Sentences with phrase «income tax act allows»

The section 80C of the Indian Income Tax Act allows exemption for life insurance premiums up to Rs. 1.5 lakh per annum.

This section of Income Tax Act allows maximum deduction of up to Rs1, 50,000 and can be used by both salaried individuals and taxpayers of all categories regardless of their source of income.

Section 80C of the Income Tax Act allows tax benefit on the annual premium and section 10 (10D) makes maturity claims completely tax - free.

The Income Tax Act allows a deduction of only Rs. 50,000 under section 80CCD (1B).

Section 80C of the Income Tax Act allows policyholders to claim deduction up to one lakh fifty thousand rupees a year on the premium paid.

Tax Benefits: Section 80C and Section 10 (10D) of the Income Tax Act allows the policyholder to avail tax benefits.

Section 80G of the Income Tax Act allows an individual to claim deductions up to a specified limit for contributions made to charitable organizations or NGOs.

Section 34 of the Income Tax Act allows certain professionals, including lawyers, to elect billed - basis accounting.

From an earlier post, we mentioned that the Income Tax Act allows a deceased spouse to pass his assets on to his spouse on a tax - free rollover basis.

Section 80C of the Income Tax act allows you to claim deductions from your taxable income by investing in tax saving instruments.

The Indian Income Tax act allows for certain Tax Deductions / Tax Exemptions which can be claimed to save tax.

You can deduct an amount for a reserve, contingent account, or a sinking fund as long as the Income Tax Act allows it and the amount is reasonable,» says the Canada Revenue Agency's Business and Professional Income Guide.

Not exact matches

The Congressional Budget Act of 1974 defines tax expenditures as «revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.»

The PATH Act now allows «eligible small businesses» to apply research credit claims against alternative minimum tax (AMT) and «qualified small businesses» to apply research credit claims against payroll tax when no income tax liability exists.

A central plank in the report deals with the Income Tax Act, which allows companies to deduct the cost of advertising on all Internet sites.

And Sousa says the federal government has a co-operative agreement with the Quebec Pension Plan and made legislative changes to the Income Tax Act to allow higher contributions to the Saskatchewan Pension Plan.

Other issues that will receive the same treatment include legislation that would allow NYC Mayor Bill de Blasio to raise income taxes on the rich to fund pre-K, the public campaign finance bill and Gov. Andrew Cuomo's Women's Equality Act (assuming that it includes the abortion - rights plank, which is the piece the right finds most offensive).

The provision in H.R. 1, the Tax Cuts and Jobs Act, that would allow graduate tuition waivers to be considered taxable income would significantly harm graduate students financially, slow the pace of American science and threaten our role as the global leader in research.

The Act (which does not include the massive Philadelphia school system) allows districts to levy an income tax to offset cuts in property taxes.

According to the Tax Increase Prevention and Reconciliation Act of 2005 (here's a link to a Wikipedia entry on the act) that was signed into law earlier this year, beginning in 2010 conversions to Roth IRAs will be allowed by anyone, regardless of incoAct of 2005 (here's a link to a Wikipedia entry on the act) that was signed into law earlier this year, beginning in 2010 conversions to Roth IRAs will be allowed by anyone, regardless of incoact) that was signed into law earlier this year, beginning in 2010 conversions to Roth IRAs will be allowed by anyone, regardless of income.

Effective 2002 and thanks to Economic Growth & Tax Relief Reconciliation Act of 2001 (EGTRRA), annual limits on 401k contributions were raised for this exact purpose allowing working investors to contribute more tax - deferred contributions to their retirement plans and lower their current taxable income.&raqTax Relief Reconciliation Act of 2001 (EGTRRA), annual limits on 401k contributions were raised for this exact purpose allowing working investors to contribute more tax - deferred contributions to their retirement plans and lower their current taxable income.&raqtax - deferred contributions to their retirement plans and lower their current taxable income.»

The Mortgage Debt Relief Act allows taxpayers to avoid income taxes on unpaid mortgage debt.

Loan forgiveness is considered a source of income under tax rules, but the Mortgage Forgiveness Debt Relief Act allows taxpayers to exclude income from discharge of debt on their principal residence.

