Deductions availability

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..... Deductions availability
Query (Issue) Started By: - SANJAY MACHE Dated:- 25-12-2009 Last Reply Date:- 31-12-2009 Income Tax
Got 3 Replies
Income Tax
xyz is self employed as proprietor. He has done with the 1 lakh 80C limit. what are the other option available with transaction period 01.01.2010 to 31.03.2010; towards deduction from taxble income/income tax? Reply By jasjit narang: The .....

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..... Reply: 80 D mediclaim and 80 G donation Reply By rishi mohan: The Reply: The self employed proprietor may further go for the deduction under section 80(G) i.e donation based section. He may also avail a deduction under section 80 (D)i.e medical claim section. If the proprietor is residing in a rented property, he may avail the deduction under section 80(GG) also i.e deduction in regards to payme .....

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..... nt of rent. Reply By DEV KUMAR KOTHARI: The Reply: Besides deductions under chapter VIA,as suggested by other learned readers, a self employed person can also explore possibilities of further claims of deprecaition allowance of assets wholly or partly used in business ( like motor car, office space in home, office space)expenses for maintaining business assets, etc. He can also find some relief by .....

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..... adopting proper accounting methods of incoem and expenses. Take care of tds payments, otherwise even expenses incurred may be fully disallowed u/s 40. The period to be cosnidered is from 01.04.2009 to 31.03.2010 for computation purpsoes and not the period as stated by you.
Discussion Forum - Knowledge Sharing .....

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