i.tax Sec 80
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Transcript of i.tax Sec 80
SECTION 80 SERIES80C 80CCA80CCB80CCC80CCD80D80DD80DDB80E80G80GG
80GGA80GGB80GGC80HHB80HHBA80HHC80HHD80HHE80HHF80-IA80-IAB80-IB80-IC
80-ID80-IE80JJA80JJAA80L80LA80P80QQB80R80RR80RRA80RRB80U
80C This section is applicable from the assessment year 2006-
2007.Under this section 100%deduction would be available from Gross Total Income subject to maximum ceiling given u/s 80CCE.Following investments are included in this section:
Contribution towards premium on life insurance (20% of the sum insured)
Contribution towards Public Provident Fund.(Max.70,000 a year) Contribution towards Employee Provident Fund/General Provident
Fund Unit Linked Insurance Plan (ULIP). NSC VIII Issue Interest accrued in respect of NSC VIII Issue Equity Linked Savings Schemes (ELSS). Repayment of housing Loan (Principal). Tuition fees for child education. (No Limit) Investment in companies engaged in infrastructural facilities.
80CCCDeduction in respect of pension Fund
Deduction is allowed for the amount Deduction in respect of contribution to certain Pension Funds :paid or deposited by the assessee during the previous year out of his taxable income to the annuity plan (Jeevan Suraksha) of Life Insurance Corporation of India or annuity plan of other insurance companies for receiving pension from the fund referred to in section 10(23AAB)
Amount of Deduction: Maximum Rs. 10,000/-
80CCDDeduction in respect of contribution to a notified pension scheme of central Government or any other employer
Deduction is available if:The taxpayer is an individualHe is employed by the Central Government or by
any other employer on or after January 1,2004He has in the previous year paid or deposited
any amount in his account under a pension scheme notified by Central Government
80DDeduction in respect of Medical Insurance Premia
Deduction is allowed for any medical insurance premium under an approved scheme of General Insurance Corporation of India popularly known as MEDICLAIM) or of any other insurance company, paid by cheque, out of assessee’s taxable income during the previous year, in respect of the following
In case of an individual – insurance on the health of the assessee, or wife or husband, or dependent parents or dependent children. In case of an HUF – insurance on the health of any member of the family Amount of deduction : Maximum Rs. 15,000, in case the person insured is a senior citizen (exceeding 65 years of age) the maximum deduction allowable shall be Rs. 20,000
80DDDeduction in respect of maintenance including medical treatment of handicapped dependent :
Deduction is allowed in respect of – any expenditure incurred by an assessee, during the previous year, for the medical treatment training and rehabilitation of one or more dependent persons with disability; and
Amount deposited, under an approved scheme of the Life Insurance Corpn. Or other insurance company or the Unit Trust of India, for the benefit of a dependent person with disability.
Amount of deduction : the deduction allowable is Rs. 50,000 (Rs. 40,000 for A.Y. 2003-2004) in aggregate for any of or both the purposes specified above, irrespective of the actual amount of expenditure incurred. Thus, if the the total of expenditure incurred and the deposit made in approved scheme is Rs. 45,000, the deduction allowable for A.Y. 2004-2005, is Rs. 50,000
80DDB Deduction in respect of medical treatment
A resident individual or Hindu Undivided family deduction is allowed in respect of during a year for the medical treatment of specified disease or ailment for himself or a dependent or a member of a Hindu Undivided Family.
Amount of Deduction Amount actually paid or Rs. 40,000 which ever is less (for A.Y. 2003-2004, a deduction of Rs. 40,000 is allowable In case of amount is paid in respect of the assessee, or a person dependent on him, who is a senior citizen the deduction allowable shall be Rs. 60,000.
80E Deduction in respect of Repayment of Loan
taken for Higher Education
An individual assessee who has taken a loan from any financial institution or any approved charitable institution for the purpose of pursuing his higher education i.e full time studies for any graduate or post graduate course in engineering medicine, management or for post graduate course in applied sciences or pure sciences including mathematics and statistics.
Amount of Deduction : any amount paid by the assessee in the previous year, out of his taxable income, by way of repayment of loan or interest thereon, subject to a maximum of no limit
80GDeduction in respect of donations to certain
funds, charitable institutions, etc.100 % deduction is allowed in respect of donations
to : National Defence Fund, Prime Minister’s National Relief Fund, Armenia Earthquake Relief Fund, Africa Fund, National Foundation of Communal Harmony, an approved University or educational institution of national eminence, Chief Minister’s earthquake Relief Fund etc.In all other cases donations made qualifies for the 50% of the donated amount for deductions.
80GG Deduction in respect of Rent Paid :
Any assessee including an employee who is not in receipt of H.R.A. u/s 10(13A)Amount of Deduction : Least of the following amounts is allowable :i. Rent paid minus 10% of assessee’s total income ; orii. Rs. 2,000 p.m. ;iii. 25% of total income.
80GGA Donations for Scientific Research or Rural
Development :In respect of institution or fund referred to in
clause (e) or (f) donations made upto 31.3.2002 shall only be deductible.
