Example-, assessment year 2008-09 which will commence on April 1, 2008, will end on March 31, 2009.
Section 80D, if they are making payment of health insurance premium, they will receive axe anarchy for him gift set income tax rebate u/s 80D.
This loan should have been taken for higher education for you, your spouse or your children or for a student for whom you are a legal guardian.If the individual is an employee, the maximum income tax rebate in India they can avail is lesser of 10 of their salary or 10 of their gross income.The individual will be eligible for an exemption up.What is Income Tax Rebate?The tax deduction limit of upto.25 lakh in case of severe disability can be availed.The Income Tax department has also selected same year for its Assessment procedure.This processing is called Assessment.There are the following types of tax rebates available in India: Section 80C, many of the taxpayers prefer Section 80C as this section trims down the taxable income of the taxpayer.Under this Income Returned by the assessee is checked and verified.
Income of a person trying to transfer his assets with a view to avoiding payment of tax.
In order to qualify for a deduction, you should purchase another residential possession before 1 year of selling of the old property or within 2 years, or should have constructed a residential estate within a period of 3 years from the selling of his old.
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Condition-1 : Income derived from Land It is essential that for any income to be termed as agricultural Land must be effective and immediate source of Income and not indirect and secondary.Section, previous Year.50 lakhs in REC and nhai bonds to make use of exemptions.30,000 if he takes home loan for reconstructing; repairing or renewing the accommodation is borrowed after April 1, 1999.The individual can claim for deductions on the leave travel allowance or the actual amount spent on travelling, whichever is lesser.There are four categorization of the deductions depending upon the charitable institutions: 100 exemption on contribution towards: National Childrens Fund Prime Minister's National Relief Fund nfch-National Foundation for Communal Harmony Chief Minister's Relief Fund(Maharashtra) nbtc-National Blood Transfusion Council or sbtc- State Blood Transfusion Council Prime.
Income tax rebate in India is made available for Hindu Undivided Families (HUF) and individuals who reside in India.
Income of Previous Year of an assessee is taxed during the next following Assessment Year at the rates prescribed by the relevant Finance Act.9 previous year Section 3, as the word Previous means coming before, hence it can be simply said that the Previous.
The following criterion must meet to claim a deduction: Total taxable income includes all the earnings under the various heads like Salary, Business/Profession, House or Property, Capital Gains, etc.