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?
4 Replies
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 07 December 2017
No deductions under sec 80C & 80CCD allowed to FIRM.
CA Karan Sathe
(CA )
(564 Points)
Replied 07 December 2017
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.
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1329 Points)
Replied 07 December 2017
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.
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