Deduction 80GGA RULES

Deductions under Section 80GGA

res

• Section 80GGA helps avail tax deductions on contributions made towards scientific research and rural development
• It can be availed only by individuals who do not have an income source from business or profession
• There is no upper limit to the sum that one can donate to institutes which adhere to principles under this Section.
• Cash donations made in excess of Rs 10,000 are not eligible for deduction
• One should verify the institute where donation is being made is registered and their registration number is valid on the day of making donation

st the way Section 80G tax benefits are passed to those individuals who donate to charities that qualify for the tax relief, Section 80GGA allows tax deductions on donations made towards scientific research or rural development. This section was introduced with the aim to offer incentives to individuals donating to noble causes, helping them save money and increasing philanthropy. This deduction is allowed to all assessees except those who have income (or loss) from business or profession. There is no upper limit to the sum that one can donate to institutes which adhere to principles under this Section.

Who can claim the deduction?

One can claim the benefit under this head if one does not have income from business or profession. Individuals with income from business or profession can claim deduction for the same under Section 35. Likewise, the donation can be in the form of cash, cheque or draft. However, cash donations made in excess of Rs 10,000 are not eligible for deduction.

How much can be claimed?

The entire whole amount donated, that is 100% of amount donated qualifies for deduction, as there is no cap or upper limit on the deduction amount. For instance, an individual taxpayer has an annual taxable income of Rs 5 lakh and decides to donate Rs 50,000 to an institute engaged in rural development. Under Section 80GGA this individual’s donation will be eligible for tax deduction, which will make the taxable income post the donation Rs 4.5 lakh, provided the donation has been made via cheque or draft. If the donation was made by cash, only Rs 10,000 would be considered for deduction.

How to claim the deduction?

To claim deduction under Section 80GGA, the taxpayer needs to furnish the following along with their Income Tax Returns: name of the donee, PAN of the donee, address of the donee and the amount contributed.

Section 80GGA and 35AC

Sections 35AC and 80GGA have certain common features when it comes to income tax deductions. While 80GGA offers 100% deduction on donations made by individuals who have an income source which does not come from a business or profession, 35AC allows individuals who have an income through business or profession to enjoy the benefits of tax deduction. Donations under both these sections are eligible for 100% tax deduction, helping NGOs gain funds and individuals save on taxes. The major difference between these two sections lies in their carry forward policy. While deductions under Section 35AC can be carried forward to the next year in the form of a loss, deductions under Section 80GGA cannot be carried forward to the next year in the form of losses.

Documents Required to Claim Deduction under Section 80GGA

Form 58A: Donors need to ensure they get a copy of Form 58A, which is essential for them to claim 100% tax deduction in lieu of donations made to institutes/NGOs.

Double Deductions under Section 80GGA: Only one deduction is allowed for a particular assessment year. Section 80GGA does not permit double deductions, which means, if a donation towards a certain cause is claimed as a deduction for a particular assessment year then no other deduction can be claimed for the same year under this section.

Approval withdrawal: One should check up on an institute before donating money to see if it is registered and complies with the rules in place. It is possible for institutes to lose their affiliations/approval at times. In such cases, any donation made to an institute before it loses its approval stands valid and can be claimed for deduction.

Types of institutions prescribed under Section 80GGA

The following institutions can get you 100% deduction on the amount donated to them:

• Donation made to an approved Scientific Research Association, university, college, or other institution to be used for scientific research.
• Donation made to an approved university, college or other institution for statistical research or research in social science.
• Donation made to an association or institution engaged in any approved programme for rural development, or which is engaged in training of persons for implementation of rural development programmes, or to a notified rural development fund or to the notified urban poverty eradication fund.
• Donation made to a public sector company or a local authority, or to an association or institution approved by the National Committee, for carrying out any eligible project or scheme.
  

Investing in your spouse’s FD account to save tax? Know the income tax rules first

Media thanks 

Fixed deposits (FDs) are one of the most popular investment options in India, because of their guaranteed maturity value, ease of investing without any opening a demat account and easy access to banks.

• By: Amitava Chakrabarty
 
• December 26, 2018 10:24 PM

Interest on FD is fully taxable and banks even deduct taxes at source (TDS) on FD interest once it crosses Rs 10,000 in a financial year.

Fixed deposits (FDs) are one of the most popular investment options in India, because of their guaranteed maturity value, ease of investing without any opening a demat account and easy access to banks. Moreover, very few retail investors want to take market risks and invest in equities, while most are risk-averse and prefer fixed-maturity investments, irrespective of overall returns in the long run.