This deduction is not applicable where the gross total income of the assessee includes the income chargeable under the head Profits and gains of business or profession. In those cases, the deduction is allowable under the respective sections specified above
80-IA Deduction in respect of profit and gains
from industrial undertaking or enterprises engaged in infrastructure development.
If some conditions are satisfied which is describe in this section than 100 per cent of the profit is deductible for 10 year. The deduction commences from the initial assessment year.
80IAB Deduction in respect of profits and gains by an
undertaking or enterprises engaged in development of Special Economic Zone
ConditionsThe taxpayer is a developer of a SEZThe GTI of the taxpayer undertaking from any business
of developing a SEZThe SEZ in notified after 1st April 05 and books of
accounts are auditedIf the above conditions are satisfied, the taxpayer can
claim 100 per cent deduction in respect of aforesaid profit.
80IB Deduction in respect of profits and gains from
certain industrial undertakings other than indrastructure development undertaking
ConditionsIt should be a new undertakingIt should not be formed by transfer or old plant and
machineryManufacture or production should be started within a
stipulated time limit.It should employ 10/20 Workers.Return of Income should be submitted on or before due
date
80ICDeduction in respect of profits and gains of certain undertaking in
certain special category of statesConditions
Not Formed by splitting up or reconstruction of existing business
Not formed by transfer of old plant and machinery Setup in Certain Special Category of States Manufacture/Production of Specified Goods
If the aforesaid conditions are satisfied, then deduction is available in Himachal Pradesh or Uttaranchal 100% Deduction of the Profit and Gains
80IDDeduction in the case of hotels and
convention centre in NCRThis section 80ID has been inserted with effect
from the assessment year 2008-09If some conditions are satisfied, 100 per cent of
the profit and gains derived from the aforesaid business is deductible for five consecutive assessment year beginning from the initial assessment year. Initial assessment year for this purpose means the assessment year relevant to the previous year
80IEDeduction in Respect of certain Undertaking in North-Eastern States
ConditionsThe taxpayer begins manufacture or production of
goodsThe aforesaid activity takes place in any North-Eastern
StatesThe Business is not formed by the splitting up, or the
reconstruction, of a business already in existenceIf the aforesaid conditions are satisfied 100 per cent
of profit from the aforesaid business/services shall be deductible for 10 years.
80JJADeduction in respect of profits from the business of processing of bio-degradable waste
This Section is applicable where gross total income of an assessee includes ant profits and gains derived from the business of collection, processing or treating of bio-degradable waste for generating power or producing bio-fertilizers
The Whole of the Profits and gains of the above activities shall be deductible for a period of five consecutive assessment years beginning with the assessment year relevant to the previous year in which such business commences.
80JJAADeduction in respect of employment of new
workmenConditions
The taxpayer is an indian companyIncome of the taxpayer includes any profit and gains
derived from any industrial undertakingIndustrial undertaking is not formed by splitting up or
reconstruction of another indl. Undertaking
The amount of deduction is equal to 30 per cent of additional wages paid to new regular workmen employed by the assessee in the previous year.
80LADeduction in respect of certain income of offshore
Banking Units and International Financial Service Centre
Conditions The assessee is a Scheduled Bank, A foreign Bank or a unit
of International Financial Services Centre. The Gross total income of the assessee includes income
from the offshore banking unit in SEZ The report from a CA in form no.10CCF certifying that the
deduction has been correctly claimed
If the above conditions are satisfied, then 100 per cent of the aforesaid income is deductible for 5 consecutive assessment year
80PDeduction in respect of income of a co-operative
SocietyConditions
Carrying on the business of banking or providing credit facilities to its members
A cottage industryMarketing of the agriculture produce grown by its
membersCollective disposal of the labour of its members
Deduction under section 80P in respect of business income of a co-operative shall be available with reference to income after claiming deduction under section 80HH, 80HHA, 80HHB, 80HHC, 80 HHD, 80-I, and 80-IA.
80QQBDeduction in respect of royality income of
authorsConditions
Resident individual Author or Joint authorLiterary workIncome Include royaltyFinishing of form No.10CCD
If the aforesaid Conditions are satisfied, then the amount of deduction is|:--- Rs. 3,00,000.00 or Income from royalty as stated above.
80R Deduction is respect of remuneration
from certain foreign sources in the case of professors, teachers, ect…
No deduction under section 80R is available from the assessment year 2005-06 onwards
80RRBDeduction in respect of royalty on patentsConditions
The taxpayer is an individualHe is residend in indiaHe is Owner/co-owner of patentHe is receipt of any income by way of royalty in
respect of patentThe assessee Should furnish a Certificate in form
no 10CCEIf the aforesaid conditions are satisfied, then the
amount of deduction is Rs.3,00,000.00 or income from “Royalty” as stated above.
80UDeduction in the case of a person with disabilityConditions
The taxpayer is an individualHe is resident in indiaThe taxpayer suffers 40% of more bye Blindness, Low
Vision, Leprosy-cured, hearing impairment, mental illness
This is certified by medical authority
If the aforesaid conditions are satisfied then a fixed deduction of Rs.50,000 is available. A higher Deduction of Rs.75,000 is allowed in respect of a person with severe disability