These top tax write-offs will help speed up the income tax filing process and reduce the amount you owe to the government in taxes. Any sum paid or payable to a non-resident which is subject to a deduction of Equalisation levy would attract disallowance if such sum was paid without deduction of such levy or if it was deducted but not deposited with the Central Government till the due date of filing of return. Donation made to an authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both is also eligible for the purpose of deduction under section 80G from the assessment year 2003-04 [this is in consequence of omission of section 10(20A)]. : 1800 209 8800. Income Tax Deduction under section 80D is for the premium paid for Medical Insurance.
(subject to certain conditions), Any provision for payment of gratuity to employees, other than a provision made for purposes of contribution to approved gratuity fund or for payment of gratuity that has become payable during the year (subject to specified conditions), Any sum paid for setting up or formation of, or as contribution to, any fund, trust, company, AOP, BOI, Society or other institution, other than recognised provident fund/approved superannuation fund/pension scheme referred to in, No deduction shall be allowed in respect of marked to market loss or other unexpected loss except as allowable under, In case of mineral oil concerns allowances specified in agreement entered into by Central Government with any person (subject to certain conditions and terms of agreement), Assessees engaged in prospecting for or extraction or production of mineral oils, In case of mineral oil concerns expenditure incurred remaining unallowed as reduced by proceeds of transfer, Assessee whose business consists of prospecting for or extraction or production of petroleum and natural gas and who transfers any interest in such business, Any sum which is actually paid, relating to (, Expenditure in excess of subscription, etc., received from members (subject to certain conditions and limits), Trade, professional or similar association, Head office expenditure (subject to certain conditions and limits), Expenditure incurred wholly and exclusively in connection with transfer of capital asset, Cost of acquisition of capital asset and of any improvement thereto (indexed cost of acquisition and indexed cost of improvement, in case of long-term capital assets), Long-term capital gains on sale of residential house and land appurtenant thereto invested in purchase/construction of another residential house, Capital gains on transfer of land used for agricultural purposes, by an individual or his parents or a HUF, invested in other land for agricultural purposes (subject to certain conditions and limits), Capital gains on compulsory acquisition of land or building forming part of an industrial undertaking invested in purchase/construction of other land/building for shifting/re-establishing said undertaking or setting up new industrial undertaking (subject to certain conditions and limits), Long-term capital gain invested in long-term specified assets being units of such fund as may be notified by Central Government to finance start-ups, Net consideration on transfer of long-term capital asset other than residential house invested in residential house, Capital gain on transfer of machinery, plant, land or building used for the purposes of the business of an industrial undertaking situate in an urban area (transfer being effected for shifting the undertaking to a non-urban area) invested in new machinery, plant, building or land, in the said non-urban area, expenses on shifting, etc. You must also work at least 900 hours during the school year. Profit and gains derived by an eligible start-up from specified business on or after 1-4-2017 (subject to certain conditions), Profits and gains from industrial undertakings, cold storage plant, hotel, scientific research & development, mineral oil concern, housing projects, cold chain facility, multiplex theatres, convention centres, ships, etc. Click here to kn... Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. (b) the aggregate amount of the deductions of income so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year. . However, with effect from the assessment year 2017-18, the whole amount received by the nominee from NPS on death of the assessee shall be exempt from tax.
You can calculate the amount to file for return with the help of the following formula: a.