Relating to deduction u/s 80g
This query is : Resolved
Arjun Seth
(Querist)
17 March 2016
1-) Partical reason for calculating AGTI U/s 80G for calculaing amount of denotion with caps.
2) Reason for deducting LTCG u/s 112 ,STCG U/s 111A and all deduction
80c-80u from GROSS TAXABLE INCOME.
2) Reason for deducting LTCG u/s 112 ,STCG U/s 111A and all deduction
80c-80u from GROSS TAXABLE INCOME.
Nikhil Kaushik
(Expert)
18 March 2016
1. FOR 80g, to protect tax collections. If there is no cap on donations, people would park there moneys in non-profits with no other work but to hold moneys to save taxes!
2. to promote investments, capital gains are exempted in certain cases like on LTCG on listed equity or through partial exemptions through discount on tax rates or through exemption through reinvestment.
3. against for chapter VI deductions, purpose is to promote certain expenditures/investments. by giving exemptions, coverage for Life insurance, medical insurance etc is promoted. Same way people are incentivized to pay for education loans etc
The idea of tax laws is not only to collect more and more taxes but to redirect incomes and expenditure in a manner to allow for capital investments for future capability generation, equitable income distributions etc
2. to promote investments, capital gains are exempted in certain cases like on LTCG on listed equity or through partial exemptions through discount on tax rates or through exemption through reinvestment.
3. against for chapter VI deductions, purpose is to promote certain expenditures/investments. by giving exemptions, coverage for Life insurance, medical insurance etc is promoted. Same way people are incentivized to pay for education loans etc
The idea of tax laws is not only to collect more and more taxes but to redirect incomes and expenditure in a manner to allow for capital investments for future capability generation, equitable income distributions etc
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR9 Annual Return
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Employee secondment
- Rent agreement of House of deceased person
- Import of Capital Machine
- Rectification under processing even after 6 months cpc portal
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- LLP audit and disclosure
- Applicability of tax on invoice
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