However, a major drawback of FD investment is that the interest is fully taxable and banks even deduct taxes at source (TDS) on FD interest once it crosses Rs 10,000 in a financial year, unless Form 15G or 15H (for senior citizens) is submitted by the assessee to the banker for nil deduction or lower deduction of TDS on interest on fixed deposit. Once an investor submits his/her Form 15G or 15G, depending on the age, he or she will become liable to file income tax return (ITR) for the year.

To avoid the hassles of submitting Form 15G or 15H and file ITR, may people make FDs in the name of non-earning spouse, whose earning doesn’t become taxable on getting interests on the FDs. Although, there is no income tax bar on paying money to the spouse, but there is a catch when the money is invested generating returns or incomes.

As per section 64(1)(iv) of the Income Tax Act, if an individual transfers (directly or indirectly) his/her asset (other than house property) to his or her spouse otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor). So, if you invest in FDs in the name of your non-earning spouse, the interest earned will be added to your taxable income. Even if you transfer your bonds or debentures in your spouse’s name, the interests earned will be added to your taxable income.

Moreover, if your spouse breaks the FD and invests the money in some other instrument or invests the money gifted by you in FDs, the return generated by that instrument will also be added to your taxable income as the clubbing provisions of section 64(1)(iv) will apply even if the form of asset is changed by the transferee-spouse.

Even the income from transfer of house property without adequate consideration will attract clubbing provisions. However, in such a case clubbing will be done as per section 27 and not under section 64(1)(iv).

So, you can’t reduce your tax liability on FD interest by investing in your spouse’s FD account

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TDS HAND BOOK FY2018-19

The Indian Income Tax Act provides for chargeability of tax on the total income of a 

person on an annual basis.

Click to download full

IT Department Allows Manual Filing Of Form 13 For Taxpayers Seeking Deduction At Lower Or Nil Rate

The Income Tax (IT) Department yesterday (Monday, 24 December) permitted resident and NRI tax filers to apply for tax deduction at a lower or nil rate manually, reports The Economic Times. The move is intended to provide relief to ease ‘genuine hardship’ being faced by certain taxpayers in filing Form 13 online.

As per the Income Tax Act, 1961, taxpayers have to apply for a lower withholding certificate with the assessing officer (AO) if they contend that their income tax deduction has to be made at a lower/nil rate.

These applications are to be made by the e-filing of Form 13.

As per a Finance Ministry statement, the IT Department has allowed NRIs to submit their manual applications to TDS officers or at ASK centres up until 31 March 2019. The date for resident taxpayers to submit Form 13 manually is till 31 December 2018.

According to Nangia Advisors LLP Partners Suraj Nangia, the directive has been released to remove the hardships being faced by some individuals in the shift from manual filing to e-filing of Form 13.

"However, the deferment of online filing of Form 13 is just for NRIs and not the other category of non-resident taxpayers viz. companies or LLPs. Further, relief for the resident taxpayers is only for a week, which implies that we may see many residents rushing to file their lower withholding applications till December 31, 2018," Nangia stated.

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80c saving details information

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Home Loan EMI: This small trick can help you buy a house AND save over Rs 40 lakh! Home Loan

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தனி ஒருவர் வங்கிகளில் எவ்வளவு பண பரிமாற்றம் செய்யலாம்

தனி ஒருவர் வங்கிகளில் எவ்வளவு  பண பரிமாற்றம் செய்யலாம் என்பதற்கான தனி ஒருவர் ரூபாய் இரண்டு லட்சத்திற்கு உண்டான பணத்தை ஒருமுறையோ அல்லது பரம்பரையாகவோ ஒரே நாளில் பிரித்து செய்யப்படும் வங்கி பண பரிவர்த்தனைகளுக்கு income tax department தண்டனை தொகை விதிக்கும்

ரூபாய் 50  ஆயிரத்துக்கு மேல் பணம் பெறுவதை செய்பவர்கள் பேன் கார்ட் மற்றும் தனது அடையாள அட்டையை காண்பித்து தான் பணப்பரிவர்த்தனை செய்யப்பட வேண்டும்

போலியாக ரிட்டர்ன் செய்து பணத்தை திரும்ப பெற்றவர் பிடிக்க நடவடிக்கை

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I-T department takes steps to stop refunds based on bogus investments

By PTI | Dec 19, 2018, 05.08 PM IST

CBDT has set up a three member committee to deal with the issues concerning "high-pitched" assessments wherein irrational tax demands are raised by tax officers.

