Various Threshold Limits under Income Tax Act For Assessment Year 2015–2016

For Assess­ment Year 2015–2016

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Sl No Par­tic­u­lars Thresh­old Limit
A. BASIC EXEMPTION
1. Max­i­mum amount of income which is not charge­able to Income-tax in case of Indi­vid­ual, HUF/ AOP/ BOI/ Arti­fi­cial Juridi­cal Person Rs.2,50,000
2 Max­i­mum amount of income which is not charge­able to Income-tax in the hands of a res­i­dent senior cit­i­zen (who is at least 60 Years of age at any time dur­ing the pre­vi­ous year but less than 80 Years of age on the last day of the pre­vi­ous year) Rs.3,00,000
3 Max­i­mum amount of income which is not charge­able to Income-tax in the hands of a res­i­dent super senior cit­i­zen (who is at least 80 Years of age at any time dur­ing the pre­vi­ous year) Rs.5,00,000
4 Sur­charge shall be charged at the rate of 10% of income-tax if net income exceeds Rs. 1Crore in case of Indi­vid­ual, HUF, AOP, BOI, Firms, Co-oper­a­tive Soci­eties, Local Author­i­ties (Sub­ject to Mar­gin­al relief) Rs. 1 Crore
5 Sur­charge shall be charged at the rate of 5% of income-tax if net income exceeds Rs. 1Crore and at the rate of 10% if net income exceeds Rs. 10 Crores in case of domes­tic com­pa­ny (Sub­ject to Mar­gin­al relief) Rs. 1 Crore /Rs. 10 Crore
6 Sur­charge shall be charged at the rate of 2% of income-tax if net income exceeds Rs. 1 Crore and at the rate of 5% if net income exceeds Rs. 10 Crores in case of for­eign com­pa­ny (Sub­ject to Mar­gin­al relief) Rs. 1 Crore /Rs. 10 Crore

S.N. Par­tic­u­lars Sec­tion Thresh­old Lim­its (for exemp­tion and others)
B. Under the Head of Income “Salary”
1 Enter­tain­ment Allowance (Exempt in case of Gov­ern­ment employ­ee only) 16(ii) Least of the fol­low­ing is exempt from tax:
  1. a) Rs 5,000
  2. b) 1/5th of salary (exclud­ing

any allowance, ben­e­fit or

perquisite)

  1. c) Actu­al entertainment

allowance received

2 Encash­ment of unuti­lized earned leave at the time ofre­tire­ment by an employ­ee (oth­er than Government

employee)(Subject to cer­tain conditions)

10(10AA) Least of the fol­low­ing shall be exempt from tax:
  1. a) Amount actu­al­ly received
  2. b) Unuti­lized earned leave**

X Aver­age month­ly salary

  1. c) 10 months Average

Salary**

  1. d) Rs. 3,00,000

*While com­put­ing unutilized

earned leave, earned leave

enti­tle­ments can­not exceed

30 days for each year of

ser­vice ren­dered to the

cur­rent employer

**Aver­age salary = Average

Salary*** of last 10 months

imme­di­ate­ly pre­ced­ing the

retire­ment

***Salary = Basic Pay +

Dear­ness Allowance (to the

extent it forms part of

retire­ment benefits)+

turnover based commission

3 Retrench­ment Com­pen­sa­tion received by a work­man under the Indus­tri­al Dis­pute Act, 1947 (Sub­ject to cer­tain conditions). 10(10B) Least of the fol­low­ing shallbe exempt from tax:
  1. a) an amount cal­cu­lat­ed as

per 10(10B)of the Industrial

Dis­putes Act, 1947;

  1. b) Rs. 5,00,000; or
  2. c) Amount actu­al­ly received.
4 Death ‑cum-Retire­ment Gra­tu­ity received by oth­erem­ploy­ees who are cov­ered under Gra­tu­ity Act,

1972 (oth­er than Gov­ern­ment employ­ee) (Sub­ject to

cer­tain conditions).

10(10) Least of fol­low­ing amount isex­empt from tax:
  1. (*15/26) X Last drawn salary** X com­plet­ed year

of ser­vice or part there­of in

excess of 6 months.

  1. Rs. 10,00,000
  2. Gra­tu­ity actu­al­ly received.

*7 days in case of employee

of sea­son­al establishment.

** Salary = Last drawn

salary includ­ing DA but

exclud­ing any bonus,

com­mis­sion, HRA, overtime

and any oth­er allowance,

ben­e­fits or perquisite

5 Death ‑cum-Retire­ment Gra­tu­ity received by oth­erem­ploy­ees who are not cov­ered under Gra­tu­ity Act,

1972 (oth­er than Gov­ern­ment employee)(Subject to

cer­tain conditions).

10(10) Least of fol­low­ing amount isex­empt from tax:
  1. 1/2 X Aver­age Salary* X

Com­plet­ed years of service

  1. Rs. 10,00,000
  2. Gra­tu­ity actu­al­ly received.

*Aver­age salary = Average

Salary of last 10 months

imme­di­ate­ly pre­ced­ing the

month of retirement

**Salary = Basic Pay +

Dear­ness Allowance (to the

extent it forms part of

retire­ment benefits)+

turnover based commission

6 Amount received on Vol­un­tary Retire­ment orVol­un­tary Sep­a­ra­tion (Sub­ject to cer­tain conditions 10(10C) Least of the fol­low­ing isex­empt from tax:

1) Actu­al amount received as

per the guide­lines i.e. least of

the fol­low­ing

(a) 3 months salary for

each com­plet­ed year

of ser­vices

(b) Salary at the time of

retire­ment X No. of

months of ser­vices left

for retire­ment; or

2) Rs. 5,00,000

7 Chil­dren Edu­ca­tion Allowance 10(14) Up to Rs. 100 per month per child up to a max­i­mum of 2 children.
8 Hos­tel Expen­di­ture Allowance 10(14) Up to Rs. 300 per month per child up to a max­i­mum of 2 children.
9 Trans­port Allowance grant­ed to an employ­ee to mee­t­ex­pen­di­ture on com­mut­ing between place of

res­i­dence and place of duty

10(14) Up to Rs. 800 per month(Rs. 1,600 per month for

blind and handicapped

employ­ees)

10 Med­ical Reimbursement 17(2) pro­vi­so Up to Rs. 15,000 inag­gre­gate in a year
11 Trans­port Allowance to an employ­ee work­ing in any­trans­port busi­ness to meet his per­son­al expenditure

dur­ing his duty per­formed in the course of run­ning of such trans­port from one place to anoth­er place

pro­vid­ed employ­ee is not in receipt of dai­ly allowance.

