NEWS & ADVICE : PERSONAL LOAN
Some admissible deductions under Income Tax Act
By Vaibhav Aggarwal
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-Fund for Technology Development and Application

-Indian Olympics Association (applicable for Companies only)

-Donations made to Government or local authority or any approved institution for the purpose of family planning

Contributions made to other recognized funds or trusts would bring about 50% deductions in tax liability.

f) Rent payment (Sec 80GG):

If expenditure incurred by an individual on rent payment for an accommodation which he himself is an occupant is greater than 10% of his total income, then a maximum amount of Rs 20,000 per month or 25% of the total income whichever is less is considered as deductible under admissible deductions.

g) Contribution made for any kind of scientific research (Sec 80GGA) is available for claims under admissible deductions.

There are many other provisions under which a person can claim deductions. To know more file your income tax returns through rupeetimes.com


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