NEW DELHI: The Income Tax department has introduced additional checks to prevent outgo towards bogus refund claims based on fraudulent investments shown in tax return forms, CBDT Chairman Sushil Chandra said Wednesday.

The Central Board of Direct Taxes(CBDT) has set up a three member committee to deal with the issues concerning "high-pitched" assessments wherein irrational tax demands are raised by tax officers, he said.

Regretting that people are claiming bogus refunds, Chandra said it was time that people change their mentality and pay their due share of taxes honestly.

During the search operations in Mumbai, Bengaluru and certain parts of Punjab, the I-T department discovered that some fraudsters were encouraging tax payers to claim refunds based on fictitious investments under 80C and towards housing loans.

"When we took that risk parameter and found from one I P address so many refunds are being filed which are of same pattern, so some searches took place. So we have put another risk parameter into our system that if some fraudulent return is being filed then that refund has to be stopped," Chandra said addressing an industry event here.

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Referring to issues concerning "high-pitched" assessment, Chandra said that CBDT has already set up a committee to look into such cases.

"Many people came to us saying that our assessment is very high pitched, so we made 'high-pitched' assessment committee, which comprises of three principal commissioners wherein if you feel that your assessment is high pitched, you can approach the committee," he said.

A high-pitched scrutiny assessment case is one where it is found that the addition of income was made on frivolous grounds, non-observance of principles of natural justice, or non-application of mind and gross negligence by the assessing officer in deciding a case.

If the committee decides that the assessment is "high-pitched", it would stay the demand and steps would be initiated against the assessing officer.

"Last year, we have transferred more than 12 assessing officers who were found indulging in high pitched assessments," Chandra said.

Do you have home loans? Are you Know your Section 24, Section 80C,

you have home loans? Are you Know your Section 24, Section 80C, 

80EE; 

get this more tax benefits

Home buyers, know your Section 24, Section 80C and 80EE

Our tax laws are filled with great rewards in the form of tax deductions for owning a house.

Given below are some sections that incentivize people to invest in their first home. With the impending tax season, when everybody is looking to save that extra amount, Section 80C, 80EE and 24 offer huge relief to home owners.

Joint home loan can maximize tax benefits. Here’s how!

You can enjoy all the aforementioned tax benefits twofold if you take a housing loan jointly with your spouse. Since the home loan amount is usually humongous, both can avail maximum deduction separately. However, the law applies only if you both own the property.

Wait, there are more under Section 24

a. Home Improvement Loan

It covers the renovation and construction costs. You cannot claim deduction on goods like electronic appliances or furniture. If you avail a personal loan towards home improvement, you can claim deduction up to Rs. 30,000.

Don’t forget to specify the purpose of the loan whether it is adding a room, re-tiling, repainting, renovation with permit and/or kitchen remodeling. However, only the expenses for construction can be claimed and not the cost of cabinets, tiles or any consumer durable.

b. Personal loan towards the property down payment

Sometimes people rely on personal loans to meet the down payment requirement. However, personal loans come with higher interest rates. Fortunately, interest part of the personal loan repayment amount can be deducted as per Section 24 - within the Rs. 2 lakhs deduction. This is because income from residential property is calculated after subtracting repair  expenses, interest for loan taken for acquiring the house and related expenses. And if you have availed a personal loan for the same, go ahead and claim your deduction.

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வீட்டுக் கடன் கணவன் & மனைவி இருவருக்கும் பிடித்தம் செய்யும் பட்சத்தில் இருவருக்கும் HRAயை கழிக்க முடியாதா?

வீட்டுக் கடன் கணவன் & மனைவி இருவருக்கும் பிடித்தம் செய்யும் பட்சத்தில் இருவருக்கும் HRAயை கழிக்க முடியாதா?

