Sri Sakthi Groups

IT Deductions for FY 2017-18 (AY 2018-19) 80C Deduction for 2017-18 [Contribution to PPF, LIC etc] and 80CCC [Pension Funds] and 80CCD(1): Maximum of Rs.1,50,000 Deduction for the above two. 80CCG [Investment in Equity Savings] 50% of amount invested Or Rs.25,000 Whichever is lower 80DD [Maintenance and Medical Treatment of Disabled dependent]: Flat Deduction of Rs.75,000 (In case of severe disability i.e., 80%, Deduction is Rs.1,25,000] 80D [Medical Insurance Premium]: Rs.25,000 allowed (Rs.30,000 in case of senior citizen) 80DDB [Medical treatment for specified diseases]: Rs.40,000 for Normal Individuals Rs.60,000 for Senior Citizens Rs.80,000 for Super Senior Citizens 80E [Interest on Educational Loan]: Deduction allowed in Initial Assessment Year and 7 preceeding years. 80G [Donations]: 50% and 100% in different cases. 80GG [Rent]: Least of the following is allowed as deduc...

KINDLY MAKE NOTE OF THE FOLLOWING CHANGES IN INCOME TAX LAW THAT COME INTO EFFECT FROM 1-4-2017 😊 For #NOV17 Attempt..... (1) Limit for payment of expenses by cash  (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person.  Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes.  However, the cash payment limit for lorry fright etc. remains the same at Rs.35000. (2) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST) — (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or  (c) in respect of transactions relating to one event or occasion. The penalty for violation of above is to be a sum equal to the amount of such receipt. (2A)  In view of the newly introduced above said penal provisions relating to cash sales, the existing provisions (in vogue from 1.6.2016) relating to ...