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    Tax deduction under 80GGA allows any donation amount for scientific research or rural development to be claimed.
    Section 80GGA provides a tax deduction for sums donated for specified purposes of scientific research or rural development; there is no prescribed minimum donation threshold and any amount paid for the specified purpose is eligible for deduction.
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    Deduction under 80GG: individuals paying rent must submit Form 12BA to claim a rent deduction.
    An individual who pays rent for residential accommodation may claim deduction in respect of rent paid provided the claimant submits a written declaration in Form 12BA to the assessing officer asserting entitlement; the deduction is contingent on both actual rent payment and timely submission of the prescribed declaration.
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    Deduction under section 80E not available if education loan is taken in a family member's name.
    Deduction under section 80E for interest on higher education loans is available only where the assessee is the named borrower; loans taken in the name of a relative or other family member do not qualify for the deduction, because the borrower identity is the operative condition for entitlement.
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    Disability deduction: dependent relief under one provision versus taxpayer's own deduction under the other provision.
    Section 80DD provides a deduction for maintenance, including medical treatment, of a handicapped dependent claimed by the taxpayer, whereas Section 80U provides a deduction available to the taxpayer who is himself or herself a person with disability; the key distinction is whether the deduction is for a dependent or for the disabled taxpayer.
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    Section 80DD deduction applies only for maintenance of a disabled dependent, not for the taxpayer's own disability.
    Deduction under 80DD permits an income tax deduction for maintenance, including medical treatment, of a handicapped dependent who is a person with disability; the deduction is available for expenditure in respect of such a dependent and is not available to a taxpayer for his or her own disability-related expenses.
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    Deduction under section 80D denied for cash payments; only preventive health checkup expenses may be paid in cash.
    Deduction for medical insurance premia under deduction u/s 80D is not available where the expenditure is made in cash; payments must be by non-cash modes to qualify, except that expenditure on preventive health checkups may be incurred in cash and still qualify for the deduction.
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    Medical insurance premium deduction allowed when an individual pays for spouse, self and dependents under section 80D.
    An individual is entitled to claim a deduction for premiums paid for medical insurance covering the individual, the spouse, dependent children and parents under the medical insurance premium deduction framework; premiums paid by an individual for insurance on the health of those family members qualify for deduction.
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    Tax benefit under 80CCG: guardian may claim deduction for investments made in a minor's name, subject to individual limits.
    A guardian who makes investments in a minor's name may claim the deduction under 80CCG, subject to the overall deduction limit applicable to the guardian as an individual and compliance with the scheme's conditions.
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    Non-resident individuals joining NPS: eligible to open accounts, but accounts close if citizenship changes under pension deduction rules.
    Non resident individuals may join the National Pension System and make contributions eligible for pension contribution deduction under income tax provisions; however, an NPS account will be closed if the member's citizenship status subsequently changes, affecting continued participation and account maintenance.
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    Deduction under section 80CCC can be claimed by non-resident individuals contributing to pension funds under the statute.
    The provision permits a deduction for contributions to pension funds and does not impose a residency restriction, so non-resident individuals who make qualifying contributions to pension funds are eligible to claim the deduction under the section.
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    Education loan interest deductible for borrower; tuition fee relief limited to two children under a separate deduction.
    Only interest paid on an education loan for the taxpayer or a dependent qualifies under the education-loan interest deduction head, while tuition fees qualify under a separate tuition-fee deduction head and are restricted to tuition paid for a limited number of children; the two deductions are distinct and non-overlapping.
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    Deduction under section 80C: Post Office five year time deposit qualifies as an eligible investment for deduction.
    Contributions to the Post Office five year time deposit scheme are eligible to be claimed as a deduction under section 80C, and may be included among other specified investments such as life insurance premiums, deferred annuities and provident fund contributions, subject to the overall limits and conditions applicable to 80C deductions.
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    Section 80C deduction excludes loan repayments for renovation or repair of residential property under income tax law.
    Repayments of loans taken for renovation or repair of residential property are not eligible for deduction under deduction under section 80C, which is confined to specified savings and investment outlays such as life insurance premiums, deferred annuities and provident fund contributions and does not include repair or renovation costs of a dwelling.
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    Deduction under section 80C: repayment of principal on housing loan qualifies, interest payments do not.
    Payments toward the cost of purchase or construction of a new residential property qualify for deduction under the provision and expressly include repayment of the principal amount of a housing loan; interest paid on such a housing loan is not eligible for deduction under the same provision.
    ManualsIncome Tax
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    Deduction under section 80C covers life insurance, provident fund and deferred annuity contributions and limited tuition fees.
    Deduction under section 80C permits tax deductions for specified savings and insurance instruments such as life insurance premia, provident fund contributions and deferred annuities, subject to statutory limits and qualifying conditions. Only tuition fees paid in India for full time education of up to two children qualify as deductible educational expenses; other charges like development fees or donations are not eligible.
    ManualsIncome Tax
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    Deduction under section 80C available only to individuals and HUFs for life insurance and provident fund contributions.
    The provision permits deduction for life insurance premia, deferred annuity premiums and contributions to provident funds, available exclusively to Individual and HUF taxpayers as the classes eligible to claim the tax benefit.
    ManualsIncome Tax
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    Clubbing of minor income: investments made by the minor qualifying for investment-based deductions may be claimed when income is clubbed.
    When a minor's income is clubbed with a parent's income, investments made by the minor that qualify under the investment-based deduction framework-including life insurance premiums, provident fund contributions, and deferred annuity payments-may be considered as deductible in computing the parent's taxable income.
    ManualsIncome Tax
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    HRA exclusion for self-employed; rent deduction available under section 80GG if statutory eligibility conditions are met.
    HRA under section 10(13A) is a salary-linked exemption not available to self-employed individuals; self-employed taxpayers may claim a deduction for rent paid under section 80GG, subject to the statutory eligibility conditions and limits governing that deduction.
    ManualsIncome Tax
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    Actual rent payment required for HRA deduction - absence of rent payment for any period disqualifies entitlement to deduction.
    The House Rent Allowance deduction under section 10(13A) is conditional on actual rent payment for residential accommodation; if no rent is paid for any period, no deduction is allowable for that period, and entitlement to HRA or notional occupancy does not replace the need for real rent outgo.
    ManualsIncome Tax
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    Deduction under section 10(13A) available despite house ownership when employee resides in rented accommodation.
    An employee who actually resides in rented accommodation may claim the salary-specific exemption for rent allowance under section 10(13A) even if he owns a house property in the same or a different city; entitlement depends on factual occupancy of rented premises rather than mere ownership of residential property.

