Taxation Exam > Taxation Notes > Income Tax for assessment (Inter Level) > Introduction (Deductions From Gross Total Income) - Taxation
Introduction (Deductions From Gross Total Income) - Taxation | Income Tax for assessment (Inter Level) PDF Download
General conditions applicable to all sections
a. Deductions u/s 80C to 80U cannot exceed Gross Total Income. [Section 80A]
b. Deduction u/s 80C to 80U is available only from normal income. [Balance Income / Regular Income]. It is not available from special income and casual income.
Note 1: For computation of tax total income is divided into 3 categories.
(a) Special Income (b) Casual Income (C) Normal Income
Note 2: Special incomes are income charged under the head capital gain. They are subjected to concessional rates of tax. There are two types of special income
i. LTCG and
ii. STCG (STT paid)
Note 3: LTCG STT paid is exempt from tax u/s 10(38). STCG is treated as normal income.
Note 4: Casual incomes are lotteries, income from races etc.,
E.g. Suppose Income from Salary is 5,000 and LTCG 10,000, STCG (STT paid) 20,000 and Casual Income 60,000. Now the deduction u/s 80C to 80U cannot exceed 5,000.
Deduction under section 80C
a. Section 80C(1). Deduction under section 80C is available only to individual or HUF whether the assessee is a resident or Non-resident, Indian citizen or a foreign citizen (Deduction u/s 80C is not allowed to Firm, Company, etc.)
b. As per section 80CCE maximum deduction allowed u/s 80C + 80CCC + 80CCD (Only Employee’s Contribution / Individual contribution) is Rs. 1,50,000.
c. Deduction is allowed in that year in which investment or expenditures is made.
E.g. Suppose where the employee contributes towards RPF on 1-4-2016, then deduction is available in the PY 2016-17, since contribution is made in the PY 2016-17.
d. Gross qualifying amount (Prescribed savings + expenditure) shall be allowed as deduction even if the amount is paid out of exempted income or out of borrowed fund.
The document Introduction (Deductions From Gross Total Income) - Taxation | Income Tax for assessment (Inter Level) is a part of the Taxation Course Income Tax for assessment (Inter Level).
All you need of Taxation at this link: Taxation
|
405 videos|72 docs
|
FAQs on Introduction (Deductions From Gross Total Income) - Taxation - Income Tax for assessment (Inter Level)
| 1. What is meant by deductions from gross total income? |  |
Ans. Deductions from gross total income refer to certain expenses or investments that are allowed to be subtracted from a person's total income before calculating the taxable income. These deductions help in reducing the tax liability of an individual or a business entity.
| 2. What are some common deductions from gross total income? | |
Ans. Some common deductions from gross total income include expenses related to medical treatments, insurance premiums, home loan interest, education loans, donations to charitable organizations, and contributions to provident funds or retirement schemes. These deductions are allowed under specific sections of the income tax laws.
| 3. How are deductions from gross total income different from exemptions? | |
Ans. Deductions from gross total income are different from exemptions in the sense that deductions are subtracted from the total income to arrive at the taxable income. On the other hand, exemptions are certain types of income that are completely exempt from tax. Exemptions are not included in the total income calculation.
| 4. Are all deductions from gross total income available to every taxpayer? | |
Ans. No, not all deductions from gross total income are available to every taxpayer. The availability of deductions depends on various factors such as the nature of income, occupation, age, and specific provisions mentioned in the income tax laws. Some deductions may be limited to certain categories of taxpayers or may have certain conditions attached to them.
| 5. How can I claim deductions from my gross total income while filing my income tax return? | |
Ans. To claim deductions from your gross total income, you need to provide the necessary details and supporting documents while filing your income tax return. The deductions should be claimed under the relevant sections of the income tax laws, and the prescribed forms or schedules should be filled accurately. It is advisable to consult a tax professional or refer to the official tax guidelines for proper guidance on claiming deductions.
