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1- What is 80G? 2-What is 80U?
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Under section 80G deduction is available to any tax payer (may be individual, company, firm or any other person) making donation to the company. 50% of the donation made is allowed to be deducted from the taxable income and consequently tax is calculated.
Deduction under Section 80U
An individual suffering from disabilities himself is eligible for tax deductions under section 80U. A person with disability meaning suffering from at least 40% of the disability is eligible for a deduction for Rs 75,000 and person with severe disability meaning suffering from at least 80% of the disability is eligible for Rs 1,25,000. A certain medical authority to certifies the level of disability in a person.
Hence, you can see that there are several tax deductions available for the taxpayers under various sections of the Income Tax Act mentioned above. If you plan your taxes carefully, you can easily maximise your tax savings. A good tax filing intermediary like H&R Block can also help you file your tax returns and save maximum amount of taxes legally.
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1- What is 80G? 2-What is 80U? Related: Tax Deductions - Computation of Total Income, Income Tax Laws
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1- What is 80G? 2-What is 80U? Related: Tax Deductions - Computation of Total Income, Income Tax Laws for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about 1- What is 80G? 2-What is 80U? Related: Tax Deductions - Computation of Total Income, Income Tax Laws covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1- What is 80G? 2-What is 80U? Related: Tax Deductions - Computation of Total Income, Income Tax Laws.
1- What is 80G? 2-What is 80U? Related: Tax Deductions - Computation of Total Income, Income Tax Laws for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about 1- What is 80G? 2-What is 80U? Related: Tax Deductions - Computation of Total Income, Income Tax Laws covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1- What is 80G? 2-What is 80U? Related: Tax Deductions - Computation of Total Income, Income Tax Laws.
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