What comes under 80CCC and 80CCD?
What comes under 80CCC and 80CCD?
The limit of Rs 1.5 lakh deduction of Section 80C includes 80CCC (contribution towards pension plan) and 80CCD (1), 80CCD (1b) and 80CCD (2). Section 80CCD (1b) provides additional deduction of Rs 50,000 for contributions towards NPS , Atal pension Yojana etc. This deduction is over and above Rs 1.5 lakh.
What is Section 80QQB of income tax?
Section 80QQB is a facility introduced in the Income Tax Act for providing a tax-incentive to Indian authors. The section permits taxpayers to claim tax deductions on royalty earned from the sale of books. Royalty on literary, artistic and scientific books are eligible for tax deduction.
What can be claimed under 80CCD?
Section 80CCD relates to the deductions available to individuals against contributions made to the National Pension Scheme (NPS) or the Atal Pension Yojana (APY). Contributions made by the employers towards the NPS, also come under this section. NPS is a notified pension scheme from the Central Government.
Can I claim both 80C and 80CCD?
Any deductions claimed u/s 80CCD cannot be claimed again u/s 80C. Total deduction limit – Section 80C + Section 80CCD = Rs. 2 lakhs. The proceeds from the pension fund whenever released such as for monthly pension payment or surrendered accounts will be taxable under respective income tax brackets.
What is the difference between 80CCC and 80CCD?
Primary Difference: Section 80CCC provides deduction in respect of amount contributed towards any annuity plan of the LIC of India or any other insurer covered under relevant section. Section 80CCD provides deduction in respect of contribution to pension scheme notified by Central Government.
Who gets royalty income in India?
The payer or the user of the royalty or recipient of the technical service, may be the government or any other Indian concern. If the agreement is an eligible one, such income is taxed at a lower, preferential tax rate. Royalty/FTS for non residents are taxable in India if sourced in India.
What type of income are royalties?
Royalty income is income received from allowing someone to use your property. Royalty payments for the use of patents, copyrighted works, natural resources, or franchises are most common. Many times, the person using the property does so to generate revenue. Royalties are usually legally binding.
Is GST applicable on royalty?
11.1 As per the applicant the payment of royalty is not a supply under the GST and is not liable to GST. For a transaction to be supply of goods or services, there must be specific activities for a consideration.
When was section 80CCG of the Income Tax Act introduced?
Section 80CCG was introduced in the Finance Act, 2012 and was part of the Income Tax Act. The other name of this section is the Rajiv Gandhi Equity Savings Scheme (RGESS).
Which is better Section 80C or section 80CCG?
Section 80CCG allows for greater deductions than Rs. 1,50,000 as per the previously prevalent Section 80C. The scheme is extremely useful for people making greater investments. The deductions can be claimed at the time when the income tax returns are filed by the taxpayer. What is Section 80CCG?
Which is new pension scheme tax benefits under Section 80CCD?
Section 80CCD of the Income TaxAct, 1961 refers to income tax deductions allowed to individual tax assessee on the contribution made towards notified pension schemes from central government i.e. New Pension Scheme (NPS).
What are the deductions under section 80CCG in India?
Since this is his first investment in equities, he is eligible for tax deductions up to 50% of his investment. In this case, it is Rs. 30,000. His taxable income stands at Rs. 6,00,000 for the assessment year. By claiming deductions under Section 80CCG, he can reduce his overall taxable income to Rs. 5,70,000.
What comes under 80CCC and 80CCD? The limit of Rs 1.5 lakh deduction of Section 80C includes 80CCC (contribution towards pension plan) and 80CCD (1), 80CCD (1b) and 80CCD (2). Section 80CCD (1b) provides additional deduction of Rs 50,000 for contributions towards NPS , Atal pension Yojana etc. This deduction is over and above Rs…