Sec. 10(14)read with Rule

2BB

Amount of exemp­tion shallbe low­er of following:
  1. 70% of such allowance;

or

  1. b) Rs. 10,000 per month.
12 Allowances to Retired Chairman/Members of UPSC(Subject to cer­tain conditions) 10(45) Up to Rs.14,000 per mon­th­for defray­ing the ser­vice of

an order­ly and for meeting

expens­es incurred to wards

sec­re­tar­i­al assis­tance an

con­tract basis.

13 Spe­cial com­pen­sato­ry Allowance (Hilly Areas) (Sub­ject to cer­tain con­di­tions and locations) Sec. 10(14)read with Rule

2BB

Amount exempt from tax­varies from Rs. 300 to Rs. 7,000 per month.
14 Bor­der area, Remote Local­i­ty or Dis­turbed Area orDif­fi­cult Area Allowance (Sub­ject to cer­tain con­di­tions and locations) Sec. 10(14)read with Rule

2BB

Amount exempt from tax­varies from Rs. 200 to Rs.

1,300 per month.

15 Trib­al area allowance in (a) Mad­hya Pradesh (b) Tamil Nadu © Uttar Pradesh (d) Kar­nata­ka (e) Tripu­ra (f) Assam (g) West Ben­gal (h) Bihar (i) Orissa Sec. 10(14)read with Rule

2BB

Up to Rs. 200 per month
16 Com­pen­sato­ry Field Area Allowance. If thi­sex­emp­tion is tak­en, employ­ee can­not claim any

exemp­tion in respect of bor­der area allowance

(Sub­ject to cer­tain con­di­tions and locations)

Sec. 10(14)read with Rule

2BB

Up to Rs. 2,600 per month
17 Com­pen­sato­ry Mod­i­fied Area Allowance. If thi­sex­emp­tion is tak­en, employ­ee can­not claim any

exemp­tion in respect of bor­der area allowance

(Sub­ject to cer­tain con­di­tions and locations)

Sec. 10(14)read with Rule

2BB

Up to Rs. 1,000 per month
18 Counter Insur­gency Allowance grant­ed to mem­ber­sof Armed Forces oper­at­ing in areas away from their

per­ma­nent loca­tions. If this exemp­tion is taken,

employ­ee can­not claim any exemp­tion in respect of

bor­der area allowance (Sub­ject to cer­tain conditions

and loca­tions)

Sec. 10(14)read with Rule

2BB

Up to Rs. 3,900 per month
19 Under­ground Allowance to employ­ees work­ing inun­con­ge­nial, unnat­ur­al cli­mate in under­ground mines

(Sub­ject to cer­tain conditions)

Sec. 10(14)read with Rule

2BB

Up to Rs. 800 per month
20 High Alti­tude Allowance grant­ed to armed force­sop­er­at­ing in high alti­tude areas (Sub­ject to certain

con­di­tions and locations)

Sec. 10(14)read with Rule

2BB

  1. a) Up to Rs. 1,060 per

month (for alti­tude of 9,000

to 15,000 feet)

  1. b) Up to Rs. 1,600 per

month (for alti­tude above

15,000 feet)

21 High­ly active field area allowance grant­ed tomem­bers of armed forces (Sub­ject to certain

con­di­tions and locations)

Sec. 10(14)read with Rule

2BB

Up to Rs. 4,200 per month
22 Island Duty Allowance grant­ed to mem­bers of armed­forces in Andaman and Nico­bar and Lakshadweep

group of Island (Sub­ject to cer­tain con­di­tions and

loca­tions)

Sec. 10(14)read with Rule

2BB

Up to Rs. 3,250 per month
23 Tax on con­tri­bu­tion to an approved super­an­nu­a­tion­fund by the employ­er in respect of the employee 17(2)(vii) To the extent it exceedsRs.1,00,000 per year (not

tax­able if employer’s

con­tri­bu­tion is Rs. 1 lakh or

less per year)

24 Expense incurred by employ­er on pro­vidinge­d­u­ca­tion­al facil­i­ty to the chil­dren of the employee

shall be exempt in the hands of an employee

Rule 3 Up to Rs.1,000 per mon­th­per child
25 Inter­est on loan received from employ­er atcon­ces­sion­al rate of inter­est couldn’t be taxed as

perquisite in the hands of the employee

Rule 3 If aggre­gate amount of suchloan dur­ing the relevant

pre­vi­ous year does not

exceed Rs.20,000

26 Free meal pro­vid­ed to employ­ees dur­ing office hours by the employ­er couldn’t be taxed as perquisite in the hands of the employees Rule 3 If cost of such meal does not exceed Rs.50 per meal
27 Val­ue of any gift received by the employ­ee or bymem­ber of his house­hold from employ­er is exempt in

the hands of the employee

Rule 3 Up to the extent of Rs.5,000if received in kind
C Under the Head Income from House Property
1 Stan­dard deductions 24(a) 30% of annu­al value
2 Inter­est incurred on bor­rowed cap­i­tal for construction/ acqui­si­tion of self-occu­pied house prop­er­ty (Sub­ject to cer­tain conditions) 24(b) Up to Rs. 2,00,000
3 Inter­est incurred on bor­rowed cap­i­tal for re- con­struc­tion, repair or renew­al of self occu­pied house prop­er­ty (Sub­ject to cer­tain conditions) 24(b) Up to Rs. 30,000
D Under the Head Prof­it or Gains of Busi­ness and Profession
1 Deduc­tion under sec­tion 32AC is avail­able if actu­al cost ofnew plant and machin­ery acquired and installed by a

man­u­fac­tur­ing com­pa­ny after 31-03-2013 but before 01-

04–2015 exceeds Rs. 25/100 Crores, as the case may be

(Sub­ject to cer­tain conditions).

