Many salaried or wage-earning employees receive regular pay or paid leave from an employer while on jury duty. In addition, many courts pay jurors for performing jury duty. Both forms of pay are considered taxable income. Employers who pay their employees for jury duty often require...
Section 80DD – Deduction for maintenance including medical treatment of a dependant who is a person with disability. (upto Rs 1.25 lakh) If you are paying for medical treatment of a dependant person (who has disability), you can claim deduction upto Rs 1.25 lakhs. This deduction is allowed ...
Limitationondeduction Section80ABprovidesthatforthepurposeofcalculatingthe deductionsspecifiedinsections80HHto80TT,thenetincome ascomputedinaccordancewiththeprovisionsoftheAct (beforemakinganydeductionunderChapterVIA,i.e.,sections 80CCCto80U)shallaloneberegardedastheincomewhichis receivedbytheassesseeandwhichis...
The tax deductions that a salaried employee can claim are severely restricted by section 23(m) of the ITA. However, section 23(b) read with section 23(m) allows for a deduction of home-office expenses (such as water and electricity, interest on a mortgage, rates and taxes) to the exten...
Self-employed retirement plans are more generous than those typically available for salaried workers: Net Operating Loss Carryforward. Most businesses sustain a loss in the first year of operation. But, that loss can be carried forward to future tax years, reducing future tax liabilities. Tax-...