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 […]
Read More1. Applicability: Resident individual being an author. 2. Source of income: Any lump sum consideration for the assignment or grant of any of his interests in the copyright of any book being a work of literary, artistic or scientific nature for royalty or copyright fees. 3. Amount of deduction: Least of the following- Whole of […]
Read More1. Applicability: Resident individual being a patentee in receipt of any income by way of royalty in respect of a patent registered on or after 1-4-2003 under the Patents Act, 1970. 2. Amount of deduction: Least of the following- Whole of such income or Rs.300000 3. Other Conditions: Income earned outside India: Remittance to India: […]
Read More1. Deduction in respect of rent paid: Payment of rent exceeding 10% of Adjusted Total Income in cities. 2. Computation of Adjusted Total Income: Gross Total Income Less: Long Term Capital Gains Short Term Capital Gains All other deductions under Chapter VI A except 80GG 3, Conditions: Assessee should not be in receipt of HRA. […]
Read More1. 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) […]
Read MoreApplicability: Individual or HUF, resident in India. Nature of expenditure: Expenditure incurred for medical treatment, nursing, training and rehabilitation of dependent relative of individual or dependent member of HUF suffering from permanent physical disability including blindness or mental retardation, autism, cerebral palsy and multiple disability. Amount deposited in approved scheme of LIC / UTI or […]
Read More1. Applicability: Resident individual suffering from permanent physical disability or mental retardation including blindness, loss of voice, autism, cerebral palsy and multiple disabilities. 2. Amount of deduction: A fixed deduction of Rs.50000 shall be allowed. If the person is suffering from severe physical disability the deduction is Rs.100000. 3. Conditions: The disability should be certified […]
Read More1. Applicability: Individual or HUF, Resident or Non-resident. 2. Nature of payment: Mediclaim insurance policy taken or w.e.f. F.Y.2010-11, any contribution made to the Central Government Health Scheme- In case of Individual- in the name of individual, his spouse, parents and dependent children. In case of HUF- in the name of any member. 3. Amount […]
Read MoreApplicability: Individual and HUF Nature of payment: Subscription to long-term infrastructure bonds notified by the Central Government during the previous year 2010-11. [Notified Bonds- Long term Infrastructure Fund of India Infrastructure Finance Co. Ltd., IFCI, LIC, IDFCI. NBFC is also classified Infrastructure Finance Company by the RBI] Amount of deduction: Least of- Amount paid or […]
Read More1. Applicability: All Individuals irrespective of residential status and citizenship. 2. Nature of payment: Amount paid or deposited by individual in an annuity plan or LIC or any other insurer for receiving pension. 3. Amount of deduction: Amount deposited or Rs.1, 00,000 whichever is lower. 4. Conditions: Payment shall be made out of income chargeable […]
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