Sentences with phrase «allowed as a deduction»

The tax on deferred corporate foreign income shall be allowed as a deduction for the taxable year in which an amount is included in the gross income of the U.S. shareholder corporation.

There shall be allowed as a deduction any charitable contribution (as defined in subsection (c)-RRB- payment of which is made within the taxable year.

Not all interest you pay on investment loans is allowed as a deduction.

One of the issues at stake is whether or not interest expense should be allowed as a deduction on new debt.

Medical, dental, etc., expenses (a) Allowance of deduction There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, his spouse, or a dependent (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof), to the extent that such expenses exceed 7.5 percent of adjusted gross income.

When dividend is reinvested, it becomes eligible to be allowed as a deduction under Section 80C of the Act

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

«(iii) in the case of any amount of restitution for failure to pay any tax imposed under this title in the same manner as if such amount were such tax, would have been allowed as a deduction under this chapter if it had been timely paid.

-- The amount allowed as a deduction under this chapter for any taxable year for business interest shall not exceed the sum of --

Annual Premium paid during the financial year towards a life insurance policy is allowed as deduction from the total income, subject to a maximum amount of INR1, 50,000.

This expense is allowed as a deduction of up to Rs 15,000 per year on showing medical bills.

Interest on loan against insurance is allowed as a deduction from income chargeable under the head «income from house property».

If there is an uninsured super senior citizen (80 years plus) in your family, in that case, medical expenditure up to Rs. 30,000 is allowed as the deduction under section 80D.

Professional Tax [SEC. 16 (iii)-RSB-: professional tax or taxes on employment levied by a state are allowed as deduction only when it is actually paid by the employee during the previous year (deduction on pain basis)

Under this policy premiums paid up to Rs. 1,00,000 are allowed as deduction from the taxable income every year under section 80C.

If the professional tax is reimbursed or directly paid by the employer on behalf of the employee, the amount so paid is first included as salary income and then allowed as a deduction under section 16.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Benefit is tax fee under section 10 (10) D subject to fulfilment of terms and conditions.

Income Tax Benefit — Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

Health Insurance premiums paid up to Rs 20,000 for senior citizens are allowed as a deduction from the taxable income each year under section 80D of the Income Tax Act.

In case of individuals the premiums paid up to Rs. 15000 towards Health Insurance will be exempted from taxable income and Rs 20,000 for senior citizens is allowed as a deduction from the taxable income each year under section 80D of the Income Tax Act.

- Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Benefit is tax free under section 10 (10) D subject to fulfilment of terms and conditions.

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

Tax benefit amount: Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10 (10) D subject to fulfillment of terms and conditions.

If there is partial or total withdrawal, the corresponding premium allowed as deduction initially will be considered as income for that year.

Any payment made towards such a policy is allowed as a deduction from the total taxable income subject to a maximum of Rs. 1.5 lakh.

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10 (10) D subject to fulfilment of terms and conditions.

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10 (10) D.

The premium paid is allowed as deduction from taxable income under Section 80C of the IT Act.

4) Income tax benefits: Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C of income tax act and the maturity amounts are tax free under section 10 (10) D subject to fulfillment of terms and conditions.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and 1 / 3rd of the Maturity proceeds are tax free under section 10 (10) A subject to fulfilment of terms and conditions

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10 (10) D subject to fulfilment of terms and conditions.

Income tax benefit: Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C of income tax act and the maturity amounts are tax free under section 10 (10) D subject to fulfillment of terms and conditions.

Not exact matches

The proposed regulation includes a rule modifying the payroll - deduction safe harbor to allow for an ERISA exemption for auto - enroll payroll - deduction IRAs offered by states as a default program where there is a requirement for an employer to have a plan.

Under Section 179 of the tax code, explains Brian McCuller, JD, CPA, «the expensing provision allows capital investments of up to $ 500,000 for certain property to be taken as an expense deduction — rather than being depreciated break — which was made permanent under the PATH Act passed at the end of 2015 — phases out for asset purchases above $ 2 million.»

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.»

NOTE: As a rule, an SFR does not allow for the «married filing joint» filing status or itemized deductions, and it will likely omit the credits and exclusions you are entitled to receive.

The calculator allows taxpayers to quickly and easily determine the 20 % deduction on qualified business income of pass - through entities, such as partnerships, and S corporations.

Some states even allow for state income tax deductions as well.

Ohio is one of 10 states that does not allow itemized deductions so unfortunately you can not make this deduction on your state income taxes as well.

As the reforms gather steam, a particular point of interest for the housing market is the impact of the proposed new legislation on the mortgage interest deduction (MID), which allows homeowners to claim a tax deduction equal to the amount of interest they paid on their home loan.

It can be argued that this bill helps big business more than small — by slashing the corporate tax rate and allowing big corporations the ability to claim major deductions and pay fewer taxes, but there are some benefits for small business as well.

However as Pennsylvania is one of 10 states which does not allow itemized deductions, this rule does not apply here.

Mississippi allows the same itemized deductions as the IRS, with the exception of the deduction for state and local income taxes.

Though you're absolutely allowed to write off legitimate medical expenses as a deduction, it's important to be precise with what you claim to avoid IRS problems down the line.

Taking the cost of the equipment as an immediate expense deduction allows the business to get an immediate break on their tax burden whereas capitalizing then depreciating the asset allows for smaller deductions to be taken over a longer period of time.

If you want to write off that purchase as a business - related tax deduction, you'd only be able to claim $ 680 — the $ 20, while not considered taxable income, isn't allowed as part of your deduction.

HELOCs function as a second mortgage, with the borrower withdrawing and repaying funds on a more flexible schedule, and the government allowing a tax deduction for interest payments.

If you still allow deductions for charitable giving and home costs and college costs and kids and retirement plans, etc, etc, etc... then it's just as complicated.

In states that allow itemized deductions, homeowners can usually deduct mortgage interest on their state income taxes as well.