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      CUSTOMS DUTY EXEMPTIONS / CONCESSIONS BEING ALLOWED TO LAPSE

      24 July, 2024

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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      Certain BCD exemptions entries under S No. 50/2017-Customs dated 30.6.2017 and other notifications are being allowed to lapse with effect from 30.9.2024.

      (a) The following entries of notification no. 50/2017-Customs dated 30.6.2017 are being allowed to lapse with effect from 30.9.2024:

      S. No.

      S N of 50/2017 Customs

      Description

      1.

      478

      Wireless apparatus, accessories and parts as specified in List 29 imported by a licensed amateur radio operator

      2.

      353

      Foreign currency coins when imported into India by a Scheduled Bank

      3.

      387

       Zinc metal recovered by toll smelting or toll processing from zinc concentrates exported from India for such processes

      4.

      441

      Spinnerettes made inter alia of Gold, Platinum and Rhodium or any one or more of these metals, when imported in exchange of worn-out or damaged spinnerettes exported out of India

      5.

      238

      Organic/inorganic Coating material for manufacture of electrical steel

      6.

      254

      Catalyst for manufacture of cast components of Wind Operated Electricity Generator

      7.

      255

      Resin for manufacture of cast components of Wind Operated Electricity Generator

      8.

      277A

      Calendared plastic sheet for manufacturing of Smart Card under chapter heading 8523

      9.

      339

      Concessional rate on import of Toughened glass with low iron content and transmissivity of minimum 91% and above, for use in manufacture of solar thermal collectors or heaters

      10.

      421

      Specified goods required for basic telephone service, cellular mobile telephone service, internet service or closed users’ group 64 KBPS domestic data network via INSAT satellite system service and parts, for manufacture of the goods

      11.

      479

      Mono or Bi polar Membrane electrolysers and parts thereof including secondary brine purification components, jumper switches, filtering elements for hydrogen filters for caustic soda or potash units; Membrane and parts thereof or other parts for caustic soda or potash units;

      12.

      475

      Specified goods including scramblers, descramblers, encoders, decoders, jammers, network firewalls, network sniffers, scanners and monitoring systems, probes for data monitoring and SMS/MMS monitoring systems

      13.

      482

      Newspaper page transmission and reception facsimile system or equipment; and Telephoto transmission and reception system or equipment

      14.

      495

      Batteries for electrically operated vehicles, including two and three wheeled electric motor vehicles.

      15.

      497

      Active Energy Controller (AEC) for use in manufacture of Renewable Power System (RPS) inverters

      16.

      579

      Survey (DGPS) instruments, 3D modeling software for ore body simulation cum mine planning and exploration (geophysics and geochemistry) equipment required for surveying and prospecting of minerals

      17.

      419

      Aluminium Oxide for manufacture of washcoat of catalytic converter

      18.

      420

      Clay 2 powder for use in ceramic substrate for catalytic convertor

      19.

      340

      Solar tempered glass or solar tempered (anti-reflective coated) glass for use in manufacture of solar cells/panels/modules

      20.

      565

      Specified goods for use in the manufacture of Flexible Medical Video Endoscope [heading 9018]

      21.

      566

       Specific input goods for manufacture of syringes, needles, catheters and cannulae

      22.

      568

      Parts and components for manufacture of blood pressure monitors and blood glucose monitoring system (Glucometers)

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (b) The following notifications are being allowed to lapse with effect from 30.9.2024:

      S. No

      Notification No.

      Description

      1.

      97/99-Customs dated 21 July 1999

      Exempts BCD and additional duty under Sections 3(1), 3(3) and 3(5) on standard gold bars imported by a RBI authorised bank

      2.

      30/2004-Customs dated 28 January 2004

      Provides full exemption from BCD to second-hand computers/accessories and peripherals received as donation by schools, charitable institutions.

      3.

      102/2007-Customs dated 14 September 2017

      Provides exemption from Special Additional Duty (SAD) levied vide section 3(5) of CTA on to all goods imported for subsequent sale when IGST, CGST, SGST or UTGST paid by importer.

      4.

      45/2005-Customs dated 16 May 2005

      Provides exemption from Special Additional Duty levied under Section 3(5) of CTA on goods cleared from SEZ to DTA.

      5.

      151/94-Customs dated 13 July 1994

      Provides exemption to imports of duty-paid fuel and lubricating oil on aircrafts taken during the outward flight; goods imports by United Arab Airlines; aircraft engines, spares imported by Indian Airlines and Air India International. Re-import entries will operate from re-import notification 45/2017-Cus

      6.

      26-Customs dated 19th February 1962

      Provides exemption from import duty under the Sea Customs Act on catering cabin equipment, food and drink on re-importation by aircrafts of the Indian Airlines Corporation from foreign flights

      Note: Description of entries is indicative. Notification may be referred to for complete description.


      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      Topics

      ActsIncome Tax