Deductions
Insertion of new section 80M (Budget 2020) After section 80LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2021, namely:–– ‘Section 80M of Income tax Act.:- Sub Section (1) Where the gross total income of a domestic company in any previous year includes any income […]
Tax audit turnover threshold limit increased to 5 crores Rupees for business (Amendment of section 44AB of the Act). (A) in clause (a),–– (i) the word “or” occurring at the end shall be omitted; (ii) the following proviso shall be inserted, namely:–– Tax audit turnover threshold limit increased to 5 crores rupees for business. ‘Provided […]
Section 80EEA of Income tax Act, Deduction in respect of interest on loan taken for certain house property. In computing the total income of an assessee, being an individual not eligible to claim deduction under section 80EE of income tax act, there shall be deducted, in accordance with and subject to the provisions of this […]
What is pre-construction period? While computing income chargeable to tax under the head “Income from house property” in case of a let-out property, the taxpayer can claim deduction under section 24(b) of income tax act on account of interest on loan taken for the purpose of construction of home, purchase, repair, renewal or reconstruction of […]
TDS Rates List for F.Y. 2017-18/A.Y-2018-19 as per Finance Act 2017