32AC 15% of actu­al cost of new asset acquired and installed (if it exceeds Rs. 25 Crores/100 Crores, as the case may be)
2 The agri­cul­tur­al exten­sion project shall be con­sid­ered forap­proval under sec­tion 35CCC if expen­di­ture (not being

expen­di­ture in the nature of cost of any land or building)

expect­ed to be incurred on such project exceeds the

thresh­old lim­it (Sub­ject to cer­tain conditions)

Rule6AAD

read

with

sec­tion

35CCC

Rs. 25,00,000
3 Com­pul­so­ry main­te­nance of pre­scribed books of account — Spec­i­fied Pro­fes­sion (Sub­ject to cer­tain con­di­tions and circumstances) 44AA Per­sons car­ry­ing on spec­i­fied pro­fes­sion and their gross receipts exceed Rs. 1,50,000 in all the three years imme­di­ate­ly pre­ced­ing the pre­vi­ous year
4 Com­pul­so­ry main­te­nance of books of account — Oth­er­busi­ness or pro­fes­sion (Sub­ject to cer­tain con­di­tions and circumstances) 44AA
  • If total sales, turnover or

gross receipts exceeds Rs.

10,00,000 in any one of the

three years immediately

pre­ced­ing the pre­vi­ous year; or

2) If income from busi­ness or pro­fes­sion exceeds Rs.

1,20,000 in any one of the

three years immediately

pre­ced­ing the pre­vi­ous year

5 Com­pul­so­ry Audit of books of accounts (Sub­ject to cer­tain­con­di­tions and circumstances) 44AB 1) If total sales, turnover orgross receipts exceeds Rs. 1

Crore in any pre­vi­ous year, in  case of busi­ness; or

2) If gross receipts exceeds Rs. 25 Lakhs in any pre­vi­ous year, in case of profession.

6 Lim­it on pay­ments in cash for expenses/ lia­bil­i­ty (Sub­ject to cer­tain con­di­tions and excep­tions) Lim­it on pay­ments in cash for expenses/ lia­bil­i­ty (Sub­ject to cer­tain con­di­tions and exceptions) 40A(3) 1) Rs. 20,000 (total pay­ment to a per­son in a day)2) Rs. 35,000 (total pay­ment to a per­son in a day) for pay­ments made for ply­ing, hir­ing or leas­ing of goods carriage.
7 Com­pu­ta­tion of income from eli­gi­ble busi­ness onpre­sump­tive basis under Sec­tion 44AD (Sub­ject to cer­tain conditions). 44AD Pre­sump­tive income of eli­gi­ble busi­ness shall be 8 % of gross receipt or total turnover (if turnover of eli­gi­ble busi­ness does not exceed Rs. 1 crores).
8 Pre­sump­tive income of busi­ness of ply­ing, hir­ing or leas­ing of goods car­riage if tax­pay­er does not own more than 10 goods car­riage (Sub­ject to cer­tain conditions) 44AE Rs. 7,500 for every mon­th­dur­ing which the goods car­riage is owned by the taxpayer.
9 Alter­nate Min­i­mum Tax (in case of Indi­vid­ual, HUF, AOP or BOI) (Sub­ject to cer­tain conditions) 115JC 18.5% of adjust­ed total income (plus sur­charge and edu­ca­tion cess) pro­vid­ed adjust­ed total­in­come exceeds Rs. 20,00,000.
10 Applic­a­bil­i­ty of Domes­tic Trans­fer Pric­ing, if aggre­gat­e­val­ue of trans­ac­tions with asso­ci­at­ed enter­pris­es dur­ing the pre­vi­ous year exceeds the thresh­old limit 92BA Rs. 5 Crores
11 Every per­son who has entered into an inter­na­tion­al­trans­ac­tion or a spec­i­fied domes­tic trans­ac­tion shall keep

and main­tain the spec­i­fied infor­ma­tion and documents

Rule 10D read­With sec­tion 92D If aggre­gate val­ue, as record­ed in the books of account, of inter­na­tion­al trans­ac­tions entered into by him exceeds Rs.1,00,00,000
E Under the Head Income from Cap­i­tal Gains
1 Lim­it on invest­ment made by an assessee in bonds of NHAI or RECetc., from long term cap­i­tal gains aris­ing from trans­fer of one or more

orig­i­nal assets dur­ing the finan­cial year, for claim­ing exemption

(Sub­ject to cer­tain conditions)

54EC Rs. 50,00,000 dur­ing the­fi­nan­cial year in which

orig­i­nal asset is trans­ferred and in

sub­se­quent finan­cial year

F Under the Head Income from Oth­er Sources
1 Gifts with­out consideration/ inad­e­quate con­sid­er­a­tion from­non-rel­a­tives (Sub­ject to cer­tain conditions) 56 Gift up to Rs. 50,000 is notcharge­able to tax
2 Stan­dard Deduc­tion for fam­i­ly pension 57(iia) 33.33% of Fam­i­ly Pen­sion­sub­ject to max­i­mum of Rs.

15,000

G Trust
1 Activ­i­ty for advance­ment of any oth­er object of gen­er­al pub­lic util­i­ty shall be con­sid­ered as char­i­ta­ble activity 2(15) If the aggre­gate val­ue of the receipts from suchac­tiv­i­ties does not exceed Rs. 25,00,000
2 Anony­mous dona­tion to be taxed at the rate of 30% 115BBC To the extent it exceeds 5% of total dona­tions received by assessee or Rs.1,00,000, whichev­er is higher
3 Annu­al receipts should not exceed the thresh­old lim­it for the pur­pos­es of claim­ing exemp­tion under sec­tion 10(23C) (iiiad)/(iiiae) Rule2BC Rs.1 Crore
4 Max­i­mum amount which an elec­toral trust can spend for man­ag­ing its affairs Rule17CA 5% of the total con­tri­bu­tions received in a year sub­ject to an aggre­gate lim­it of Rs. 5,00,000 in the first year of incor­po­ra­tion and Rs.3,00,000 in sub­se­quent year
G Deduc­tions under Chap­ter VI‑A
1 Deduc­tion to an indi­vid­ual and HUF for amount investe­din fol­low­ing ways:
  1. Life insur­ance pre­mi­um for policy:
  2. a) in case of indi­vid­ual, on life of assessee, assessee’s

spouse and any child of assessee

  1. b) in case of HUF, on life of any mem­ber of the HUF
  2. Sum paid under a con­tract for a deferred annuity:
  3. a) in case of indi­vid­ual, on life of the individual,

individual’s spouse and any child of the individual

(how­ev­er, con­tract should not con­tain an option to

receive cash pay­ment in lieu of annuity)

  1. Sum deduct­ed from salary payable to Government

ser­vant for secur­ing deferred annu­ity or mak­ing provision

for his wife/children [qual­i­fy­ing amount lim­it­ed to 20% of

salary]

