing project is executed as a works contract awarded by any person, including the… Read More »
Deduction for Profits from Certain Industrial Undertakings [Section 80-IB] • Deduction is available to assessee deriving profits and gains from Processing, Preservation, and Packaging of specified food items [Section 80-IB(11A)] • Applicable to processing/preservation/packaging of fruits, vegetables, meat and meat products, poultry, marine, dairy products, and integrated business of handling/storage/transportation of food grains. • Deduction… Read More »
Deduction to an Eligible Start-up [Section 80-IAC] • Eligible startups (companies or LLPs) can claim deduction for profits and gains from eligible business activities. • Deduction is allowed up to 100% of profits and gains for 3 consecutive assessment years out of 10 assessment years beginning from the year of incorporation. Deduction is computed assuming… Read More »
Deduction for Profits from Business of Developing a Special Economic Zone (SEZ) [Section 80-IAB] • Developers of SEZ can claim a deduction for profits and gains from the operation and maintenance of SEZ. • Deduction available for 100% profits for 10 consecutive assessment years out of 15 years from commencement. • Deduction amount is computed… Read More »
Profits from Industrial Undertaking or Infrastructural Development [Section 80-IA] • Deduction under this section is available to any assessee deriving profits from specified eligible businesses. The deduction is allowed up to 100% of profits for 10 consecutive assessment years out of 15 or 20 years, as applicable. • Development, operation or maintenance of an infrastructure facility –… Read More »
Contributions by Companies to Political Parties [Section 80GGB] An Indian company contributing to a political party or an electoral trust can claim a deduction under this section. However, contributions made in cash are not deductible. Contributions by persons other than Companies to Political Parties [Section 80GGC] A deduction is available to any assessee, other than… Read More »
Deduction for Donations towards Scientific Research or Rural Development [Section 80GGA] • Any assessee not having any income taxable under the head “Profits and Gains of Business or Profession” is eligible to claim a deduction for amounts contributed to specified associations or institutions for scientific research or rural development. • No deduction shall be allowed for cash… Read More »
Deduction for Rent Paid [Section 80GG] • Deduction under Section 80GG is available only to individuals (resident or non-resident), including salaried and self-employed persons. • Not allowed to those claiming HRA exemption under Section 10(13A). • Deduction can be claimed for rent paid on furnished or unfurnished accommodation used for own residence. • The deduction is the least of… Read More »
Deduction in respect of Donations [Section 80G] Any assessee (resident or non-resident) who makes a donation to specified funds, institutions, or associations is eligible to claim a deduction underSection 80G.The deduction allowed ranges from 50% to 100% of the donation amount, subject to certain limits and conditions. Donations made in cash exceeding Rs. 2,000 are… Read More »
Deduction for Interest on loan taken to buy Electric Vehicles [Section 80EEB] • Section 80EEB offers deduction for interest paid on loans taken to purchase electric vehicles, promoting a pollution-free environment. • Any individual (resident or non-resident) who has taken a loan to purchase an electric vehicle. • A deduction of up to Rs. 1,50,000 for interest… Read More »