Hi,
I wish to know what are the deductions allowed for a firm under section 80 headings? Like 80c, 80 ccd etc?
Can a firm also invest in tax saving fixed deposits etc to avail these deductions?
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For firm, what are decuctions under 80 sections allowed?
Replies (4)
No deductions under sec 80C & 80CCD allowed to FIRM.
80C, D, CCD etc such deductions are available only to individuals,HUF. Firm cannot claim by investing in taxsaving deposits. Only it can claim under section 80G/GG by donating to chartitable trust.and also depending upon the nature of business some deductions are availabe under section 80. but these are only in few cases.
dear all,
from July to October filed regular returns to my clients, now what to do from next month onwards? their total turnover is under 1.50 cr.
Category- profession /business
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