Related Exams
About this Document
|
4.67/5 Rating |
|
Nov 16, 2024 Last updated |
Document Description: Introduction (Deductions From Gross Total Income) - Taxation for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for Introduction (Deductions From Gross Total Income) - Taxation have been prepared according to the Taxation exam syllabus. Information about Introduction (Deductions From Gross Total Income) - Taxation covers topics
like and Introduction (Deductions From Gross Total Income) - Taxation Example, for Taxation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Introduction (Deductions From Gross Total Income) - Taxation.
Introduction of Introduction (Deductions From Gross Total Income) - Taxation in English is available as part of our Income Tax for assessment (Inter Level)
for Taxation & Introduction (Deductions From Gross Total Income) - Taxation in Hindi for Income Tax for assessment (Inter Level) course.
Download more important topics related with notes, lectures and mock test series for Taxation
Exam by signing up for free. Taxation: Introduction (Deductions From Gross Total Income) - Taxation | Income Tax for assessment (Inter Level)
Description
Full syllabus notes, lecture & questions for Introduction (Deductions From Gross Total Income) - Taxation | Income Tax for assessment (Inter Level) - Taxation | Plus excerises question with solution to help you revise complete syllabus for Income Tax for assessment (Inter Level) | Best notes, free PDF download
Information about Introduction (Deductions From Gross Total Income) - Taxation
In this doc you can find the meaning of Introduction (Deductions From Gross Total Income) - Taxation defined & explained in the simplest way possible. Besides explaining types of
Introduction (Deductions From Gross Total Income) - Taxation theory, EduRev gives you an ample number of questions to practice Introduction (Deductions From Gross Total Income) - Taxation tests, examples and also practice Taxation
tests
|
Explore Courses for Taxation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Previous Year Questions with Solutions
,Important questions
,Summary
,Objective type Questions
,Sample Paper
,Exam
,MCQs
,shortcuts and tricks
,ppt
,Introduction (Deductions From Gross Total Income) - Taxation | Income Tax for assessment (Inter Level)
,video lectures
,mock tests for examination
,past year papers
,Introduction (Deductions From Gross Total Income) - Taxation | Income Tax for assessment (Inter Level)
,Free
,Viva Questions
,Semester Notes
,Extra Questions
,study material
,Introduction (Deductions From Gross Total Income) - Taxation | Income Tax for assessment (Inter Level)
,practice quizzes
;
Additional Information about Introduction (Deductions From Gross Total Income) - Taxation for Taxation Preparation
Introduction (Deductions From Gross Total Income) - Taxation Free PDF Download
The Introduction (Deductions From Gross Total Income) - Taxation is an invaluable resource that delves deep into the core of the Taxation exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Introduction (Deductions From Gross Total Income) - Taxation now and kickstart your journey towards success in the Taxation exam.
Importance of Introduction (Deductions From Gross Total Income) - Taxation
The importance of Introduction (Deductions From Gross Total Income) - Taxation cannot be overstated, especially for Taxation aspirants.
This document holds the key to success in the Taxation exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Introduction (Deductions From Gross Total Income) - Taxation Notes
Introduction (Deductions From Gross Total Income) - Taxation Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Introduction (Deductions From Gross Total Income) - Taxation.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Introduction (Deductions From Gross Total Income) - Taxation Notes on EduRev are your ultimate resource for success.
Introduction (Deductions From Gross Total Income) - Taxation Taxation Questions
The "Introduction (Deductions From Gross Total Income) - Taxation Taxation Questions" guide is a valuable resource for all aspiring students preparing for the
Taxation exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Introduction (Deductions From Gross Total Income) - Taxation on the App
Students of Taxation can study Introduction (Deductions From Gross Total Income) - Taxation alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Introduction (Deductions From Gross Total Income) - Taxation,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Introduction (Deductions From Gross Total Income) - Taxation is prepared as per the latest Taxation syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup