Deduction available for banks and financial Institutions having a Offshore Banking Unit (Sec. 80LA)
Money Mantan July 30, 2011
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Deduction available for banks and financial Institutions having a Offshore Banking Unit (Sec. 80LA)

1.  Eligible Assessees: Scheduled bank having an offshore banking unit in a Special Economic Zone  or Foreign Bank having an offshore banking unit in a Special Economic Zone, or Unit of International Financial Services Centre 2.   Conditions: Gross total income of the assessee includes- Income from the Offshore Banking Unit in a Special Economic Zone, […]

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Deductions for donations and contributions (Sec 80G)
Money Mantan July 30, 2011
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Deductions for donations and contributions (Sec 80G)

1.Eligible Contributions: Assessees are entitled to deduction u/s 80G if they have contributed to or donated to Approved Funds and Charitable Institutions. 2. Conditions: Donations should be made in sum of money and not in kind. The assessee should produce proof of payment along with return of income 3. Meaning of Charitable Institution: Charitable Institution […]

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Deductions
Money Mantan July 30, 2011
Comments (103)

Deductions

Section 80B Gross total income means total income computed in accordance with the provisions of the Income tax Act before making any deduction under Chapter VIA. Section 80AC Deduction u/s 80-IA/80-ID/80-IE will be allowed only if the assesses furnishes the return of income u/s 139(1).

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