Tax - saving implies that there are certain provisions in the Indian Income Tax Act that allows an individual to save tax by investment in some particular investment instruments (like ELSS mutual funds or Life insurance premium etc., under Section 80c) or when the taxpayer has incurred some expenses on which tax liability can be minimized to some extent (Example — HRA, LTA etc.Tax - saving implies that there are certain provisions in the Indian Income Tax Act that allows an individual to save tax by investment in some particular investment instruments (like ELSS mutual funds or Life insurance premium etc., under Section 80c) or when the taxpayer has incurred some expenses on which tax liability can be minimized to some extent (Example — HRA, LTA etc.Tax Act that allows an individual to save tax by investment in some particular investment instruments (like ELSS mutual funds or Life insurance premium etc., under Section 80c) or when the taxpayer has incurred some expenses on which tax liability can be minimized to some extent (Example — HRA, LTA etc.tax by investment in some particular investment instruments (like ELSS mutual funds or Life insurance premium etc., under Section 80c) or when the taxpayer has incurred some expenses on which tax liability can be minimized to some extent (Example — HRA, LTA etc.tax liability can be minimized to some extent (Example — HRA, LTA etc.,).

Second, since January 1, 2010, the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) allows for the conversion of a Traditional IRA to a Roth IRA without any income restrictions.

An amount allowed under the Income Tax Act to be deducted from the value of certain assets and treated as an expense in computing an individual's or company's income for a taxationIncome Tax Act to be deducted from the value of certain assets and treated as an expense in computing an individual's or company's income for a taxationincome for a taxation year.

Dear Ramesh, To prevent tax avoidance through dividend stripping, capital loss set off is not allowed under Income Tax Act, if investment was made within 3 months of dividend record date or redemption was made within 9 months of the dividend record datax avoidance through dividend stripping, capital loss set off is not allowed under Income Tax Act, if investment was made within 3 months of dividend record date or redemption was made within 9 months of the dividend record daTax Act, if investment was made within 3 months of dividend record date or redemption was made within 9 months of the dividend record date.

For example, Canada's Income Tax Act does not allow tax deferral in deferred annuitiTax Act does not allow tax deferral in deferred annuititax deferral in deferred annuities.

If they require you to sell and repurchase, Johanna, you could always point out that in - kind transfers are allowed under the Income Tax Act and ask them if they can credit you back for any transaction costs you incur as a result.

And in 2010, delayed provisions from the Tax Increase Prevention And Reconciliation Act of 2005 finally took effect, eliminating Roth conversion income limits altogether, allowing anyone with a pre-tax retirement account — IRA or 401 (k)(or any other employer retirement plan)-- to convert to a Roth IRA (or even intra-plan to a Roth 401 (k)-RRB-.

The Income Tax Act specifically allows that for the purposes of determining taxable income, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal suIncome Tax Act specifically allows that for the purposes of determining taxable income, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal suincome, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal support.

There are programs that the Income Tax Act and Pension Benefits Act have in place to allow tax - free rollovers of RRSPs, RRIFs, and pensions where there is a court order or written separation agreement between the partiTax Act and Pension Benefits Act have in place to allow tax - free rollovers of RRSPs, RRIFs, and pensions where there is a court order or written separation agreement between the partitax - free rollovers of RRSPs, RRIFs, and pensions where there is a court order or written separation agreement between the parties.

The party claims that by not allowing them to participate in the debate, the Aurea Foundation, the registered charity organizing the event, is in violation of the Income Tax Act.

He found that these facts did not warrant undermining the reliability of s. 169 (3) of the Income Tax Act (Canada), which allows the CRA to issue reassessments to dispose of an appeal with the written consent of a taxpayer and is consistently, frequently and reliably used by parties to arrive at terms of settlement between themselves and to conclude appeals with finality.

Individuals and self - employed in Quebec may become members of a voluntary retirement savings plan to the extent that they are allowed to contribute to a registered retirement savings plan under the fiscal rules provided by the federal Income Tax Act.