  1. Con­tri­bu­tions by an indi­vid­ual made under Employees’

Prov­i­dent Fund Scheme

  1. Con­tri­bu­tion to Pub­lic Prov­i­dent Fund Account in the

name of:

  1. a) in case of indi­vid­ual, such indi­vid­ual or his spouse or

any child of such individual

  1. b) in case of HUF, any mem­ber thereof
  2. Con­tri­bu­tion by an employ­ee to a rec­og­nized provident

fund

  1. Con­tri­bu­tion by an employ­ee to an approved

super­an­nu­a­tion fund

  1. Sub­scrip­tion to any noti­fied secu­ri­ty or noti­fied deposit

scheme of the Cen­tral Government

  1. Sub­scrip­tion to noti­fied sav­ings certificates[National

Sav­ings Certificates(VIII Issue)]

  1. Con­tri­bu­tion for par­tic­i­pa­tion in unit-linked Insurance

Plan of UTI:

  1. a) in case of an indi­vid­ual, in the name of the individual,

his spouse or any child of such individual

  1. b) in case of a HUF, in the name of any mem­ber thereof
  2. Con­tri­bu­tion to noti­fied unit-linked insur­ance plan of

LIC Mutu­al Fund:

  1. a) in the case of an indi­vid­ual, in the name of the

indi­vid­ual, his spouse or any child of such individual

  1. b) in the case of a HUF, in the name of any member

there­of

  1. Sub­scrip­tion to noti­fied deposit scheme or notified

pen­sion fund set­up by Nation­al Hous­ing Bank [Home

Loan Account Scheme/National Hous­ing Banks (Tax

Sav­ing) Term Deposit Scheme, 2008]

  1. Tuition fees (exclud­ing devel­op­ment fees, donations,

etc.) paid by an indi­vid­ual to any uni­ver­si­ty, college,

school or oth­er edu­ca­tion­al insti­tu­tion sit­u­at­ed in India, for

full time edu­ca­tion of any 2 of his/her children

  1. Cer­tain pay­ments for purchase/construction of

res­i­den­tial house property

  1. Sub­scrip­tion to noti­fied schemes of(a) pub­lic sec­tor com­pa­nies engaged in pro­vid­ing long-term finance for

purchase/construction of hous­es in India for residential

purposes/(b)authority con­sti­tut­ed under any law for

sat­is­fy­ing need for hous­ing accom­mo­da­tion or for

plan­ning, devel­op­ment or improve­ment of cities, towns

and vil­lages, or for both

  1. Sum paid towards noti­fied annu­ity plan of LIC or

oth­er insurer

  1. Sub­scrip­tion to any units of any noti­fied [u/s

10(23D)] Mutu­al Fund or the UTI (Equi­ty Linked Saving

Scheme, 2005)

  1. Con­tri­bu­tion by an indi­vid­ual to any pen­sion fund set

up by any mutu­al fund which is referred to in section

10(23D) or by the UTI (UTI Retire­ment Ben­e­fit Pension

Fund)

  1. Sub­scrip­tion to equi­ty shares or deben­tures forming

part of any approved eli­gi­ble issue of cap­i­tal made by a

pub­lic com­pa­ny or pub­lic finan­cial institutions

  1. Sub­scrip­tion to any units of any approved mutu­al fund

referred to in sec­tion 10(23D), pro­vid­ed amount of

sub­scrip­tion to such units is sub­scribed only in ‘eli­gi­ble

issue of cap­i­tal’ referred to above.

  1. Term deposits for a fixed peri­od of not less than 5

years with a sched­uled bank, and which is in accordance

with a scheme framed and notified.

  1. Sub­scrip­tion to noti­fied bonds issued by the

NABARD.

  1. Deposit in an account under the Senior Citizen

Sav­ings Scheme Rules, 2004 (sub­ject to certain

con­di­tions)

  1. 5‑year term deposit in an account under the Post

Office Time Deposit Rules, 1981 (sub­ject to certain

con­di­tions)

80C Up to 1,50,000 (Sub­ject toover­all lim­it of Rs. 1,50,000

under Sec­tion 80C, 80CCC and

80CCD)

2 Con­tri­bu­tion to cer­tain spec­i­fied Pen­sion Funds ofLIC/other insur­er by an Indi­vid­ual (Sub­ject to certain

con­di­tions).

80CCC Up to 1,00,000 (Sub­ject toover­all lim­it of Rs. 1,50,000

under Sec­tion 80C, 80CCC and 80CCD)

3 Con­tri­bu­tion to Pen­sion Scheme (NPS) noti­fied by the­Cen­tral Gov­ern­ment by an Indi­vid­ual (Sub­ject to certain

con­di­tions).

80CCD 10% of salary/ gross totalincome[i] or Rs. 1,00,000[ii], whichev­er is less (Sub­ject to over­all lim­it of Rs. 1,50,000 under Sec­tion 80C, 80CCC and 80CCD)
4 Med­ical insur­ance pre­mi­um paid by any mode oth­er than cash to LIC or any oth­er insur­er by an Indi­vid­ual or HUF (Sub­ject to cer­tain conditions).Notes:
  • Deduc­tion is avail­able in respect of any pay­ment made by an assessee on account of pre­ven­tive health check-up of self, spouse, depen­dent chil­dren or par­ent dur­ing the pre­vi­ous year up to a lim­it of five thou­sand rupees with­in the exist­ing pre­scribed limits
  • The age for defin­ing a senior cit­i­zen is reduced from six­ty five years to six­ty Pay­ment on account of pre­ven­tive health check-up may be made in cash.
80D
  1. In case of indi­vid­u­als, premium

paid:

  1. a) for self, spouse and depen­dent chil­dren: Rs. 15,000 (Rs. 20,000

if per­son insured is a senior citizen);and

  1. b) for par­ents of the assessee: (Addi­tion­al) Rs. 15,000 (Rs. 20,000 if per­son insured is a senior citizen)
  2. In case of HUF, pre­mi­um up to Rs.15,000 (Rs. 20,000 if per­son insured is a senior cit­i­zen) paid to insure any mem­ber of the family.
5 Amount invest­ed by spec­i­fied res­i­dent indi­vid­u­als, whose gross total income does not exceed Rs. 12 lakhs, in list­ed shares or list­ed units in accor­dance with noti­fied scheme for a lock-in peri­od of 3 years (Sub­ject to cer­tain conditions). 80CCG Deduc­tion of 50 % of total invest­ment sub­ject to max­i­mum of Rs. 25,000 in 3 con­sec­u­tive­assess­ment years, begin­ning with the assess­ment year rel­e­vant to the pre­vi­ous year in which the list­ed shares or list units of equity

ori­ent­ed funds are first acquired

6 Deduc­tion allowed to res­i­dent Indi­vid­ual and HUF for:
  1. a) Any expen­di­ture incurred for the med­ical treatment

(includ­ing nurs­ing), train­ing and reha­bil­i­ta­tion of a

depen­dent, being a per­son with disability

  1. b) Any amount paid or deposit­ed under an approved

scheme framed in this behalf by the LIC or any other

insur­er or the Admin­is­tra­tor or the spec­i­fied com­pa­ny [as referred to in UTI (Trans­fer of Under­tak­ing & Repeal) Act, 2002] for the main­te­nance of a depen­dent, being a per­son with dis­abil­i­ty (Sub­ject to cer­tain conditions).

