Contribution to Pension Fund of Insurance Companies [Section 80CCC] • Any individual (resident or non-resident) who has made payment or deposit under an annuity plan of LIC or any other insurer for receiving pension can claim deduction. • Deduction allowed is the lower of actual amount paid/deposited or Rs. 1,50,000. • No deduction for interest or… Read More »
No Deduction to Members if Allowed to AOP or BOI Section 80A prescribes that if an AOP or BOI is allowed deduction under Section 80G, 80GGA, 80GGC, 80-IA, 80-IB, 80-IC or 80-IE, no deduction shall be allowed to members of such AOP or BOI on income shares. Investment Linked Deductions [Section 80C] An Individual or Hindu Undivided Family (HUF) is eligible to claim deduction up… Read More »
Conditions for Claiming Deduction • Assessees must file returns on or before due dates to claim deduction under Sections 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IC, 80-IE, 80JJAA, 80LA, 80QQB, 80RRB. • Certain deductions require filing audit or certification reports in prescribed forms such as Form 10CCB, 10CCC, 10CCD, 10CCE, 10CCF, 10DA, etc.
Who Cannot Claim Deduction? Alternative Tax Regime Allowed to Deduction allowable under Chapter VI-A Section 115BA Domestic Company Section 80G, 80GGA, 80GGB and Section 80JJAA Section 115BAA Domestic Company Section 80JJAA, Section 80M and Section 80LA(1A) Section 115BAB Domestic Company Section 80JJAA and Section 80M Section 115BAC Individual/HUF/AOP/BOI/AJP Section 80CCD(2), Section 80CCH(2), Section 80JJAA and Section 80LA(1A) Section 115BAD Resident Co-operative Society Section 80JJAA and Section 80LA(1A) Section 115BAE Resident… Read More »
Gemini: Your always-on AI assistant in Docs Gemini: Your always-on AI assistant in Docs We are introducing the ability to set custom, persistent instructions for Gemini in Google Docs. These instructions ensure that Gemini adapts to your style, tone, and formatting preferences without needing to repeat them in every conversation, ultimately saving you time and… Read More »
How much deduction can be claimed? Section Eligible Investment or Income Who Can Claim? Maximum Deduction 80C Life insurance, tuition fee, provident fund, housing loan repayment, pension, fixed deposits, etc. Individual or HUF Rs. 1,50,000 80CCC Annuity pension plan of LIC or other insurer Individual Rs. 1,50,000 80CCD(1) Contribution to National Pension Scheme (NPS) or… Read More »
Deductions from Gross Total Income Introduction An assessee is taxed on the total income of the previous year relevant to the assessment year. Certain deductions are allowed from the gross total income of an assessee under Sections 80C to 80U. No deduction is allowed if the gross total income is nil. Deductions cannot create negative income or losses.
SBI Consent Form NRI Customers other than in EU SBI Consent Form NRI Customers other than in EU These documents are the standard compliance forms required by State Bank of India (SBI) to manage Non-Resident Indian (NRI) accounts under global data protection laws like the EU GDPR and UK GDPR. If you are opening an… Read More »
SBI Consent Form from NRI Customers in EU SBI Consent Form from NRI Customers in EU These forms are essential for State Bank of India (SBI) to comply with international data privacy laws like the EU GDPR and UK GDPR. If you are opening an account or performing Re-KYC, you must submit the consent form… Read More »
SBI Privacy Notice for EU Customers SBI Privacy Notice for EU Customers These documents are part of the State Bank of India’s (SBI) compliance framework to meet international data protection standards, primarily the EU GDPR and UK GDPR. Below is a summary of what each form covers and why they are necessary for your NRI… Read More »