Under Section 80C of the Income Tax Act of 1961, a taxpayer is allowed certain deductions that allow him to lower his tax liability against his taxable iIncome Tax Act of 1961, a taxpayer is allowed certain deductions that allow him to lower his tax liability against his taxable incoTax Act of 1961, a taxpayer is allowed certain deductions that allow him to lower his tax liability against his taxable incotax liability against his taxable incomeincome.

The following are the various sections of Income Tax Act of 1961, which allows reduction on one's Taxable Income.

Under Section 80RRB of Income Tax Act, tax exemption is allowed on the income received by way of patents and royaIncome Tax Act, tax exemption is allowed on the income received by way of patents and royaltiTax Act, tax exemption is allowed on the income received by way of patents and royaltitax exemption is allowed on the income received by way of patents and royaincome received by way of patents and royalties.

Income Tax Act's Section 80D allows income tax deductions on the amounts spent towards the health insurance policy's premiums by an indivIncome Tax Act's Section 80D allows income tax deductions on the amounts spent towards the health insurance policy's premiums by an individuTax Act's Section 80D allows income tax deductions on the amounts spent towards the health insurance policy's premiums by an indivincome tax deductions on the amounts spent towards the health insurance policy's premiums by an individutax deductions on the amounts spent towards the health insurance policy's premiums by an individual.

Section 80 QQB of the Income Tax Act, 1961 allows income tax deductions on royalty received from the sale of Income Tax Act, 1961 allows income tax deductions on royalty received from the sale of booTax Act, 1961 allows income tax deductions on royalty received from the sale of income tax deductions on royalty received from the sale of bootax deductions on royalty received from the sale of books.

While the Income Tax Act of India has classified taxes into multiple sections, the section 80D allows you to save thousands annually on your health insurance premium.

Section 80 JJA of the Income Tax Act 1961 is related to deductions allowed on gains and profits from all assesse who have a business related to treating / processing and collection of bio-degradable wastes for producing biological products such as bio-pesticides, bio-fertilizers, bio-gas etc..

This is because the Income Tax Act, 1961 is the law that governs the provisions for our income tax in India and Sections 80C & 10 (10D) under this act allows tax deductions toward life insurance proIncome Tax Act, 1961 is the law that governs the provisions for our income tax in India and Sections 80C & 10 (10D) under this act allows tax deductions toward life insurance producTax Act, 1961 is the law that governs the provisions for our income tax in India and Sections 80C & 10 (10D) under this act allows tax deductions toward life insurance producAct, 1961 is the law that governs the provisions for our income tax in India and Sections 80C & 10 (10D) under this act allows tax deductions toward life insurance proincome tax in India and Sections 80C & 10 (10D) under this act allows tax deductions toward life insurance productax in India and Sections 80C & 10 (10D) under this act allows tax deductions toward life insurance producact allows tax deductions toward life insurance productax deductions toward life insurance products.

What's more, an additional deduction of Rs 25, 000 has been allowed for differently - abled citizens under Section 80DD and Section 80U of the Income Tax Act.

Premium paid on health insurance policies is allowed as deduction from your total income, according to Section 80D of the Income Taincome, according to Section 80D of the Income TaIncome Tax Act.

Under Section 80C of the Income Tax Act, 1961, the premiums paid towards your ULIP allow you deductions of up to Rs. 1, 50,000 against your taxable iIncome Tax Act, 1961, the premiums paid towards your ULIP allow you deductions of up to Rs. 1, 50,000 against your taxable incomeincome.

The two sections of Income Tax Act of India, namely Section 80C and Section 10 (10D) allows the policyholder to enjoy Tax Benefits on the premiums paid and on the claims received, respectively.

The best monthly income plan is the one that allows the insured to make the maximum use of the provisions given under sections 80C and 10 (10D) of the Income Taincome plan is the one that allows the insured to make the maximum use of the provisions given under sections 80C and 10 (10D) of the Income TaIncome Tax Act.

One third of the accrued benefits or the maximum allowed under Income Tax Act as amended from time to time, as allowed by the Scheme rules, may be commuted.

Commute up to one - third of the benefit amount available on the termination of the policy, or to the extent allowed under the Income Tax Act, and utilize the balance amount to purchase an immediate annuity plan offered by ICICI Prudential at the then prevailing annuity rate