80DD Rs. 50,000 (Rs. 1,00,000 in case of severe disability)
7 Expens­es actu­al­ly paid by res­i­dent indi­vid­ual and HUF­for med­ical treat­ment of spec­i­fied dis­eases and ailments

of:

  1. a) In case of Indi­vid­ual: Assessee him­self or wholly

depen­dent spouse, chil­dren, par­ents, broth­ers and sisters

  1. b) In case of HUF: Any mem­ber of the fam­i­ly who is whol­ly depen­dent upon the fam­i­ly (Sub­ject to cer­tain conditions).
80DDB Up to Rs. 40,000 (Rs. 60,000 incase of senior citizen)
8 Inter­est payable on loan tak­en up to Rs. 25 lakhs by anin­di­vid­ual tax­pay­er from any finan­cial insti­tu­tion for the

pur­pose of acqui­si­tion of a res­i­den­tial house property

whose val­ue does not exceed Rs. 40 lakhs (Sub­ject to

cer­tain conditions).

[This deduc­tion will be allowed only dur­ing Assessment

Year 2014–15 and 2015–16]

80EE One time deduc­tion of up to Rs.1,00,000 towards inter­est on loan.
9 Rent paid by an indi­vid­ual for furnished/unfurnishedresidential accom­mo­da­tion if he is not receiv­ing any HRA

(Sub­ject to cer­tain conditions)

80GG Least of the fol­low­ing shall be exempt from tax:
  1. a) Rent paid in excess of 10% of total income*;
  2. b) 25% of the Total Income; or
  3. c) Rs. 2,000 per month.

Total Income = Gross total

income minus cap­i­tal gains, short term cap­i­tal gains under sec­tion 111A, deduc­tions under section

80C to 80U (oth­er than 80GG) and income under sec­tion 115A.

10 Deduc­tion in respect of cer­tain dona­tions for scientific,social or sta­tis­ti­cal research or rur­al development

pro­gramme or for car­ry­ing out an eli­gi­ble project or

Nation­al Urban Pover­ty Erad­i­ca­tion Fund shall be

allowed (Sub­ject to cer­tain conditions)

80GGA 100% of dona­tions orcon­tri­bu­tions made.

No deduc­tion shall be allowed if

con­tri­bu­tion is paid in cash in

excess of Rs.10,000

11 Roy­al­ty income of res­i­dent indi­vid­ual — authors of cer­tain spec­i­fied cat­e­go­ry of books oth­er than text books 80QQB Least of the fol­low­ing shall be exempt from tax:
  1. a) In case of Lump sum payment

- Amount of roy­al­ty income sub­ject   max­i­mum of Rs. 3,00,000

  1. b) In oth­er cas­es — amount of such income sub­ject to max­i­mum of 15% of val­ue of books sold dur­ing the pre­vi­ous year.
12 Roy­al­ty in respect of patents reg­is­tered on or after01.04.2003 earned by res­i­dent indi­vid­ual (sub­ject to

cer­tain conditions)

80RRB 100% of roy­al­ty sub­ject tomax­i­mum of Rs. 3,00,000
13 Inter­est on deposits in sav­ing account of an Indi­vid­ual orHUF with a bank­ing com­pa­ny, a post office, cooperative

soci­ety engaged in bank­ing busi­ness, etc.

(Sub­ject to cer­tain conditions)

80 TTA 100% of amount of such income sub­ject to max­i­mum of Rs.10,000
14 A res­i­dent indi­vid­ual who, at any time dur­ing the pre­vi­ous year, is cer­ti­fied by the med­ical author­i­ty to be a per­son with dis­abil­i­ty [as defined under Per­sons with Dis­abil­i­ties (Equal Oppor­tu­ni­ties, Pro­tec­tion of Rights and Full Par­tic­i­pa­tion) Act, 1995] 80U Rs. 50,000 (Rs. 1,00,000 in case­of severe disability)
15 Max­i­mum amount of deduc­tion avail­able to spec­i­fied coop­er­a­tive soci­eties if it is engaged in activ­i­ties in addi­tion to the pre­scribed activ­i­ties (Sub­ject to cer­tain conditions) 80P Rs.1,00,000 in case of con­sumer co-oper­a­tive soci­ety or Rs.50,000 in any oth­er case
16 Deduc­tion avail­able to a co-oper­a­tive soci­ety, (not bein­ga hous­ing soci­ety or an urban con­sumers’ soci­ety or a

soci­ety car­ry­ing on trans­port busi­ness or a society

engaged in the per­for­mance of any manufacturing

oper­a­tions with the aid of pow­er,) in respect of income

by way of inter­est on secu­ri­ties or any income from house property.

80P If its gross total income does not exceed Rs.20,000
I Deduc­tions under Chap­ter VI‑A
1 No deduc­tion of tax at source from salaries 192 If net tax­able income is less than max­i­mu­mamount which is not charge­able to tax (Rs.

