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Income Tax deduction under section 80CCE

Limit on deductions under sections 80C, 80CCC & 80CCD(1) [Section 80CCE]This section restricts the aggregate amount of deduction under section 80C, 80CCC and 80CCD(1) to ₹1,50,000.
It may be noted that the deduction of upto ₹50,000 under section 80CCD(1B) and employer’s contribution to pension scheme, allowable as deduction under section 80CCD(2) in the hands of the employee, would be outside the overall limit of ₹1,50,000 stipulated under section 80CCE.
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Income Tax deduction under section 80CCD

Deduction in respect of contribution to pension scheme notified by the Central Government [Section 80CCD] Who can ClaimIndividual
Deduction under section 80CCD(1)Employee : Deduction for the amount paid or deposited by an employee in his pension account. Amount of Deduction subject to a maximum of 10% of his salary.
Self-Employed : Deduction would be restricted to 20% of his gross total income in the previous year.
Deduction under section 80CCD(1B)Section 80CCD(1B) provides for an additional deduction of up to ₹50,000 in respect of the whole of the amount paid or deposited by an individual assessee under NPS in the previous year, whether or not any deduction is allowed under section 80CCD(1).
Amount of Deduction : upto ₹50,000 under section 80CCD(1B) is in addition to the overall limit of ₹1.50 lakh provided under section80CCE
Deduction under section 80CCD(2)Under section 80CCD(2), contribution made by the Central Government or any other employer in the previous year to the said account …

Income Tax deduction under section 80CCC

Deduction in respect of contribution to certain pension funds [Section 80CCC]Who can ClaimIndividual Amount of DeductionThe maximum permissible deduction is ₹1,50,000 (Refer to Section 80CCE)
Details of DeductionContributions to certain pension funds of LIC or any other insurer.
Any amount paid or deposited by the assessee has been taken into account for the purposes of this section, a deduction under section 80C shall not be allowed with reference to such amount.

Income Tax deduction under section 80C

Deduction in respect of investment in specified assets [Section 80C]Who can ClaimIndividual or HUF Amount of DeductionThe maximum permissible deduction is ₹1,50,000 (Refer to Section 80CCE) Details of Deduction1) Premium paid in respect of Life Insurance policy
in case of individual, on life of assessee, assessee's spouse and any child of assesseein case of HUF, on life of any member of the HUF2)Premium paid in respect of a contract for deferred annuity
in case of individual, on life of the individual, individual's spouse and any child of the individualin case of HUF, on life of any member of the HUF3) Any sum deducted from the salary payable of a Government employee for securing a deferred annuity
qualifying amount limited to 20% of salary4) Contribution to SPF/RPF
5) Contribution to PPF in the name of:
in case of individual, such individual or his spouse or any child of such individualin case of HUF, any member of HUF6) Contribution to approved superannuation Fund
7) Any sum paid or…

Double Entry System of Book Keeping

Double Entry System of Book KeepingAccording to Double Entry System of Book Keeping, All business transactions recorded in accounts have two aspects - Debit Aspect and Credit Aspect. This accounting technique records each transaction as Debit and Credit, where every debit has a corresponding credit and vice versa.

Full Disclosure Accounting Conventions

Accounting Conventions - Full DisclosureFull Disclosure means disclosure of important facts that might affect the decision of an informed user of the Financial Statements. It is influenced by the social responsibility of business leaders. Full Disclosure is related to and derived from a number of objectives of Financial Accounting, such as: RelevanceCompletenessUnderstand abilityNeutrality