Deduction available for the assessees carrying on the business of Conservation of natural resources (Sec 80JJA)
Money Mantan June 25, 2011
Comments (86)

Deduction available for the assessees carrying on the business of Conservation of natural resources (Sec 80JJA)

1. Applicability: All assessees 2. Amount of deduction: Amount of profits and gains derived from certain business for 5 consecutive years beginning from the assessment years in which such business commences. 3. Eligible business: Business should consist of collecting, processing or treating Bio-degradable waste for Generation of power Producing bio-fertilizers, bio-pesticides, biological agents, Producing bio-gas […]

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Deduction available to an assessee for medical expenditure incurred on treatment for specified diseases (Section 80DDB)
Money Mantan June 25, 2011
Comments (0)

Deduction available to an assessee for medical expenditure incurred on treatment for specified diseases (Section 80DDB)

1. Applicability: Individual or HUF, resident in India. 2. Nature of expenditure: Expenditure incurred for medical treatment of specified diseases for self, dependant relative or member of HUF or dependant relative of member of HUF. 3. Specified diseases as per Rule 11DD: Neurological diseases Cancer AIDS Chronic renal failure Haemophilia Thalassaemia 4. Amount of deduction: […]

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Deduction available for employees for contribution towards approved pension Scheme (Section 80CCD)
Money Mantan June 23, 2011
Comments (106)

Deduction available for employees for contribution towards approved pension Scheme (Section 80CCD)

1. Applicability: Individual employed by Central Government or any other employer on or after 1.1.2004 W.r.e.f. A.Y. 2009-10, any other individual. 2. Nature of payment: Assesse’s contribution to approved pension scheme of the Central Government or employer’s contribution to Pension Scheme. 3. Amount of deduction: For Employees- Amount paid or 10% of Salary, whichever is […]

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Deduction in respect of repayment of loan taken for higher education (Section 80E)
Money Mantan June 22, 2011
Comments (81)

Deduction in respect of repayment of loan taken for higher education (Section 80E)

1. Applicability: Individual 2. Nature of expenditure: Payment of interest on educational loan taken from Financial Institution or approved Charitable Institution for the purpose of pursuing Higher Education for himself or for his relative i.e. spouse and children of the individual (W.e.f.A.Y. 2010-11, student for whom the individual is the Legal Guardian is also eligible) […]

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