2,50,000 for an indi­vid­ual, Rs. 3,00,000 for

Senior Cit­i­zens and Rs. 5,00,000 for Super

Senior Cit­i­zens)

2 No TDS from inter­est paid on deben­ture­sis­sued by a com­pa­ny in which pub­lic are

sub­stan­tial­ly inter­est­ed. Pro­vid­ed inter­est is

paid by account pay­ee cheque to resident

indi­vid­ual or HUF

193 If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 5,000
3 No TDS from inter­est on 8% Saving(Taxable) Bonds 2003 paid to a resident

per­sons

193 If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 10,000
3A No TDS from inter­est on 6.5% Gold­bonds, 1977 or 7% Gold bonds, 1980

paid to res­i­dent individual

193 If a dec­la­ra­tion is made that the nom­i­nal val­ue­of such bonds did not exceed Rs. 10,000 at

any time dur­ing the pre­vi­ous year

4 No TDS from div­i­dend paid by account­pay­ee cheque to res­i­dent persons 194 If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 2,500
5 No TDS from inter­est oth­er than onse­cu­ri­ties paid by a bank­ing com­pa­ny or

co-oper­a­tive bank on time deposits

194A If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 10,000
6 No TDS from inter­est on deposit with apost office under Senior Cit­i­zens Saving

Scheme Rules, 2004

194A If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 10,000
7 No TDS from inter­est oth­er than onse­cu­ri­ties (in any oth­er case) 194A If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 5,000
8 No TDS from inter­est on com­pen­sa­tion­award­ed by Motor Acci­dent Claims

Tri­bunal

194A If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 50,000
9 No TDS from Lot­tery / Cross WordPuzzles 194B If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 10,000
10 No TDS from win­nings from horse races 194BB If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 5,000
11 No TDS from sum paid or payable tocontractor 194C
  1. a) If sum paid or payable to a con­trac­tor in a sin­gle pay­ment does not exceed Rs. 30,000
  2. b) If sum paid or payable to con­trac­tor in aggre­gate does not exceed Rs. 75,000 during

the finan­cial year

12 No TDS from insur­ance com­mis­sion paidor payable dur­ing the finan­cial year 194D If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 20,000
12A No TDS from sum payable under a lifein­sur­ance a police (includ­ing bonus) to a

res­i­dent (w.e.f. 01-10-2014) person

194DA If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 1 lakh
13 No TDS from pay­ments made out ofde­posits under NSS 194EE If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 2,500
14 No TDS from com­mis­sion paid on lotterytickets 194G If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 1,000
15 No TDS from pay­ment of com­mis­sion orbrokerage 194H If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 5,000. Fur­ther no tax to be deduct­ed from com­mis­sion payable by BSNL/ MTNL to their PCO Franchisees.
16 No TDS from pay­ment of rent in respect ofland &building, fur­ni­ture or fit­tings or plant

and machin­ery

194‑I If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 1,80,000
17 No TDS from pay­ment of con­sid­er­a­tion for pur­chase of an immov­able prop­er­ty (oth­erthan agri­cul­ture land) 194-IA If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 50 Lakhs
18 No TDS from pay­ment of pro­fes­sion­alfees, tech­ni­cal fees, roy­al­ty and directors’

remu­ner­a­tion

194J If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 30,000
19 No TDS from pay­ment of com­pen­sa­tion oncom­pul­so­ry acqui­si­tion of immovable

prop­er­ty (oth­er than Agri­cul­tur­al Land)

194LA If amount paid or payable dur­ing the finan­cia­lyear does not exceed Rs. 2 Lakhs
20 Fur­nish­ing of quar­ter­ly return in respect ofpay­ment of inter­est (oth­er than inter­est on

secu­ri­ties) to res­i­dents with­out deduc­tion of

tax

206A If amount paid or payable dur­ing the finan­cia­lyear does not exceed:
  1. a) Rs.10,000 where pay­er is bank­ing com­pa­ny or co-oper­a­tive society;
  2. b) Rs.5,000 in oth­er case
21 Every per­son, being a sell­er, who receivesany amount in cash as con­sid­er­a­tion for sale

of bul­lion or jew­ellery, shall, at the time of

receipt of such amount in cash, col­lect from

the buy­er income-tax.

206C 1% of sale con­sid­er­a­tion shall be col­lect­ed as income-tax if such consideration:
  1. a) for bul­lion (exclud­ing any coin or arti­cle weigh­ing 10 grams or less), exceeds Rs.

2,00,000

  1. b) for jew­ellery, exceeds Rs.5,00,000
22 A per­son (not being a bank­ing company)carrying on any busi­ness or pro­fes­sion in

India may file an appli­ca­tion for certificate

autho­riz­ing receipt of inter­est and other

sums with­out deduc­tion of tax under section

195 (Sub­ject to cer­tain conditions).

Rule29B If he has been car­ry­ing on busi­ness or pro­fes­sion in India con­tin­u­ous­ly for a peri­od of not less than 5 years imme­di­ate­ly pre­ced­ing the date of the appli­ca­tion and the val­ue of the­fixed assets in India of such busi­ness or pro­fes­sion as shown in his rel­e­vant books for

the ear­li­er year exceeds Rs.50,00,000

23 Any per­son respon­si­ble for pay­ing to anon-res­i­dent, not being a com­pa­ny, or to a

for­eign com­pa­ny, any inter­est or salary or

any oth­er sum charge­able to tax under the

pro­vi­sions of the Act, shall furnish

infor­ma­tion in Part A of Form No.15CA

Rule37BB If the amount of pay­ment does notexceedRs.50,000 or Rs.2,50,000 in aggregate

dur­ing the finan­cial year

24 Lia­bil­i­ty for pay­ment of advance tax 208 Tax­pay­er is liable to pay advance-tax if hisad­vance tax lia­bil­i­ty exceeds Rs. 10,000
J Deduc­tions under Chap­ter VI‑A
1 A per­son [oth­er than a com­pa­ny and a per­son required to fur­nishre­turn in form ITR 7] whose total income exceeds a thresh­old lim­it dur­ing the pre­vi­ous shall file its return of income electronically 139read

with Rule

12

If total income exceed­sRs. 5 lakh rupees dur­ing the previous

year

2 Issue of notice under sec­tion 148 to re-open assess­ment made under­sec­tion 143(3) or 147 with­in 4 years from the end of relevant

assess­ment year

149 If income escapin­gassess­ment is below

Rs. 1,00,000

3 Issue of notice under sec­tion 148 to re-open assess­ment made under­sec­tion 143(3) or 147 with­in 6 years from the end of relevant

assess­ment year

149 If income escapin­gassess­ment is above

Rs. 1,00,000

K Deduc­tions under Chap­ter VI‑A
1 Penal­ty for fail­ure to file state­ment with­in time pre­scribed insec­tion 200(3) or in pro­vi­so to sec­tion 206C(3) 234E Rs. 200 for every day dur­ing which fail­ure con­tin­ues but­not exceed­ing tax deductible/collectible
2 Penal­ty for fail­ure to com­ply with a notice under sec­tion 143(2) orfail­ure to com­ply with a direc­tion under sec­tion 142(2A) 271(1)(b) Rs. 10,000 for eachfailure
3 Penal­ty for fail­ure to keep, main­tain, or retain books of account,documents, etc., as required under sec­tion 44AA 271A Rs. 25,000
4 Penal­ty for fail­ure to get accounts audit­ed or fur­nish­ing a report ofau­dit as required under sec­tion 44AB 271B One-half per cent ofto­tal sales, turnover

or gross receipts,

etc., or Rs.

