How do I claim deduction under section 80g? Under the Income Tax Act, Section 80G can be accessed via contribution to relief funds and charitable institutions. Claiming 100 percent deduction for donation. ... Donations with 50 percent deduction. ... Mode of payment. Taxpayers can claim deduction under Section 80G if their donation is made through cheque, draft or cash. #HowdoIclaimdeductionundersection80g

Deduction in respect of donations to certain Funds, Charitable Institutions, etc. Section 80G Section 80G. Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. ... Only donations made to prescribed funds qualify as a deduction. This deduction can be claimed by any taxpayer – individuals, company, firm or any other person #DeductioninrespectofdonationstocertainFundsCharitableInstitutions

Deduction in respect of medical treatment, etc. of specified disease Section 80DDB Deduction Under Section 80DDB Section 80DDB provides that if an individual or an HUF has incurred medical expenses for treatment of specified disease or ailment, such expense is allowed as deduction, subject to such conditions and capped at such amount as specified, under Section 80DDB of Income Tax Act #DeductioninrespectofmedicaltreatmentofspecifieddiseaseSection80DDB

Deduction in respect of contribution to certain pension Funds Section 80CCC Section 80CCC of the Income Tax Act 1961 provides tax deductions for contribution to certain pension funds. The section provides tax deduction up to a maximum of Rs. 1.5 lakh per year on expenses incurred in buying a new policy or continuing an existing policy that pays pension or a periodical annuity. ... 1.5 lakh #DeductioninrespectofcontributiontocertainpensionFundsSection80CCC

Deduction under Section 80C You can claim a deduction of Rs 1.5 lakh your total income under section 80C. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income, and it is available for individuals and HUFs. If you have paid excess taxes, but have invested in LIC, PPF, Mediclaim, paid your children's tuition fees etc #DeductionunderSection80C

Set Off and Carry Forward of Losses in case of conversion of Private Company or Unlisted Public Company into Limited Liability Partnership Firm. Section 56 and section 57 of the Limited Liability Partnership Act, 2008 allow conversion of a private company or an unlisted public company (hereafter referred as company) into an LLP. ... #Set Off and Carry Forward of Losses in case of conversion of Private Company or Unlisted Public Company into Limited Liability Partnership Firm.

SET OFF AND CARRY FORWARD OF LOSSES SET OFF AND CARRY FORWARD OF LOSSES Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. A set-off could be an intra-head set-off or an inter-head set-off #SETOFFANDCARRYFORWARDOFLOSSESSETOFFANDCARRYFORWARDOFLOSSES

Asset Held by Minor Child Sec 64(1A) As per section 64(1A) , income of minor children is clubbed with the income of that parent whose income (excluding minor's income) is higher. In this case, Mrs. Raja is not having any income and, hence, if any income is to be clubbed then it will be clubbed with the income of Mr #AssetHeldbyMinorChild

TRANSFER OF ASSETS TO SPOUSE SECTION 64 As per section 64(1)(vii), if an individual transfers (directly or indirectly) his/her asset otherwise than for adequate consideration to a person or an association of persons for the immediate or deferred benefit of his/her spouse, then income arising from the asset so transferred will be clubbed with the #TRANSFEROFASSETSTOSPOUSESECTION64

CLUBBING OF INCOME Clubbing of income means Income of other person included in assessee's total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Under the Income Tax Act a person has to pay taxes on his income. #CLUBBINGOFINCOME

Taxability of Gifts Gift of money: Aggregate value of cash gifts received without consideration during a financial year (FY) would be taxable as other income in the hands of the recipient. However, if the aggregate value of such gifts is less than Rs 50,000, then it would be exempt from tax #TaxabilityofGifts

Section 94(8) - BONUS STRIPPING As a check on the activity of bonus stripping, provisions under Section 94(8) of the Income-tax Act, 1961 were introduced into the statute books. According to this section, if a person: acquires units within 3 months prior to the record date. ... and the original units are sold within 9 months from the record date #BONUSSTRIPPING

Section 94(7) - DIVIDEND STRIPPING Section 94(7) then, the loss, if any, arising to him on account of such purchase and sale of securities or unit, to the extent such loss does not exceed the amount of dividend or income received or receivable on such securities or unit, shall be ignored for the purposes of computing his income chargeable to tax #DIVIDENDSTRIPPING

The losses from one source of income can be set off against income from another source under the same head of income. For eg: Loss from Business A can be set off against profit from Business B, where Business A is one source and Business B is another source and the common head of income is “Business