வீட்டு வாடகைப்படி (HRA) சில விளக்கங்கள்:-
(i) வீட்டு வாடகைப்படி வரிவிலக்கு பெற வேண்டுமானால் நீங்கள் வீட்டு வாடகை செலுத்தியிருக்க வேண்டும்.
(ii) வீட்டு வாடகைப்படி முழுவதுமாக வரிவிலக்கு பெற வேண்டுமானால் உங்கள் வருடாந்திர வாடகைப்படியுடன் 10% அடிப்படை
ஊதியம் மற்றும் அகவிலைப்படியை கூட்டிக் கொள்ளவும். நீங்கள் செலுத்தும் வருட வீட்டு வாடகை இத்தொகைக்கு மேல் வருமானால்
வீட்டு வாடகைப்படி முழுவதும் வரிவிலக்காக பெற முடியும்.(iii) பெற்றோருக்கு வாடகை கொடுக்கும் பட்சத்தில், வாடகைப்படியின் வரிவிலக்கு பெறலாம்.
(iv) கணவன்- மனைவிக்கு இடையே வாடகை செலுத்தியிருந்தாலும் முறையான வாடகை ரசீது இருந்தால் விலக்கு பெறலாம்.
(v) வீட்டு வாடகைப்படி மற்றும் வீட்டுக் கடனுக்கான வட்டி இரண்டினையும் கீழ்க்கண்ட சமயங்களில் வரிச்சலுகையாக பெற முடியும்.
1. பணியாற்றும் இடமும், வீட்டு கடனுக்கான வீடும் வெவ்வேறு நகரங்களில் அமைந்திருந்தால்.
2. இரண்டும் ஒரே நகரமாக இருந்தாலும், வீட்டு கடனுக்கான வீடும், பணியாற்றும் இடமும் கணிசமான
தொலைவிலிருந்து. நீங்கள் வாடகை வீட்டில் தங்கியிருந்தால்.
3. வீட்டு கடனுக்கான வீட்டில் உங்கள் பெற்றோர் குடியிருந்து, நீங்கள் வாடகை வீட்டில் குடியிருந்தால்
மேற்குரியவை தங்களுக்கு பொருந்தியிருந்தால் வீட்டு வாடகைப்படியையும் வீட்டு கடனுக்கான வட்டியையும் வரிவிலக்காக பெறப்படும்.
(vi) உங்கள் சம்பள பட்டியலில் வீட்டு வாடகைப்படி (HRA) பெறவில்லை எனில் வீட்டு வாடகைப்படி வரிவிலக்குக்கு பதிலாக, பிரிவு
80GG படி வீட்டு வாடகை செலுத்தியிருந்தால் அதிகபட்சம் ரூ.60,000/-- வரிவிலக்காக பெற முடியும்.
(vii) நீங்கள் வீட்டு வாடகை ரூ. 3000/- த்திற்கு மேல் செலுத்தியிருந்தால் வாடகை ரசீதை சமர்பிக்க வேண்டும்.
(viii) நீங்கள் வருடத்திற்கு ரூ.1 லட்சத்திற்கு மேல் வாடகை செலுத்தியிருந்தால் (மாதத்திற்கு ரூ.8,333pm) வீட்டு உரிமையாளரின் நிரந்தர
கணக்கு எண்ணை சமர்பிக்க வேண்டும். நிரந்தர கணக்கு எண் இல்லையெனில் உரிமையாளர் அதனைப்பற்றிய சான்றிதழ் கடிதம் தர
வேண்டும்.
வீட்டுக்கடன் - வட்டி மற்றும் அசல்:-
1.வீடு கட்டுவதற்காக (அ) வாங்குவதற்காக பெறப்பட்ட கடனுக்கு செலுத்த வேண்டிய வட்டியினை ரூ.2 லட்சம் வரையிலும் (பிரிவு 24B)
அசலினை ரூ.1,50,000/-- வரையிலும் (பிரிவு 80C) வருமானத்திலிருந்து நீக்கி, வரிச்சலுகை பெற முடியும். இக்கடனானது 1.4.1999க்கு
பிறகு பெற்றிருத்தல் வேண்டும். அதற்கு முன் பெற்றிருந்தால் ரூ.30,000/-- மட்டுமே வரிச்சலுகையாக பெற முடியும். மற்றும் வீட்டு கடன்
வாங்கிய தேதியிலிருந்து மூன்று வருடத்திற்குள் வீடு கட்டியோ, வாங்கியோ இருத்தல் வேண்டும்.
2.வீடு புதுப்பித்தல் (அ) மறு சீரமைப்புக்காக பெறப்பட்ட கடனுக்கு செலுத்த வேண்டிய வட்டியினை ரூ.30,000/- வரை (பிரிவு 24B)
வருமானத்திலிருந்து நீக்கி வரிச்சலுகை பெற முடியும். செலுத்திய அசலுக்கு வரிச்சலுகை பெற முடியாது.
3.வீடு கட்டி முடிப்பதற்குள் வீட்டுக் கடனுக்கான வட்டியை, செலுத்தியிருந்தால் 5 பாகங்களாக பிரித்து செலுத்திய தொகையை, கட்டி
முடித்த வருடத்திலிருந்து அவ்வருட வட்டியினையும் சேர்த்து ஒவ்வொரு பகுதியாக 5 வருடங்களுக்கு வருமானத்திலிருந்து நீக்கி
வரிசலுகையை பெற முடியும்.
4.வீட்டுக் கடனை அடைப்பதற்கு இரண்டாவதாக வீட்டுக் கடன் வாங்கியிருந்தால் அதற்கான கடனுக்கும் வட்டி (அ) அசல் வரிச்சலுகை
உண்டு.
5.வீடு கட்டுவதற்கோ (அ) வாங்குவதற்கோ வங்கியில் மட்டுமல்லாமல்; நண்பர்கள் மற்றும் உறவினர்கள் மூலமாக கடன் பெற்று அதற்கு
வட்டி செலுத்தியிருந்தால் அவர்களிடம் வட்டி செலுத்தியதற்கான சான்று பெற்று அவ்வட்டியினை வருமானத்திலிருந்து நீக்கி வரிச்சலுகை
பெற முடியும். ஆனால் செலுத்திய அச... Read more