1,50,000, whichev­er

is less

5 Penal­ty for fail­ure to fur­nish a report from an accoun­tant asre­quired by sec­tion 92E 271BA Rs. 1,00,000
6 Penal­ty for fail­ure to fur­nish return as required by sec­tion 139(1)or by its pro­vi­so before the end of the rel­e­vant assess­ment year 271F Rs. 5,000
7 Penal­ty for fail­ure to fur­nish state­ment of finan­cial trans­ac­tions orre­portable account as required under sec­tion 285BA(1) 271FA Rs. 100 per day ofDefault
8 Penal­ty for fail­ure to fur­nish state­ment of finan­cial trans­ac­tions orre­portable account with­in the peri­od spec­i­fied in notice issued

under Sec­tion 285BA(5)

271FA Rs. 500 per day ofdefault
9 Penal­ty for fail­ure to deliver/cause to be deliv­ered a state­men­twith­in the time pre­scribed in sec­tion 200(3) or the pro­vi­so to sec­tion 206C(3), or fur­nish­es incor­rect infor­ma­tion in the

state­ment

271H Rs. 10,000 but may extend toRs.1,00,000
10 Penal­ty for refusal or fail­ure to :
  1. a) answer questions
  2. b) sign statement
  3. c) attend to give evi­dence or pro­duce books of account, etc.,

incom­pli­ance with sum­mons under sec­tion 131(1)

272A(1) Rs. 10,000 for eachfailure/default
11 Penal­ty for fail­ure to:
  1. a) fur­nish req­ui­site infor­ma­tion in respect of secu­ri­ties as required

under sec­tion 94(6);

  1. b) give notice of dis­con­tin­u­ance of busi­ness or pro­fes­sion as

required under sec­tion 176(3);

  1. c) fur­nish in due time returns, state­ments or cer­tifi­cates, deliver

dec­la­ra­tion, allow inspec­tion, etc., under sec­tions 133, 134,

139(4A),139(4C), 192(2C), 197A, 203, 206,206C, 206C(1A)

and 285B;

  1. d) deduct and pay tax under section226(2)
  2. e) file a copy of the pre­scribed state­ment with­in the time specified

in sec­tion 200(3) or the pro­vi­so to sec­tion 206C(3) (up to 1–7-

2012)

  1. f) file the pre­scribed state­ment with­in the time spec­i­fied in

section206A(1)

272A(2) Rs. 10,000 for eachfailure/default

(Sub­ject to certain

con­di­tions)

12 Penal­ty for fail­ure to com­ply with sec­tion 133B 272AA(1) Not exceed­ing Rs.1,000
13 Penal­ty for fail­ure to com­ply with pro­vi­sions of section139A/139A(5)©/(5A)/(5C) 272B Rs. 10,000
14 Penal­ty for fail­ure to com­ply with sec­tion 203A 272BB(1) Rs. 10,000 for eachfailure/default
15 Penal­ty for quot­ing false tax deduc­tion account number/tax col­lec­tion account number/tax deduc­tion and col­lec­tion account num­ber in challans/certificates/statements/documents referred to in sec­tion 203A(2) 272BB(1A) Rs. 10,000
16 Income-tax offi­cer can impose penal­ty only with the pri­or pproval of Joint Commissioner 274 If amount of penal­ty exceeds Rs. 10,000
17 Assis­tant Com­mis­sion­er or Deputy Com­mis­sion­er can impose penal­ty only with the pri­or approval of Joint Commissioner 274 If amount of penal­ty exceeds Rs. 20,000
18 Com­mis­sion­er or Prin­ci­pal Com­mis­sion­er can reduce or waive penal­ty only with the pre­vi­ous approval of Prin­ci­pal Chief Com­mis­sion­er or Chief Com­mis­sion­er or Prin­ci­pal Direc­tor- Gen­er­al or Director-General 273A If amount of penal­ty exceeds Rs. 1,00,000
L Pros­e­cu­tion
1 Pros­e­cu­tion of 6 months to 7 years with fine for will­ful attempt to evade tax, penal­ty or interest 276C(1) If tax sought to be evad­edex­ceeds Rs. 25 Lakhs
2 Pros­e­cu­tion of 6 months to 7 years with fine for will­ful fail­ure to fur­nish return of income under sec­tion 139(1) or in response to notice under sec­tion 142(1) (i) or sec­tion 148 or sec­tion 153A 276CC If tax sought to be evad­ed exceeds Rs. 25 Lakhs
3 Pros­e­cu­tion of 6 months to 7 years with fine for fur­nish­ing false state­ment in ver­i­fi­ca­tion or deliv­ery of false account, etc. 277 If tax sought to be evad­edex­ceeds Rs.25 Lakhs
4 Pros­e­cu­tion of 6 months to 7 years with fine for abet­ment of false return, account, state­ment or dec­la­ra­tion relat­ing to any income charge­able to tax 278 If tax sought to be evad­edex­ceeds Rs. 25 Lakhs
M Fees
1 Fees for fil­ing of appeal before CIT(A) 249
  1. a) Rs.250 if total income as com­put­ed by AO is up to

Rs. 1 lakh

  1. b) Rs. 500 if total income as com­put­ed by AO is more

than Rs. 1 lakh but up to Rs. 2 lakhs

  1. c) Rs.1,000 if total income as com­put­ed by AO is more

than Rs. 2 lakhs

  1. d) Rs.250 in any oth­er case
2 Fees for fil­ing of appeal before CIT(A) 253
  1. a) Rs.500 if total income as com­put­ed by AO is up to

Rs. 1 lakh

  1. b) Rs.1,500 if total income as com­put­ed by AO is more

than Rs. 1 lakh but up to Rs. 2 lakhs

  1. c) 1% of assessed income sub­ject to max­i­mum of Rs.

