WebSep 28, 2024 · Lower of the following amount would be available as a deduction under section 80GG of the Income Tax Act –. INR 5,000 per month; or. 25% of the adjusted total income; or. Actual rent paid (-) 10% of total income. One needs to apply the following formula, for arriving at adjusted total income –. Gross total income (sum of income under … WebApr 12, 2024 · ClearOne - Invoicing for SMEs. Products for Tax Experts. Tax Consultant Achievement

Section 80G of Income Tax Act: Deduction Under 80g for FY 2024

Various details along with the form 10BA are: 1. Name, PAN and full address of assessee 2. Tenure, amount and payment mode 3. Name and address of landlord 4. PAN of landlord if rental is above INR 1 lakh 5. A declaration that no other house property is owned by the assessee himself or in the name of … See more What is 80GG Deduction? Usually HRA forms part of your salary and you can claim deduction for HRA. If you do not receive HRA from your employer and make payments towards rent for any furnished or … See more No, if you are claiming HRA then you cannot claim deduction under section 80GG. The benefit can be availed of one only i.e. either of … See more The lowest of these will be considered as the deduction under this section- 1. Rs.5,000 per month 2. 25% of the total Income (excluding long-term capital gains, short-term capital … See more WebMar 2, 2024 · Tax Rebate up to Rs 12,500/- U/S 87A is still available for Individuals with taxable income up to Rs 5 lacs per annum. Implying, Individuals with Income up to Rs 5 lacs will have zero tax liability for the Financial Year 2024-22 & Assessment Year 2024-2024. Standard Deduction of Rs 50,000/- is also available under the Old Tax regime. dentists sidney bc

Income Tax Deductions FY 2024-21 / AY 2024-22

WebMar 1, 2024 · (B) ₹1,50,000 u/s 80C and ₹ 1,00,000 u/s 80CCD. Question 14. Raghu’s father is dependent on him and suffering from 90% disability. Raghu has incurred an amount of ₹ 72,500 in maintaining and medical treatment of his father. The deduction he can claim in his income-tax return for AY 2024-22 is (A) ₹ 72,500 (B) ₹ 50,000 (C) ₹ 1,25,000 WebIt is available under both old and new income tax regimes. The aggregate income tax deduction limit under sections 80C, 80CCC and 80CCD (1) is Rs.1.50 Lakh and an additional deduction of Rs.50,000 is available under section 80CCD (1B). Read our … WebRebate u/s 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500 whichever is less. The Rates for Charging Income Tax for Financial Year 2024–21 i.e. AY 2024–22 Other than Senior Citizen and Super Senior Citizen Senior Citizen ... dentists sheridan wy