Standard deduction Rs 40000

Standard deduction Rs.40000 regarding clarifications attachment below
Standard deduction click download

Don't response fake Income Tax duplicate emails

Don't response duplicate emails id from income tax(duplicate) kindly check the email ID

 Income tax refund duplicate emails are creating some fake and forgery members.


IT Department will never ask to your ATM card CVV- pin -card --Adar card  numbers and other things

Income Tax notifications and awareness

ITR RETURNS NOT DOING PEOPLE HIGH PENALTY RS. 10000

இதுவரை income tax returns பதிவு செய்யாதவர்கள் தற்போது டிசம்பர் 31க்குள் பதிவு செய்ய வேண்டும் அப்படி தவறும் பட்சத்தில் அதிகப்படியான தண்டத்தொகை பத்தாயிரம் ரூபாய் அதிகம் காணப்படுகிறது

டிசம்பர் 31 முன்பு செய்யும் பொழுது ரூபாய் 5 ஆயிரம் தண்டத்தொகை விதிக்கப்படுகிறது

PAN WITH ADAR LINKED last date 31 march 2018

உங்கள் PAN WITH ADAR LINKED   இப்போது இமெயில் வந்த வண்ணம் உள்ளது

கடைசி தேதி அறிவிப்பு 31 March 2018

அனைத்து அரசு அலுவலகம் எளிமையான முறையில் 16 பெறுவது எளிது

அனைத்து அரசு அலுவலகம் எளிமையான முறையில் 16 பெறவது சார்ந்து


சம்பளம் வழங்கும் இணையதளத்தையும் income tax இணையதளத்தை இணைப்பதற்காக அரசு செய்தி குறிப்பு இனிவரும் காலங்களில் அனைவருக்கும் இன்கம்டாக்ஸ் சார்ந்த பிரச்சினைகள் வராமல் இருக்க அரசு முயற்சி என தெரியவருகிறது
Form 16 all Government staff easy to get

Income tax dept working on pre-filled income tax return forms: CBDT chief

I-T dept working on pre-filled income tax return forms: CBDT chief

The tax department is working on the pre-filled income tax return (ITR) forms which would be based on tax deducted at source (TDS) details filed with the department by the employer or any other entity.

Income tax payers will soon get  pre-filled ITR forms that will make the process of filing returns easier, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has said.

The tax department is working on the pre-filled income tax return (ITR) forms which would be based on tax deducted at source (TDS) details filed with the department by the employer or any other entity.

"You will be getting a pre-filled return form on which  we are working because your TDS is with us. So, we are moving towards that direction.

"We want to make it (processing of return form) very fast, maybe in a day or a week. That system is also under preparation and it may take a year or so. So that you get a pre-filled form, and you can justify that form is correct. We will accept it," Chandra said.

He said only 0.5 per cent of cases had been taken up for scrutiny and even these cases have been selected by computer system.

"There is no discretion (in selecting income tax-related cases). Our endeavour is to curtail the discretion of tax officials," Chandra said.