KNOWLEDGE CENTER
Deduction U/s 10(13A) – House Rent Allowance
House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a...
FAQs on Housing Loan & Income tax benefit
Housing loan entitles Individuals to Deduction Under Section 80C of the Income Tax Act, 1956, up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. This Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under...
Deduction u/s. 80C for tuition / school / education fees
Deduction u/s. 80C for tuition / school fees paid for education of children EXTRACT FROM SECTION 80C Clause xvii of section 80C xvii) as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature), whether at the time of...
PPT on Goods and Services Tax (GST) by ICAI
With the introduction of GST regime round the corner, The Indirect Taxes Committee of The ICAI has launched a standardized PPT on Goods & Services Tax (GST) to provide a single handed knowledge on upcoming GST regime in India. The standardized PPT aptly covers...
Disallowance u/s 40(a)(ia) for mere deduction of TDS under wrong section
ADIT, International Taxation vs. Express Drilling Systems LLC (ITAT Delhi), ITA no.751/Del/2013, Date- 09th January, 2015 Disallowance u/s 40(a)(ia) shall not be made merely because TDS has been deducted u/s 194C instead of Section 194J The provisions of section...