10,000 if total income as com­put­ed by AO is more than

Rs. 2 lakhs

  1. d) Rs. 500 in any oth­er case
3 Fees for fil­ing of appli­ca­tion before CIT for revi­sion of order under sec­tion 264 264 Rs.500
4 Fees for fil­ing appli­ca­tion for advanceruling 245Q Rs.10,000 on such fees as may be prescribed,whichever is higher
5 Fees for fil­ing appli­ca­tion befor­e­set­tle­ment commission Rule44C Rs. 500
N PAN
1 Every per­son car­ry­ing on any busi­ness orpro­fes­sion to apply for PAN if total sales,

turnover or gross receipts in any previous

exceeds the thresh­old limit

139A Rs.5,00,000
2 Cer­tain trans­ac­tion in which quot­ing ofPAN is mandatory. Section139A

read with

Rule

114B

  1. a) Sale or pur­chase of any immov­able property

val­ued at Rs. 5 lakhs or more

  1. b) A time deposit with a bank­ing com­pa­ny exceed­ing Rs. 50,000
  2. c) A deposit in any account with Post Office Sav­ing Bank exceed­ing Rs. 50,000
  3. d) A con­tract of a val­ue exceed­ing Rs. 1 lakh for sale or pur­chase of securities
  4. e) Pay­ment to hotels and restau­rants against their bills for an amount exceed­ing Rs. 25,000 at any one time
  5. f) Pay­ment in cash for pur­chase of bank draft or pay orders or banker’s cheque for an amount Rs. 50,000 or more dur­ing any one day
  6. g) Deposit in cash aggre­gat­ing Rs. 50,000 or more dur­ing one day with a bank
  7. h) Pay­ment in cash in con­nec­tion with trav­el to any for­eign coun­try of an amount exceed­ing Rs. 25,000 at any one time
  8. i) Pay­ment of an amount of Rs. 50,000 or more to a Mutu­al Fund for pur­chase of units or

to a com­pa­ny for acquir­ing shares or deben­tures or bonds issued by it

  1. j) Pay­ment of an amount of Rs. 50,000 or more to RBI for acquir­ing bonds issued by it
  2. k) Pay­ment of an amount of Rs. 50,000 or more in a year as life insur­ance pre­mi­um to an

insur­er

  1. l) Pay­ment to a deal­er for pur­chase of jew­ellery or bul­lion of an amount of Rs. 5 lakh

or more at any one time or against a bill for an amount of Rs. 5 lakh or more.

O Oth­er Provisions
1 Restric­tion on trans­fer of immov­able prop­er­ty­with­out pri­or agree­ment between trans­fer­or and

trans­fer­ee to that effect

Rule48K If val­ue of prop­er­ty exceeds:
  1. Rs. 75,00,000 if immov­able prop­er­ty is com­prised with­in in area of Greater Bombay
  2. Rs. 50,00,000 if immov­able prop­er­ty is com­prised with­in in area of Union ter­ri­to­ry of Delhi
  3. Rs. 25,00,000 if immov­able prop­er­ty is com­prised with­in in area of Cal­cut­ta Met­ro­pol­i­tan Area and Madras Met­ro­pol­i­tan Plan­ning Area
  4. Rs. 25,00,000 if immov­able prop­er­ty is com­prised with­in in area of Ban­ga­lore Met­ro­pol­i­tan Region and the areas declared as Ahmed­abad Urban Devel­op­ment Area and the areas com­prised in the city of Ahmedabad
  5. Rs. 25,00,000 if immov­able prop­er­ty is com­prised with­in in area of Pune
  6. Rs. 20,00,000 if immov­able prop­er­ty is com­prised with­in in areas oth­er than those men­tioned above and noti­fied vide SO 339(E), dat­ed 8th May, 1989; SO 53(E), dat­ed 19th Jan­u­ary, 1990 and SO 180(E), dat­ed 14th March, 1991
  7. Rs. 10,00,000 if the agree­ment for trans­fer is entered into, on or before the 31-07-1995
2 No restric­tion on trans­fer of immov­able prop­er­ty­with­out pri­or agree­ment between trans­fer­or and

trans­fer­ee to that effect

269UC If val­ue of prop­er­ty does not exceed Rs.5,00,000
3 Trans­fer of any asset except stock-in-trade,without obtain­ing the per­mis­sion of assessing

offi­cer, in favour of any oth­er per­son dur­ing the

pen­den­cy of any pro­ceed­ing under the act of

which notice is served on the assessee to be con­sid­ered as void

281 If amount of tax or oth­er sum payable orlike­ly to be payable exceeds Rs. 5,000 or

val­ue of asset trans­ferred exceeds 10,000

4 Sub­mis­sion of state­ments by pro­duc­ers ofcin­e­mato­graph films with­in thir­ty days from the end

of finan­cial year or with­in thir­ty days from the date

of the com­ple­tion of the pro­duc­tion of the film,

whichev­er is earlier

285B Report­ing of all pay­ments made by him ordue from him to each such per­sons as is

engaged by him in such pro­duc­tion which

exceeds Rs. 50,000

5 No state­ment is required to be fur­nished to thereg­is­trar in respect of trans­fer of immovable

prop­er­ty

269P If appar­ent con­sid­er­a­tion for such­prop­er­ty doesn’t exceedRs.50,000
6 Lim­it on accept­ing loan or deposit oth­er­wise than­by account pay­ee cheque or account pay­ee bank

draft or elec­tron­ic clear­ing sys­tem (Sub­ject to

cer­tain conditions)

269SS Rs. 20,000 in aggregate
7 Lim­it on repay­ment of loan or deposit oth­er­wisethan by account pay­ee cheque or account payee

bank draft or elec­tron­ic clear­ing sys­tem (Sub­ject

to cer­tain conditions)

269 T Rs. 20,000 in aggregate
8 Rebate to res­i­dent indi­vid­ual whose total income­does not exceed Rs. 5,00,000 87A Tax payable sub­ject to max­i­mum of Rs.2,000
9 Income of minor child clubbed under Section64(1A) with parent’s income. 10(32) Rs. 1,500 per child or Income of Minor,whichever is lower

[i] 10% of salary in case of employ­ees oth­er­wise 10% of gross total income

[ii] Con­tri­bu­tion made by the Cen­tral Gov­ern­ment or any oth­er employ­er to a pen­sion scheme under Sec­tion 80CCD(2) shall not be includ­ed in the lim­it of deduc­tion of Rs. 1,50,000 pro­vid­ed under Sec­tion 80CCE.

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