Web5) Section 270A-Penalty for under-reporting of income. Penalty for under-reporting on account of misreporting of income. 50% of the amount of tax payable on under-reported income. 200% of the amount of tax payable on under-reported income. 6) Section 271 (1) (b)-Failure to furnish returns and comply with notices. WebApr 4, 2024 · In other words, the government allows you various allowances that do not add to your total taxable income. The article below provides a list of exemptions under Section 10, which can help you reduce tax liabilities. List of Exemptions Under Section 10. Section 10 has numerous tax exemptions; some of the prominent ones are as follows: Section 10 ...

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WebA married couple are filing a joint return. Their taxable income on Form 1040, line 15, is $25,300. First, they find the $25,300-25,350 taxable income line. Next, they find the … WebThe following investments and expenses are eligible for deduction under sections 80C, 80CCC, and 80CCD of the income tax act: The aggregate income tax deduction limit … porsche 911sc airbox strap

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WebSection 80DDB of the Income-tax Act, 1961 provides a deduction for specified diseases covered under Rule 11DD. List of diseases as covered under Rule 11DD of Income Tax … WebList of eligible elections. A request to have a late or amended election accepted, or to revoke an election, is limited to the elective provisions of the Income Tax Act and Regulations … WebNov 10, 2024 · In this illustration let us calculate the amount of deduction against a donation under section 80G of Income Tax Act. Moreover the donation is eligible for a 50% Deduction Subject to 10% of Adjusted Gross Total Income. Mr. Arun makes a donation to a corporation referred to in Section 10 (26BB) for promoting the interest of the minority community. porsche 911 salvage yards